Mold damage can invade your investment properties…with serious consequences.
From health risks for your tenants to massive property damage, mold is a major liability for property owners and landlords. Worse, with the Environmental Protection Agency predicting that mold can be found in up to 50% of all structures, you owe it to yourself to ensure you’re protected.
Potential costs of a mold problem include…
- Medical bills and health hazard for affected tenants. According to the Center for Disease Control, mold can cause a variety of health problems, including nasal stuffiness, throat irritation, coughing and wheezing, eye irritation, and rashes. It can induce asthma attacks. In some severe cases, it can even bring on serious lung infections. As a property owner, manager, or landlord YOU can be held liable for an unaddressed mold problem in your building.
- Plummeting property values. According to Dan Sitomer, an attorney who specializes in mold litigation: “For the moment in time that your building is viewed as a problem, its value goes to ZERO.” What’s more, real estate expert Jack Schoppa says that a known history of mold can hinder a buyer’s ability to get funding if you ever want to sell your property.
- Property damage. In addition to plummeting property values, an unchecked mold problem can lead to thousands of dollars in repairs. While minor mold issues can be handled by the property manager or experts for minimal cost, the longer you wait, the more it grows. And as it grows, it actually eats through materials, causing structural damage to your property. In these cases, repairs can cost in the tens of thousands of dollars.
- Lawsuits. Mold-related lawsuits have skyrocketed over the past decade. As a result, insurance companies are now refusing to cover the costs. If you rent a property to someone where mold is later discovered, you could land yourself in court. And if you lose, you could find yourself paying for: inspections, repairs, medical expenses, emotional distress, and more.
No doubt about it, mold is a serious problem. Discover how you can protect yourself, your property, and your tenants at NO cost to you.