Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

5 Ways to Spot Future Water Damage Before You Buy a Home

Homebuying 3 min read
Water damage in a home

Ready to talk to an expert?

Nothing wreaks more havoc on a home than water damage. It can warp wooden furniture, make your carpets and drywall moldy, and even cause your floors to rot through.

Luckily, there are several ways to spot potential problem areas before you’ve even bought the house! If you’re in the market for a new home, keep an eye out for these water damage warning signs.

1. Follow Your Nose

During the walkthrough, take note of any unusual smells, particularly in the garage, basement, and bathrooms.

If something smells moldy or musty, make a note and follow up on it. Look for visible signs of mold, like discoloration on the walls and floorboards, and if you are planning on making a bid, hire a good home inspector. Ask him or her to use an infrared camera to check any suspect spots for mold or water damage.

2. Visit After a Storm

If you’re seriously considering a particular house, examine the exterior immediately after a rainstorm.

Where is the water flowing? What about gutter runoff? The ground should slope away from the house to avoid water damage.

Pay special attention to any crawl spaces as well as the foundation, and feel for any dampness, as this could be a sign of water intrusion.

3. Check the Roof

Look for shingles that appear loose, dimpled, or discolored, as these can be warning signs of leaks to come.

If you live in a snowy area, take special note of icicles hanging from the eaves during the winter. They may look pretty, but they indicate an ice dam.

If the roof isn’t well insulated, heat will leak out, melting the snow. Then, when more snow falls, that melted under-layer is trapped and can seep into the roof and walls.

4. Examine Windows and Door Frames

This is another one you can do without actually entering the house. Walk around and look at the windows and doors. Do you see any gaps between the wall and the sills? Is the caulk peeling? Is the wood discolored or soft?

This can indicate water damage or rot. It’s not necessarily a deal breaker, but if you choose to purchase that house, make sure to repair and replace any of the damaged wood, and try to locate the source of the water so your replacement wood doesn’t suffer the same soggy fate.

5. Listen for Leaks

Drip, drip, drip…if a sink, faucet, bathtub, or shower head is leaking away, this is a red flag. The leak may have just started—or it’s been going on for years, and the extent of the damage won’t become apparent until the floor starts buckling.

If the water in the house is turned on, check each faucet for leaks. Turn it on and off, and make sure the flow of water stops completely. Otherwise, you may have an issue down the line.

Get Help to Tackle Repairs

The Insurance Information Institute reported that in 2012, 17.5% of homeowner insurance losses were caused by water damage and freezing, with an average of more than $7,000 in damages.

If you find signs of current water damage (or it could be an issue in the future), you don’t have to rule that house out. Talk with your home inspector and see if you can incorporate some repairs into your offer.

Do your due diligence before you even purchase a home, and you can avoid sinking money into a waterlogged house.

 

 

Ready to talk to an expert?

Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

5 Mortgage Tips to Help You Get the Best Deal Applying for a home loan can be a confusing and sometimes frustrating experience for prospective home buyers, but it doesn’t have to be. By keeping these mortgage tips in mind, you can make the home-buying process easier and ensure you are getting a loan that meets your budget and needs. 5 Tips for Getting the Best Mortgage Loan 1. Check your credit. Finding out your credit score should be the first thing you do before considering your home buying options. Your credit score will impact the types of loans you are eligible for, how much money you can borrow and your interest rate. 2. Set a budget. Use a mortgage calculator to determine how much house you can afford and stick to it. You should also keep in mind how much you will have to pay in property taxes, homeowner’s insurance, maintenance costs, furnishings and utilities. According to LearnVest, you should take the top amount you are approved for take 20% off of it to make sure you can afford the extra expenses that go along with home ownership. 3. Understand your loan options. By learning about your loan options before you apply, you can make sure the lender you choose offers the best type of loan for you. Types of mortgage loans include the following: Fixed-rate mortgages Adjustable rate mortgages Government loans Construction loans Professional loans 4. Shop around. When shopping for a mortgage, you don’t have to go with the first lender you talk to. You might get a better interest rate from one lender than you do for another. You’ll likely find that local community banks like First Bank will offer the most competitive rates and best service with all their lending options. 5. Prep your documents. Find out what documents you’ll need to apply for a mortgage and gather them before you meet with a lender. Required documents typically include: Credit report Tax returns Pay stubs Two forms of ID Proof of current property owned Visit First Bank’s Financial Education Center for more tips on buying a home, or talk to a First Bank mortgage loan expert near you to learn more about our home loan options.  ——— Sources: http://www.learnvest.com/knowledge-center/7-top-mortgage-shopping-mistakes-to-avoid/3/ http://www.realtor.com/advice/14-step-pre-approval-checklist/ http://www.consumerfinance.gov/askcfpb/137/how-do-i-find-the-best-loan-available-when-im-shopping-for-a-home-mortgage-loan.html 2 min read
Image for tile. Hurricane Helene Recovery: Financial Assistance Options 1. U.S. Small Business Administration (SBA) Disaster Loans The SBA offers a range of disaster loans to individuals, businesses, and nonprofit organizations to cover losses not covered by insurance or FEMA. These loans help cover both personal and business expenses that could have been met had the disaster not occurred. October 15, 2024 Update: The SBA announced that it has exhausted funds for its disaster loan program. Until Congress appropriates additional funds, the SBA is pausing new loan offers. The SBA is encouraging individuals and small businesses to continue to apply for loans given assurances from congressional leaders that additional funding will be provided upon Congress’s return in November. Click here to read the press release. Home Disaster Loans: Available to homeowners and renters to repair or replace damaged real estate and personal property, including vehicles. Business Physical Disaster Loans: These loans are designed for businesses of all sizes to repair or replace damaged property owned by the business, such as real estate, machinery, equipment, and supplies. Private non-profit organizations like charities and churches are also eligible. Economic Injury Disaster Loans (EIDL): These are working capital loans designed to help small businesses, agricultural cooperatives, aquaculture businesses, and private nonprofits meet financial obligations they can’t cover due to the disaster. These loans are meant to support recovery during the disaster recovery period. For more information, visit the SBA Disaster Assistance website or contact them directly. 2. FEMA Disaster Assistance FEMA offers a wide range of financial assistance programs for those impacted by natural disasters. If you have insurance, file a claim immediately, as FEMA cannot cover losses that are already insured. FEMA provides grants for: Temporary housing Home repairs Other disaster-related expenses not covered by insurance You can apply for FEMA assistance online or by calling 800-621-3362. 3. Disaster Unemployment Assistance (DUA) Individuals who have lost their jobs or had their employment interrupted due to Hurricane Helene may be eligible for Disaster Unemployment Assistance (DUA). This program extends unemployment benefits to those who may not be eligible for state unemployment, such as the self-employed or small business owners. To qualify, you must: Live, work, or were scheduled to work in a federally declared disaster area. Have lost employment or had employment interrupted due to the disaster. Have exhausted regular state unemployment benefits. Eligibility is determined weekly, so you must continue to be out of work as a direct result of the disaster to maintain benefits. Visit the Disaster Unemployment Assistance page of the NC Department of Commerce website for more information about this program.  4. Freddie Mac, HUD, and FHA Mortgage Assistance If your home has been affected by Hurricane Helene and you are struggling to make mortgage payments, Freddie Mac, HUD, and the FHA offer mortgage relief options. These include: Forbearance plans to temporarily suspend or reduce your mortgage payments. Loan modifications to make your mortgage more affordable over the long term. Mortgage assistance programs designed specifically for disaster recovery. Contact your mortgage provider to inquire about disaster relief programs available through these organizations. 