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Mark Martinho Mark Martinho ~ January 13, 2010

A leaky roof, some mold and there's goes $500,000!

I just visited a home for sale in Redwood City that was a real shame. Get this, an 8 year old home, with 2,574 sq ft of living space featuring 4 bedrooms and 3 bathrooms. A cool looking house with Bay views for $825,000. I see 70 year old homes that are half the size, selling for this price all the time.

So why so cheap? Mold! Sadly, this home has a unique design and it developed some roof leaks, water ran inside the walls of this home and mold developed. Such events are even worse in modern homes with insulation in the walls. Imagine that water running inside and the insulation just soaking it all up.

197 Wellesley, Redwood City CA
All that moisture just remaining inside that dark environment being slowly heated by the warmth of the home’s interior – a perfect recipe for mold.

It is a tragedy for the sellers, but there’s a lesson in here for the rest of us too. Take leaky roofs or leaky plumbing seriously. While a new roof might cost $15,000 on up depending on the size of the house, these homeowners are in my opinion trying to sell their home for $500,000 less then its normal market value because of the mold issue. This certainly makes the maintenance cost of putting on a new roof seem like peanuts when you’re ready to sell your house.

Let's see how this turns out in the end, perhaps someone will overbid on this property and the loss will not be so great for the sellers. Stay tuned!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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