Amplified by the pandemic, Cincinnati has been one of the hottest real estate markets for both single-family homes and rental properties. The ability to work from home, low-interest rates, an influx of high-paying jobs, and very affordable prices have kept Greater Cincinnati a desirable real estate market.
Even out of towners are discovering our urban lifestyle: nightlife, shopping, great restaurants. Add in the great schools, public green spaces, and low-stress lifestyle and city dwellers that can work from home are looking to join in. And the market is responding. The median sold price of a Cincinnati home is almost $250,000, up 12% from last year. Count on ICON Property Rescue to help you protect your investment from water damage and more.
Whether this is your first home in the suburbs, are renovating a fixer-upper, have downsized to a smaller garden home, or are enjoying a second home on Lake Cumberland, significant water damage can be an expensive disaster. As soon as you see evidence of a leak or smell mold, call ICON Property Rescue to investigate.
Some months, being a landlord is easy money. Other times, it is so stressful. If you are alerted to a leak in your rental property, take aggressive action now. The tenant may have delayed notifying you or might be unaware of the extent. As a property owner; you are responsible for keeping a safe and habitable home. You are legally obligated to maintain or repair all the water supply pipes and wastewater lines.
So once a renter has detected a problem and reported it to the landlord, the landlord has to repair it properly. Not only is getting a professional cleanup service just “the right thing to do” for the renter, it also protects your investment from additional damage.
Don’t skimp on the repairs. Attempts to cover up water damage with paint and duct tape will be discovered. As a part of the sales process, an independent inspector will look for signs of current and past water damage. The expectation is that the seller would pay to fix severe water damage or mold issues. If not completed, the potential buyer can cancel the deal by using the termination-option period in the offer.
Sellers have a legal obligation to either repair or disclose serious or dangerous issues with the home. Everything else is up for negotiation between the two parties.
A buyer who has agreed in the contract to purchase a home “as is” will probably request that the seller pay to make repairs, but the seller doesn’t have quite as much incentive to do so. In a tight market like Cincinnati, a seller may be willing to cover the costs if it means proceeding with the sale. But to get the best return on your investment, get the repairs completed before you put the home on the market. It will sell faster and for more money.
Whether you have owned your home for years, are intending to sell it soon, or count on the rent for your retirement, you need to keep it in good shape. Count on ICON Property Rescue to clean up, repair, restore your investment when you discover water damage. You can also rely on ICON to help you clean the carpets, clean up biohazards, and even winterize your properties.