Buying a home is a big decision, it takes a lot of time and money to find the right house and you don’t want to get stuck with a money pit. What are some things to consider when buying or selling a home with foundation damage?
Let’s be honest, there is nothing flashy about foundations. You won’t see models leaning against steel piers and you won’t play video games based on installing foundation supports. That doesn’t mean they aren’t important, in fact, it is probably the most important part of a building.
When buying a home, you might be concentrating on the more interesting parts of the home: where to put the hot tub, how to decorate your man cave, or the size of the kitchen. There is plenty of time to do that after you get the groundwork out of the way. There are some things you should look for when it comes to signs of foundation damage. These common problems include: sticking doors or windows, uneven floors, cracks in floors, walls or ceilings, water in the basement or crawlspace, and gaps where walls meet.
If you come across any of these red flags, you should hire a structural engineer or foundation repair contractor. Most foundation repair companies, like Foundation Systems of West Virginia, will provide you with a free inspection and estimate. This inspection will be in addition to the one that the home inspector will do. Home inspectors focus on the HVAC system, the electrical and plumbing systems, and the roof. They do look at the foundation, but most likely won’t know what exactly is wrong or what needs to be done.
So you’ve found a house you really like, but it has some foundation problems. Do you move on? Not necessarily. If a home has foundation issues, you will want to renegotiate the price to cover the amount of money it will cost to repair it. Foundation problems can be fixed, so if you’re interested in the house, you may want to go for it.
Some foundation repairs are easy to take care of, like some foundation cracks, for example. Small, thin cracks happen with normal settling and can be repaired by a professional to prevent water and pests from entering the home. However, if there are bigger cracks, leaning walls, or other major problems, it may take more time and money to repair the damage.
Another thing to consider when buying a home that needs repairs is that you will be able to add other options to the home during the repair or construction phase. Most of the time, when you renegotiate the price, it will drop between 20%-25% and the cost of the repairs are usually around 10%, according to Atlanta attorney and real estate agent, Bruce Ailion.
The most important thing when buying a home is to get as much information as possible. Taking the time to get an inspection from a respectable foundation repair company will save you stress, time, and money in the long run. You need to be careful when buying a home with foundation damage, but with a little care, a good foundation repair company, and some patience, you can come out ahead.