How Do Termites Affect Home Value?
WouterTermites are one of the most common pests that affect homes. They are known to cause significant structural damage, costing thousands of dollars to repair. Some experts believe that the amount of damage they can do to a home could decrease its value by as much as 20%.
Fortunately, homeowners can remove the infestation with proper treatment. However, it may take several weeks or months to eliminate the infestation. Afterwards, you must consider preventive measures to keep the pests away.
If you are selling a home, make sure you disclose your home’s history of termite activity. You can do so through a Residential Seller’s Property Disclosure Statement. This document is the first indication of a home’s past with wood-destroying organisms.
Most states require sellers to disclose latent or past termite activity. Buyers are also entitled to an inspection. They will also be able to negotiate repairs or request a cash credit towards closing costs. If they cannot afford to do so, they can walk away from the home.
A home inspection can uncover major problems. These problems are not covered by homeowner’s insurance. A few buyers waive the inspection contingency, making the offer more attractive to the seller.
Buying a home with termite damage can be a challenge, but it’s important to take the necessary steps to prevent future infestations. This includes hiring a pest-management professional to inspect the home. In addition, annual maintenance is important.
Termite control should be a top priority for all homeowners. Invest in a quality pest-management service that offers a comprehensive termite warranty.
