Basements are one of the most overlooked spaces in a home. They’re dark, damp, and are commonly used to store cleaning supplies, washing machines, and other random objects. However, leaky basements can result in serious damage to the property, which means that you should pay attention to warning signs before things get worse.
The solution? Basement waterproofing.
This one-time solution to leaky basements can save you thousands of dollars in repairs. Let’s take a look at the reasons why your property needs basement waterproofing.
#1 Offers Additional Floor Space
Typical basements are used for storage and laundry. Waterproofing your basement keeps it free from moisture, which means you can turn it into a functional living space such as a guest room, man cave, mini-theater, home office, and so on. With just a few decorations and DIY home improvement projects, you can turn your newly waterproofed basement into a space that your future tenants will love. The more rooms in your property, the more it attracts quality renters.
#2 Strengthens the Foundations
The main advantage of basement waterproofing is that it gives your rental property a solid foundation. Over time, groundwater may get into your property’s basement, weakening the walls of its foundation. Because of the leaking walls, cracks, mold, and moss will develop over time. Condition gets worse when your property is located in seaside areas like Sunny Isles. Whereas basement waterproofing reinforces your foundation, giving you a strong structure that will keep generating revenue for years to come.
#3 Enhances the Property’s Value
A waterproofed basement increases the value of your rental property. Whenever you or your property managers show the property to potential tenants, you can highlight the basement by pitching it as an extra room that can be converted into a spare bedroom, entertainment room, etc. Likewise, this additional feature gives you a reason to increase the price of your rental. By waterproofing the basement, your tenants can have peace of mind knowing that leaks are unlikely to happen.
#4 Prevents Health Problems
Mold and water damage come hand-in-hand. Once your basement experiences serious water damage, it won’t be long until you’ll find signs of mold. When exposed to mold, some people can develop respiratory illnesses such as aspergillosis, and worsen existing lung conditions such as asthma. The good thing is homeowners insurance cover mold damage in some cases. So you must talk to your insurer for professional mold removal.
Since basements are typically darker, damper, and cooler than other parts of the home, it’s important to keep the basement free from moisture to ensure that mold doesn’t thrive. Basement waterproofing ensures that water can’t seep through the holes in your basement walls and floors. Without the health risks of mold, you can be assured that your property is up to code.
#5 Prevents Water Damage
Once water penetrates your basement, you may notice mold formation, damaged floors, musty smells, and damaged belongings. This can result in thousands of dollars in repairs — up to $6,000 to remove mold alone! Waterproofing keeps your basement dry and protects your real estate investment. It’s a more cost-efficient solution than patching up the leak every time there’s water damage. A few common signs of water damage include:
- Peeling-off paint
- Yellowish-brown stains on walls and floors
- Mold and mildew growth
- Cracks in the walls, floor, and foundation of the basement
- Sunken floor
#6 Attracts More Tenants
Unpleasant smells and traces of flooding can deter potential tenants. Many tenants are reluctant to rent a property that will bring them problems, so it pays to remedy your rental property’s issues before you list it on the market. Basement waterproofing assures potential renters that your home won’t need constant maintenance and repairs. Likewise, a clean and tidy basement will attract more renters, making it easier to lease your property at a high price.
#7 Prevents Bugs and Rodents
A basement is the perfect breeding ground for bugs and rodents. If your basement is always damp or flooded, this can attract all kinds of pests including cockroaches, ants, millipedes, and other insects, as well as small critters such as rats and mice. Hiring an exterminator can cost you around $60 to $125 and while you may think that’s not a big amount, a pest-infested property will negatively affect your tenant’s experience and your property’s value.
#8 Saves You Money
Unlike a flickering lightbulb or leaky faucet, basement water damage isn’t the kind of problem that you can quickly address. If your basement flooded in any case it can cause you thousands of dollars to repair. The worst thing is your homeowner insurance doesn’t cover damage if the flooding came in from outside of the home. So, instead of shelling out thousands of dollars in repairs each time your rental property’s basement gets flooded, waterproofing your basement offers a more efficient, one-time solution. Basement waterproofing can cost around $3 to $10 per square foot, which is significantly cheaper than fixing a flooded basement, which can cost up to $10,000 if the floor, walls, and ceilings need repairs.
#9 Protects Your Investment
A property is one of the best investments you can make. You can live in it, rent it out, or sell it at a higher price after just a few years. The only way to maximize your investment is to stay on top of repairs and renovations — including basement waterproofing. Basement waterproofing keeps your property in its best condition, safeguarding your investment for the long-term.
Types of Basement Waterproofing
#1 Interior Waterproofing
Interior waterproofing is ideal for properties with poured concrete foundations where leaks usually occur. One approach is to apply water sealants such as epoxies or urethanes to patch up cracks in the concrete walls. Another approach is to install a water vapor barrier, which is essentially a rubberized mat, over the basement walls and floors. This technique blocks water from seeping in, however, it can be quite expensive with the average cost ranging between $1,200 to $4,000.
#2 Exterior Waterproofing
While interior waterproofing controls the water that enters your basement, exterior waterproofing prevents water from entering in the first place. There are three options for exterior basement waterproofing, one being to coat the exterior basement walls with cement. The other technique requires excavation to install a protective membrane around the foundation. The third option is to install a drain system that carries groundwater away from the property.
Owning a rental property can be a rewarding investment, but only if you take care of it. Basement waterproofing is essential to protecting your property from disaster. By taking this precaution, you can prevent costly repairs due to water damage, flooding, mold infestation, and more.
It all boils down to one thing: you need to take a proactive approach to property management. Don’t have the time to oversee your property? Let Luxury Property Care handle it.
We have skilled property managers whose job it is to ensure that your property is well-maintained. We work with a vast network of reputable vendors whom we can trust to get the job done quickly and at the best price. Get in touch with us today by calling (561) 944-2992 or filling out our contact form.