Can a termite infection devalue your home?
Building Inspections Adelaide, a company that provides pest control inspections in Adelaide, revealed that two thirds of Australians believe a home infested with termites decreases its resale value by more than 20%. Further, 74% of buyers would remove a potential home from their shortlist if it were to have termite infestation.
The survey also revealed that one out of four Australian homes are normally attacked by termites since the pest is prevalent in Australia. 49% said the cost of repair and renovation would be greater than 8000$.
The average cost that one incurs as a result of termite damage is approximately 7000$ to 8000$-most insurance policies do not cover this.The consequence of such damage is deducting 20% or more from the asking price when selling your home.
Termites infestation normally has a devastating effect on homes especially when it’s not spotted early and acted upon. Structural damage is the most serious threat of termite infestation in homes.It lowers your home’s aesthetic appeal,consequently affecting the resale value.The damage also increases repair and renovation costs.
Home owners are required by law to disclose information on termite infestation (regardless of when it occurred) to potential buyers in a disclosure agreement.Termite damage has an impact on how the appraiser will calculate your home’s value.It will affect real estate value of your home by decreasing it. Potential buyers will also use termite damage as a bargaining chip so as to purchase it at a lower price.
Regular inspection can help prevent termite damage. If found, termites can be treated with minimal damage to the house and its value.
A home is one of the biggest investments that people make in the course of their lifetime. People should not wait for too long to have a termite inspection done.They need to be proactive when it comes to termites so as not to devalue their homes. A termite infection can therefore devalue your home.