Your Foundation and the Value of Your Home
When buying or selling a home, you may be concerned with curb appeal. However, you should know that the foundation is a large factor in a home’s worth. Without a good foundation, the doors may stick, the windows and walls can crack, the floor may slope, and the value of the home will plummet. Therefore, if you spot a problem with a home’s foundation, it’s important to know your options so you can act immediately.
Selling a Home With a Faulty Foundation
If your home has foundation issues, discuss this fact with your realtor. It’s legal to sell a home with foundation problems, but it may not make financial sense. You’ll have to disclose the foundation problems before you sell, so repairing the home prior to listing can reduce a buyer’s concerns. Repairing the foundation immediately also prevents any further structural damage while your house remains on the market.
If you do decide to repair the foundation, be sure to choose a contractor with a superb reputation and excellent warranty on repairs. That way, whoever buys your home can trust that the work was completed properly.
Buying a Home With Foundation Damage
Just because a home has a bad foundation doesn’t mean you shouldn’t purchase it. Before making an offer, be sure to hire a structural engineer for a full foundation inspection. Small cracks that are less than a quarter inch wide are rarely cause for concern, although they should be repaired to prevent water damage. However, visible foundation problems may be indicators of much larger problems.
With the results of the foundation inspection in hand, get a quote from a company that does foundation repairs. The cost of the repair will vary depending on the:
- Type of foundation
- Amount of existing damage
- Type of repair needed
- Location of the repair
- Condition of the underlying soil
Once you know exactly how much the repair will cost, you can require that the homeowner hire someone to repair the foundation prior to the sale. Or, you can ask for a reduction of the asking price so you can hire a contractor to repair the damage after you purchase the house.
The Value of a Good Foundation
Having a well-maintained foundation greatly affects the sales price of a house. Some realtors estimate that foundation issues can diminish the final price of a home by 20 to 25 percent. In addition, it has been estimated that most foundation problems can be fixed for approximately 10 percent of the value of the home or less. Therefore, if you can afford to fix the foundation properly, it’s often the better financial choice.
To get in touch with a professional Austin foundation contractor for inspections, repair, or consultation, contact us today. We’ve served Austin residents with quality foundation construction service for over 20 years.