How Does Water Damage Affect Home Value?
Water damage is no joke. It’s a homeowner’s worst nightmare. And we’re not just talking about major flooding with water up to your knees. We’re talking about water damage from ANY type of leak in your home.
We can practically hear what you’re thinking: “How bad could a leak really be? Surely you’re being overly dramatic.”
Are we being melodramatic? Afraid not. We’ve just been around the block once or twice and understand water damage from leaks - both big and small - can have long-lasting impacts on your home’s value – and even your health. Water damage also affects the appraisal value of your home, so if you’re thinking about getting the equity you’ve earned on your property, listen up!
Effects of Water Damage on Your Home
When most people think of water damage, they probably envision damage from catastrophic events such as hurricanes or floods. They see the homeowners wading through their living rooms with their possessions floating around them. While this type of water damage is undoubtedly tragic, the average homeowner isn’t going to encounter it.
Instead, what’s far more likely is a pesky, leaky pipe that goes drip... drip… drip… Or perhaps a pipe that bursts from freezing during cold, winter months. Or even a leaky water heater tank. While these are certainly less dramatic, they also impact your home’s value. A leaky pipe behind your walls can add moisture to your drywall, causing costly water damage and mold to appear over time. More importantly, if mold is removed incorrectly, it can make the problem even worse - and lead to respiratory issues.
Water Damage is Expensive to Repair
According to HomeAdvisor, the average homeowner can spend up to $4,100 to repair a single instance of water damage in their home. And while you may be a gung-ho, DIY-type who is capable of patching a leaky roof or repair some damage, it’s always best to call in the professionals to address any underlying issues. If you fix the damage, but don’t repair the leak, you’re just going to have to repair it again in the future – likely with a more expensive repair to go along with it.
Mold removal is another costly expense associated with water damage. Homeowners can spend up to $6,000 having mold removed from their homes, and that’s not including any medical expenses you may incur from exposure to certain types of mold in your home. When you add it all together, your home’s value can be greatly impacted by water damage. With the most severe types of water damage, your beautiful home may become unsellable. Yikes.
Trust us on this, you’d rather just avoid getting water damage in the first place. That way, you don’t have to deal with crazy expensive repairs and you can keep building up that equity in your home.
How to Protect Your Home from Water Damage and Leaks
There are some simple steps you can take to avoid water damage and leaks in your home.
Check tubs and showers. You’ll particularly want to focus on the caulking. If you see an area that looks like it needs a touch-up, do it! Caulk is a lot cheaper than repairing water damage.
Check your hoses. Something as simple as regularly checking the hoses and faucets leading to your washing machine, dishwasher, and refrigerator can avoid costly water damage. You should also replace those hoses at least every seven years to keep everything in tip-top shape.
Locating your main water line. In the event of a major leak, you’ll need to be able to turn off the water supply to your house quickly to minimize damage. Taking the time to locate your main water line before you have a major leak will be a huge time (and money!) saver.
Get a leak alert system. This is where StreamLabs® comes in.
With a StreamLabs® device, you’ll be able to catch leaks before they lead to water damage. Our StreamLabs Monitor tracks your water usage and detects abnormal water use to alert you of possible leaks. You can easily see what’s out of the norm and take action before it’s too late. For those who are a bit more hands-on, the StreamLabs® Control is more your speed. This device gives you the ability to shut off your water automatically, stopping leaks in their tracks. Even better, these devices start at just $199 – so by avoiding even one episode of water damage, your investment will have paid for itself. You can thank us later.