Mold Concerns
I was going to purchase a bank owned house that would have a very nice profit after fix up but decided not to go through do to a fair amount of mold on the walls because the house had been vacant for quite some time with no heat on and the crawl space door was open allowing moisture to vent inside the house with everything closed up. I believe there is quite a bit of fear in the market place relating to mold even if its not the dangerous kind it becomes sort of like a stigmatized type of property due to all the recent lawsuits in the news. Has anyone had success in dealing with properties like this and what are the steps one should take. was i justified in being scared out of this rehab. Thanks
yes its that unkown factor that can play havoc with an investors mind and keep him up through the night long after he should be sound a sleep dreaming of his profits
I am not at all an expert on mold but from my own experience and in reading other posts on this topic, mold is not something to fear. Once you eliminate the moisture problem, the mold will not grow anymore. Then it is just a matter of removing materials (like drywall for example) that have been contaminated. Another factor is that in my state there is no disclosure required for mold when selling....that is if there is none present.
The removal and replacement of all of the materials is what makes it bad. It has pushed my renovation budget past my margin a few times so I passed on the property.