5. NC Bankers Association Disaster Relief The NC Bankers Association provides resources and guidance for individuals and businesses impacted by disasters. Through their network, they can help you access financial institutions offering relief, including special loan programs and deferral options for existing debts. It’s worth reaching out to your local bank or lender to inquire about specific programs that may be available to you. Visit the Hurricane Helene page of the NC Bankers Association website for a comprehensive list of resources. 6. WNC Strong: Helene Business Recovery Fund – Mountain BizWorks In response to Hurricane Helene, the WNC Strong: Helene Business Recovery Fund, led by Mountain BizWorks, is providing financial relief for businesses across Western North Carolina. This fund is designed to support local businesses that were impacted by the hurricane, offering critical recovery resources, including: Low-interest loans to help businesses rebuild. Emergency financial support to address urgent needs like working capital, repairs, and more. Mountain BizWorks is a community-focused lender that helps small businesses in the region thrive, even in the face of disaster. They are committed to supporting business owners through the recovery process with accessible financing options. Visit their website for more details on how to apply. 7. SBA Microlenders for Business Recovery The SBA also partners with microlenders across the country to provide small loans, typically up to $50,000, to businesses in need of capital. These loans can help cover immediate business needs such as payroll, inventory, and repairs. In the wake of Hurricane Helene, these microlenders are valuable resources for small businesses that may not qualify for traditional financing options. To find an SBA microlender in your area, visit the SBA Microlender List. 8. Western North Carolina Small Business Initiative Appalachian Community Capital has partnered with Community Development Financial Institutions (CDFIs) to provide relief grants to small businesses harmed by Hurricane Helene. The grant program is called the Western North Carolina Small Business Initiative. Small businesses can apply for grants up to $25,000 to cover expenses related to recovery and reopening including repair and replacement of physical damage, environmental cleanup, payment of business-related rents or mortgages, employee retention and hiring, and more. The application window for this grant is from October 30 through November 27, 2024. For more information and to apply, visit their website here. First Bank is Here to Help If you have any questions about these resources, our bankers are more than happy to help you navigate the questions you may have. Recovering from Hurricane Helene is a challenging process, but these resources are designed to provide financial relief when it’s needed most. If you’ve been affected, be proactive in exploring the options available to you, from disaster loans to mortgage forbearance.  While the road to recovery may be long, these programs can ease some of the financial burdens and help you rebuild your life or business. 5 min read
Bank Owned Homes – Find Bank Owned Homes for Sale in Your Area If you’re in the market for a great deal on a home, a bank-owned home could be just the thing for you! With First Bank, you can easily search through a list of our bank-owned properties for sale. Bank-owned properties typically make great investments for first-time home buyers or for new business opportunities. Click here to see a list of First Bank’s available properties. About Bank Owned Homes (REO Properties) – Learn More Before You Buy A bank-owned home or real estate owned (REO) home is a home that has been foreclosed on be the mortgage lender. When you purchase a bank-owned property, you go directly through the bank, so you won’t have to deal with any homeowners. Once the mortgage lender or bank owns the property, they can evict the current residents, pay off any necessary tax liens, and make any necessary repairs. In today’s market, buying a home can be pretty expensive—especially when you add in extra costs and potential upgrades or home repairs—so if you are looking to purchase a home, but don’t have a lot of money to spend, a bank-owned home could be a good option. Bank-owned properties make great investments for first-time home buyers or anyone looking for new business opportunities. Advantages of Buying a Bank-Owned Home Bank-owned homes give real estate investors and homebuyers opportunities that are not available in the pre-foreclosure and auction phase of the foreclosure process. Some other advantages of buying bank-owned homes include: Bank-owned properties are typically cheaper than newer homes and often offer great terms like low down payments and low interest rates. Buying bank-owned homes can involve less risk and less competition than traditional markets. Bank-owned properties are typically clear of any liens against the property. The bank that owns the foreclosed property is usually the mortgage lender, so it might be easier to negotiate closing costs. Bank owned properties are typically vacant, which can save you from having to evict its current residents. For more information on bank owned homes, check out our article on how to shop for bank-owned properties. ——— Sources: Investopedia: http://www.investopedia.com/terms/f/foreclosure.asp Investopedia: http://www.investopedia.com/terms/t/taxlien.asp 2 min read
First Bank logo
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognizing you when you return to our website and helping our team to understand which sections of the website are the most popular and useful.