Mold is huge issue for both the buyer’s and seller’s side, but it may not as pervasive an issue as you think.
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Before we begin today’s topic, I’d like to mention that we are having our annual Thanksgiving giveaway on Tuesday, November 21st, from 12 p.m. to 6 p.m.
We’ll be giving away apple pies from Lakeside Farms. If you’re a client, please watch your mail for your invitation. You will need to RSVP so we can make sure that we have enough pies on hand. Last year we gave out over 200 pies. This is just our way of saying thanks and showing our appreciation to our clients.
The topic I wanted to discuss with you today is something that’s on the forefront of my mind: mold.
Mold is one of the biggest issues we’re facing on both the buyers’ and sellers’ side.
Two years ago in New York, lobbyists pushed for legislation requiring both assessors and mold remediation companies to come into your home under certain circumstances, which ultimately passed. This could add a tremendous cost to you as a seller.
In New York, if you have more than 10 square feet of mold, it must be addressed. If you’re a seller, check your basement and attic for the black or gray patches that indicate mold growth.
Mold is fairly cheap to remediate but buyers are really scared of it. If you’re a buyer, just be aware that mold is probably in 40% of the homes that you’re going to look at. It’s not a deal-killer; don’t be scared by what you read on the internet. Mold can be removed easily with a 30-year warranty by the company, and that should be the end of the problem.
This is how widespread the fear of mold has become.
I had a home under contract about six months ago. The garage door had one-foot squares on it, like the old ones used to. Two of those squares on the door had what I would call mildew, but the buyers called it mold.
The buyers wanted $1,500 to remove that mold, when I could have put a brand-new, single-bay, insulated aluminium door in for just $800.
I believe that it’s paranoia and absurdity, but it is something to be aware of on both sides.
If you have mold in your home, treat the area with a chemical product. After that, find the source. It will likely be an issue of moisture intrusion or a problem with ventilation.
If you have any questions at all about mold, call me. Mold is an issue we will deal with ahead of the curve before we list your home. For buyers, we will inform you of the risks and reality of mold in your home.
As always, please don’t hesitate to reach out to me with any real estate questions you might have. I look forward to hearing from you!