Many factors go into the valuation of a home. Information like location, property size, age, and condition of your house all determine the value.
Mold infestations can significantly diminish the value of a home, potentially reducing it by as much as 30%, contingent upon the severity of the contamination. In a particular investigation, a substantial mold problem resulted in a luxury home losing over 50% of its value, equating to a substantial decrease in its market worth, amounting to hundreds of thousands of dollars.
Mold falls into the category of the condition of the home. How much does it devalue a home exactly?
Mold is a common problem within structures, especially those with higher humidity levels. The fungus can grow indoors or out, but water damage causes the most cases. Mold growth is a red flag for buyers. The price can be negatively affected by 10-30% depending on the amount it has spread. Let’s discuss why this impact happens below.
- Appearance: Probably one of the obvious aspects of a home’s value is its appearance. Visible mold can be an eyesore and emit an awful odor. Seeing and smelling mold can give potential buyers the idea that there may be other underlying issues with the home and that the owners didn’t properly maintain it.
- Structure: When you let mold run wild without any attempt at cleaning it up and restoring the area, the structural integrity of the materials will be weakened. Mold spores can consume wood, and the enzymes within the mold can begin to break down insulation, drywall, and other materials within the home. As a defense mechanism, mold produces mycotoxins, which can degrade building materials and cause more structural questionability.
- Health: The more hidden impact is that mold can pose serious health risks. Mold spores and mycotoxins may cause asthma, allergies, skin irritations, and headaches, among other ailments. If you suffer from a weakened immune system, the risk of severe illness and infections is even greater. Infants and seniors prove the move vulnerable.
LM Companies is licensed for and has over five decades of experience with mold remediation and removal. We will work with your insurance and have helped many properties over the years in Northeast Ohio, including Akron, Cleveland, Stow, Hudson, and Cuyahoga Falls! Contact us today to begin the process of restoring your residential property.