Got Mold? The FHA 203K Loan Can Help!
As a soon to be or current homeowner, mold in a property is something you might come across or have concerns about and for good reason. Other than mold creating an unpleasant visual sight in your home, which frequently is around windowsills and doorframes, it also can be less visible in areas such as the basement, behind washers, dryers and dishwashers. Mold can eat away at your home’s finishes and can also ruin furniture. As well as give off an unpleasant, musky smell. Most importantly mold can have potentially serious health effects and can increase the risk of respiratory illnesses. So, depending on the type of mold it can be highly toxic.
Did you know the area you live in could increase your odds of getting mold?
Locations along the Pacific and Atlantic Oceans are known for high levels of rainfall and humidity which are prime locations for moldy houses. Properties near large freshwater bodies of water are also susceptible to the growth of mold. If you’re thinking of buying or own a home in these regions then keep that in mind.
Take a look at the areas where moisture is most likely to accumulate.
This includes bathrooms, kitchens, laundry rooms and of course basements. Look underneath the sinks as well as behind appliances such as your washing machine and dishwasher. Any leaks, cracks or poor ventilation should be addressed to avoid any mold growth. Proper air circulation is key in limiting the humidity of the air in your home. By reducing the humidity this will deny mold the chance to obtain the stale amounts of oxygen it needs to thrive. The use of dehumidifiers and air conditioning are good methods to employ against mold accumulation.
Remedies for removing mold can vary from doing it yourself to having a professional handle it. For those of you buying a property the FHA 203k loan can help with any preventative or mold removal projects as it can be financed into your loan. Regardless of the size that needs treatment or budget, the 203k loan can be used to take care of it and best of all it gets handled after the transaction closes so there are no financing hold ups. This also applies for homeowners, no need to remove it beforehand; you can do it after you close your refinance.
So, when you come across mold in your property and need to take steps to remove it or make home improvements to prevent it, the 203k loan can help with the financing to get your property mold free.