Like most property owners who have experienced some type of contamination such as mold, you have probably asked yourself some of the following questions: How will this issue affect my property value? Will my property value decrease due to the contamination? Do I really have to report an old mold problem that is now fixed?
Answering these questions is not a simple task since, in many cases, the answers depend on the buyer's perception of the condition. In addition, the extent or amount of contamination may also be a factor influencing the buyer's perception of a particular type of contamination.
When your property has been contaminated, the stigma is generally a negative factor and its impact on value often reflects that. The prices negotiated for contaminated real estate are often lower than prices offered for a non-contaminated property of the same standards and conditions.
Another mold-related aspect that may affect your property's value and marketability is the appraisal. Appraisers need to learn the topic of mold carefully to assure that their perception of mold contamination does not unfairly lead to a lowered appraisal.
No comments:
Post a Comment