Mold Remediation Cost

Water Damage and Your Rental Property

Being a landlord has its advantages and disadvantages. When it comes to water damage and rental property one of the major disadvantages is that you are at the mercy of your tenants and their responsiveness (or lack of responsiveness) to the problem. After all, if the tenant doesn't act promptly or notify you of a leak, water damage can go from bad to worse and you won't know about the problem until it's too late.

Fortunately, most tenants don't ignore major water leaks, burst pipes, and overflows. However, some may not want to bother you with minor plumbing issues. For example, if a toilet overflows, the tenant may plunge the toilet, mop up the water, and leave it at that. But what if the bathroom is carpeted and the water not fully mopped up? Soon, the carpet begins to stink and mold begins to grow. Suddenly, you have a larger problem on your hands than a simple overflow and you are now faced with replacing carpets and mold remediation costs.

Because of the potential for escalating damages from water, it's important that your tenants feel that they can contact you about any mishap. Let your tenants know that care about the condition of your property and want to know about water and plumbing issues. Accessibility and open communications are a must. Not only will you be more likely to learn about water problems before damage becomes worse, you may also find that your tenants are more responsive, proactive, and responsible when they see how much you care.

Make it as easy on your tenants as possible by clearly communicating what you expect when water issues arise. Create an instruction sheet specifically addressing water issues. Let your tenants know which issues you need to be informed of such as: musty odors, leaks, overflows, condensation, burst pipes, standing water, mold, and so on.

In addition, you might want to create a water damage checklist and enclose it with your monthly rent statement. This checklist can contain action items or reminders. For example, your checklist might be broken down into areas of the house such as the kitchen, bathrooms, laundry room, basement, windows, and other common areas where water damage or mold may be present.

Area

Musty Smell?

Signs of Water Damage? If yes, describe:

Kitchen

Yes______ No_______

Yes______ No______

Bathroom

Yes______ No_______

Yes______ No______

Laundry

Yes______ No_______

Yes______ No______

Garage

Yes______ No_______

Yes______ No______

Regularly sending your water damage signs checklist to your tenants helps to keep water damage and its potential at the top of their minds. For instance, a tenant may have noticed a slightly musty odor in the basement and then promptly forgot about. By reminding your tenants, you may find out about a treatable problem before it has a chance to fester into a monster.

In addition to providing tenants with instructions and checklists, make sure that your tenants know how to reach you at all times. Include your cell phone number, pager number, email address and other ways you can be reached. Let tenants know the best way to reach you in an emergency and consider including the phone numbers to your preferred plumbers and water damage response companies.

By: Mr. Mark Decherd

Do water damage/mold addendums come standard on all forclosed houses being sold by a bank?
How much does a separate mold inspection cost? Here is the first paragraph of the addendum? Do mold inspections tell you if there is only minor mold contamination? How much does complete mold remediation cost on a 2000 foot square house? I don't know if it's everywhere? Seller hereby advises Buyer that the Property (including, but not limited to, the basement) is or may be affected by water or moisture damage, toxic mold, and/or other environmental hazards or conditions. Seller further advises Buyer that as a consequence of possible water damage and/or excessive moisture, the Property may be or has been irrevocably contaminated with mildew, mold, and/or other microscopic organisms. Buyer is being advised that exposure to certain species of mold may pose serious health risks, and that individuals with immune system deficiencies, infants, children, the elderly, individuals with allergies or respiratory problems, and pets are particularly susceptible to experiencing adverse health effects from mold exposure.

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getting out of a sale if mold remediation costs are too high?
I have placed and offer to buy a foreclosure with an FHA loan, now the other realtor is claiming that there are signs of mold in the basement (very questionable in my opinion) And wants the deal to be a 203K. My question is what if the appraiser comes back and says that mold is a problem and the remediation cost are going to be astronomical, is there a way at that point to say not interested in property and move on?

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