There’s no doubt about it -- a wet basement is a miserable problem in a home. When the basement floods, everything within can be damaged -- including drywall, carpeting, furniture, boxes, and cloth, let alone any valuables and keepsakes. Wood sub floors will rot, dust mites will thrive and release waste material into the air while mold will grows and produces spores in the home. The entire area will begin to smell, and as the air warms and rises up into the upper levels of the house, it can potentially cause health problems. It’s no wonder that a home with a wet basement is such a major issue when it’s on the housing market!
Nobody wants to buy a home with a wet basement. Builder Magazine states that 19% of home buyers refuse flat out to live in a fixer upper when shopping for a house. However, a wet basement will give you a lot of negotiation room. Sources report a loss in the value of a home by 10-25% when it reaches the market with a wet basement. What does this mean for you? An incredible bargain on a home!
Why a bargain? Because while 40% of previously owned homes are inflicted with at least one serious defect, a home with a wet basement can easily be repaired. Of the 12 most serious red flags that USA Today reports home buyers should watch out for (such as defective roofing, horizontal foundation cracks, lead paint, and asbestos), a wet basement is likely the easiest and fastest to repair. Installation of a sump pump, French drain, and a basement dehumidifier will most often take 1-2 days, and the increase of the value of the home with the investment will be 400% or more in a $200,000 home. In other words: purchase the home, hire a basement waterproofing contractor to dry the basement, and gain thousands of dollars in home value. Be sure to also hire a home inspector to check for other issues: many are difficult or impossible for a layman to identify and could cost tens of thousands of dollars to repair.
A warning: The Small Business Administration reports that 50% of contractors fail within the first year and 96% within five years. This means that if you’ve hired one to install your sump pump and they’re not a certified, well-established basement waterproofer, you’re likely to find that they’ve left the industry when you need them to return to service the system.
As a final important precaution, check your contractor’s reputation with the Better Business Bureau. One contractor reported in Country Living that 17% of their work is fixing the poor work of other waterproofers! Hire an established, high-quality contractor, however, and you’ll be able to rest easy in your new home.
If you’re considering selling a home with a wet basement, the easy answer is this: fix the problem first. Repairing the basement leak is immediately going to pay for itself and will save you an enormous hassle when searching for a willing buyer. Install a cast-iron sump pump and an innovative new French drain system in the home to keep the area clean, dry, and healthy. Installing an energy-efficient, self-draining basement dehumidifier will keep the air dry and is an excellent selling point. This inexpensive addition ensures lower utility bills and cleaner, fresher air in the entire home.
However, even if the problem is fixed, you’ll probably need to disclose the recent water problem to prospective buyers before selling the home. Real estate companies are easily and often sued for non-disclosure, and honesty is definitely the best policy. However, a wet basement is not a sign of a poorly built home, and all basements will experience flooding eventually.
If the main reason you’re selling your home is to increase your living space, you may want to consider a basement remodeling project instead. Finished basements are becoming more and more popular, and the Home Improvement Research Institute estimates that more than one million homeowners finish or remodel their homes each year. Money magazine reports that adding an addition may run $150-$200 per square foot, but finishing the basement costs approximately $30-$75. In some cases, an investment of 12-15% of the price of the house can increase the livable space by one third! Even with the poor housing market, a finished basement will increase the value of the home by 75% of the cost of installation. The result? Beautiful, peaceful, and naturally private new living space.
If you decide to finish the basement, be sure to do it right. Drywall (even “mold-resistant” drywall) can easily be destroyed by basement moisture and flooding, and even with a basement waterproofing system installed, you never know when the plumbing will leak and moisture will seep in through the porous concrete walls and floors. Install an inorganic vapor barrier on the basement floors before adding carpeting, or it will rot and grow mold. Wall panels should be made with dense foam polystyrene and should include a hardboard surface and a vinyl coating.
Ceiling tiles should be inorganic and warranted against sagging for at least 25 years. Fiberglass insulation, cloth, wood, and most paints will grow mold and should be avoided. Waterproof coatings, when applied directly to the wall, will eventually blister and peel due to moisture pushing its way through from the earth outside.
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