Best Water Damage Restoration Financing

How Much Does It Cost For Water Restoration Financing?

Water damage restoration can cost homeowners several thousand dollars, depending on the severity of the damage. While costs can start at $1,200 and go up to over $5,000, the national average is around $3,300. 

If you’re a homeowner wondering how to pay for water damage restoration, TGUC Financial can help. We’ll connect you with vetted and approved contractors who can assist you with your home repairs. Then, we can help you get a home improvement loan, so you don’t have to pay out of pocket for the costs. 

Will Water Damage Affect Appraisal?

Yes, water damage can affect a home’s appraisal when it comes time to sell. Whenever there is visible water damage or mold, an appraiser will note and likely indicate it’s an issue for a potential home buyer. Plus, it’s a huge safety concern. Once you get an appraisal on your home, the best way to prevent a sale from falling through is to address the issue immediately and get water damage restoration completed by a trusted contractor. 

Should You Walk Away From A House With Water Damage?

When it comes time to buy a home, an inspection could reveal water damage on the property. Water damage is a serious issue, but it’s not always a reason to leave the contract. The first step is to contact a specialized water restoration company that can investigate the cause of the damage and provide an estimate on repairs. 

If there are major issues involving complicated plumbing fixes, or mold present in the house, you might want to reconsider if you still want to go through with the purchase. However, if the water damage can be remedied and fixed, you can negotiate with the home buyer to fix the issue. 

Is Water Damage A Deal Breaker When Buying A House?

Water damage isn’t always a deal breaker when purchasing a house. If water damage is evident, or comes back on an inspection, it’s important to dig a bit deeper to understand the cause of the issue. Speak with a professional water damage restoration company to understand the extent of the issue and how major of a fix it is. Oftentimes the damage can cause the sale price to be reduced which may work in your favor if you can repair the damage.

Will A Bank Finance A House With Water Damage?

A bank could deny your loan application depending on the type of loan you’re using to purchase a home and the extent of the water damage. Almost all lenders will require the house to be habitable to approve the loan. If the home is not habitable, you might have to get a 203(k) loan from the Department of Housing and Urban Development instead. They offer loans for homes specifically needing rehab or renovations to be habitable.

How Do You Restore Water Damage?

There are several methods to restore an area that’s been damaged by water. Depending on the location and type of water damage, you’ll likely need a professional water restoration damage company to fix the issue.

If there is just a small area on your wall or floor impacted, here are some of the basic steps to fix water damage: 

• Cleaning the impacted area
• Remove any flaking or bubbling on the surface. 
• Apply a sealer in the area where water is getting through. 
• Sand the surface where you applied the filler
• Seal and paint the area

It’s always best to speak with a trusted water damage restoration specialist to ensure the issue can be fixed without major changes to your plumbing or foundation. 

Is Water Restoration Hard?

Fixing water damage requires quite a bit of labor and specialty equipment to fix the area. From finding where the issue is coming from, to actually taking steps to repair the water, it can be a complex and time-intensive job for a professional. 

Should You Replace Drywall If It Gets Wet?

If your drywall gets wet or damaged, you should always take the time to replace it. When drywall gets wet it likely leaves behind water stains, discoloration, the bubbling of paint, or softened drywall areas that should be fixed to ensure there aren’t more serious issues down the line like mold. 

How Fast Does Mold Grow After A Water Leak?

The scary thing about water damage is how quickly mold can grow after water exposure to the area. Within 24 to 48 hours, mold and mildew can start developing in the area where water has infiltrated. The mold and mildew will continue to grow until the source of the moisture has been resolved, making it extremely important to address any water damage immediately. 

Why Dry Out Is The Most Important Step In Water Damage Restoration?

Drying out the impacted water damage area is crucial to ensuring mold and mildew don’t continue to grow or expand. It can often take several days for the area to dry, which is why it’s important to hire a professional water restoration company that can use their equipment to efficiently and quickly dry out your home. 

How Long Should You Run Fans After Water Damage?

Depending on the severity of the water damage, fans might need to run for several days constantly to dry out the impacted area fully. Fans or dehumidifiers will likely need to run constantly until the area has completely dried so the area can be replaced and fixed. 

Should You Finance Water Damage Restoration?

If you’re considering financing water damage restoration, you should consider a few things first:

• Do you have the cash available to pay out of pocket? If this is an emergency situation with a burst pipe or other immediate water issue, you might have no choice but to finance the water damage restoration if you don’t have the cash available.
• What is your personal financial situation? Taking on added debt is an important decision that shouldn’t be taken lightly. You should consider your personal credit score and understand what terms and conditions you qualify for. Make sure any monthly payments can fit into your budget. 

Ultimately, financing your water damage restoration can be an excellent way to get the funds you need to repair and fix any issues with water at your house. If it helps you get the repairs you need without putting yourself in a bad financial situation, we encourage you to explore the possibility of water damage restoration financing. To check offers with no credit impact visit TGUC Financial. Unlock home improvement loan offers up to $100,000 that do not require collateral within minutes. Found an offer you love? Find a contractor that can help you get the job done and take advantage of financing all within the TGUC Financial platform.