Even though flooded properties can cause additional rehab work, don’t rule them out as potential investment opportunities.
Use these tips to help you determine the amount and cost when rehabbing a home with extensive water damage.
Make mold a priority.The very first thing you should do when rehabbing a flooded home: check for mold. Mold grows quickly, so if the home was not properly dried, there is a possibility mold could be in the walls, floors, ceilings. Anywhere you think mold can grow, it can.
Hire an inspector immediately to help you find where you should be focusing your energies.
If there are mold issues, hire someone who has experience cleaning up mold. Choose someone who can efficiently and thoroughly rid the entire edifice of the quick-growing monster.
Choose appropriate replacement materials.
Unfortunately, Hurricanes and flooding are occurring more often due to climate changes. In fact, floods are the most common and most expensive natural disaster in the U.S., according to FEMA.
When repairing a flooded home, consider these protective features:
- Raising electrical outlets, breakers and other wiring a foot above potential flood levels.
- Installing a backflow valve to avoid sewage backup.
- Springing for a rubber roof underlayment to prevent roof leakage.
- Undergoing a retrofit rebuild, such as elevating the home or wet floodproofing, to protect it from potential future flooding.
Elevate large appliances.
Make sure that the rehab accommodates elevated HVAC systems, washers, dryers, furnaces, water heaters, etc. This accommodation could save the future residents thousands of dollars in water damage fees.
Tame the tree branches.
Keep branches in check. Remove dead limbs or any trees that have extensive damage from high winds and water. Not only will it prevent future damage, but it will also beautify the landscaping. Adding curb appeal to a home is often a good investment in a rehab property.
While homes with flood damage can be trickier as a rehab, don’t immediately walk away. Those homes may be a great investment opportunity for fix and flipping if you can purchase for the right price, have the proper financing in line and provide the needed rehab work to make it a hot item on the market.
At Catalyst Funding, our business model is built on taking a holistic approach with our clients. Whether you need guidance in rehab strategies, contractors, property management or wholesale opportunities, we are here to help you succeed. Contact Catalyst Funding today. 832.648.3626