You are looking for a new home or investment property. You find one you absolutely love but find out that it has had foundation repairs done. Now what do you do?
Buying a house with a history of foundation repair can be a difficult decision. On the one hand, a repaired foundation can indicate that the previous owners have taken care of the property and addressed any underlying issues. On the other hand, it may also indicate that there are ongoing issues with the foundation that may require additional repair in the future.
Here are some factors to consider when deciding whether to buy a house with a history of foundation repair:
The quality of the repair work, It's important to take a look at the quality of the previous foundation repair work to determine if it was done correctly and to code. A professional inspection by a licensed structural engineer or foundation specialist can provide a better understanding of the current condition of the foundation and any potential future issues.
Understanding the underlying cause of the foundation issues can also help you determine if the problem is likely to reoccur. If the foundation issues were caused by poor soil conditions or inadequate drainage, then it's possible that additional repairs may be needed in the future.
If the repairs were extensive and involved significant excavation or rebuilding of the foundation, it may be a good idea to proceed with caution. Extensive repairs can indicate serious foundation issues that may be difficult to fully address.
If the repairs were done recently and come with a warranty, it may provide some peace of mind that the issues have been fully addressed. However, if the repairs were done many years ago and there is no warranty, it may be more difficult to determine the current condition of the foundation.
It's important to consider the resale value of the home when buying a house with a history of foundation repair. While some buyers may be hesitant to purchase a home with foundation issues, others may see it as an opportunity to purchase a property at a lower price and invest in additional repairs.
What You Need to Know About Foundation Repair
Know signs of foundation damage.
Whether buying or selling, it pays to know signs of foundation damage. Some signs of foundation damage are obvious, like a bowing foundation wall or a cracked, settled slab, for example.
Other signs, however, are less dramatic, like uneven floors or wallboard cracks around openings on doors and windows.
Roughly speaking, the following are telltale signs of foundation damage:
Uneven floors
Uneven floors are rarely caused by problems with the floor itself. The problem stems underneath the floors, usually caused by a settling or shifting foundation.
Cracked and sunken slab
Foundation settling is one primary cause of this.
Tilting chimney
If the chimney’s foundation (or the soils underneath that foundation) are unable to support the chimney’s weight, it’ll begin to tilt.
Cracked walls
Cracks in walls are common in buildings; though some are nothing to worry about, others can indicate a damaged or sinking foundation (subsidence).
· Counters and cabinets separating from the wall.
· Gaps around window frames or exterior doors.
· Doors that stick or don’t open and close properly.
· Foundation cracks, wall or floor cracks, and other fracture types.
Understand that not all foundation problems are created equal.
Foundation problems come in many different shapes and sizes. Before you walk away because of foundation issues, have the problem inspected by a professional foundation repair specialist. This way, you’ll be able to know the exact extent of the problem.
For example, no one wants to see a crack in a home’s foundation. However, not all types of foundation cracks are worth losing sleep over. Vertical cracks, in particular, shouldn’t cause you to panic. They could be nothing serious and may not even require repair.
You can still sell a house with foundation problems.
Can you sell a house with foundation issues? Selling a house with foundation issues is a very challenging task. There is no doubt that foundation issues can impact a potential buyer’s decision. That said, it doesn’t mean it’s impossible.
To make the sale, you’ll likely need to make concessions and employ smart strategies. There are several factors you’ll need to consider in this regard. They include:
· How quickly you hope to sell the property
· The degree of foundation issues
· The local market conditions
With that in mind, you could then consider two options. One, you may try to shift the focus to the upside depending on the size and scope of the problems. For instance, you could suggest to the buyer that they add a man cave or finished basement as the foundation is being worked on.
The second option would be to try and fix the issues prior to listing the home. This could potentially mean investing some money out of your own pocket. You’ll also need to include the repair history in the property’s record.
Buyers will likely face financing challenges
Homes in need of structural repairs present problems for traditional financing. Structural deficiencies not only affect a property’s resale value but also pose health and safety hazards for occupants.
For these reasons, conventional lenders will usually shy away from such homes until they are brought up to standard. However, a federally backed rehabilitation mortgage for eligible owner-occupants is available for homes requiring structural repair.
Here are some potential pros and cons to consider before making your decision
Pros:
Lower price
A house with foundation issues may be priced lower than other houses in the same area, offering the opportunity to buy a property at a lower price than you might otherwise be able to afford.
Negotiation power
Because a house with foundation issues may be seen as a liability, you may have more leverage to negotiate the price and terms of the sale.
Potential for a good investment
If you are willing to invest in repairing the foundation, you may be able to increase the value of the home over time.
Cons:
Ongoing maintenance costs
Foundation issues can be costly to repair, and there may be additional ongoing maintenance costs to keep the foundation in good condition.
Difficulty reselling
If you decide to sell the house in the future, you may have difficulty finding a buyer willing to take on the foundation issues and may need to sell the property at a lower price.
Risk of further damage
If the foundation issues are not fully addressed or if there are underlying issues with the soil or drainage, there is a risk that the foundation could continue to deteriorate, leading to further damage to the home.
Ultimately, the decision to buy a house with foundation issues will depend on your individual circumstances and risk tolerance. It's important to carefully evaluate the condition of the foundation, the potential costs of repairs, and the long-term implications of buying a property with known issues before making your decision. Consulting with a professional real estate agent, structural engineer or foundation specialist can help you make an informed decision.
Find a reputable Foundation Specialist for the repair
When it comes to foundation repair, it is important to find a qualified and reputable contractor who can accurately assess the damage and provide quality repairs. Be sure to ask for references, BBB ratings and read reviews online to make sure that the contractor you choose has a good track record of successful projects.
When done correctly, foundation repair can provide significant benefits for homeowners by ensuring the safety and security of their homes. Do your research and contact a reputable contractor to have them evaluate your home’s foundation and discuss any necessary repairs. With the right contractor on the job, you can rest assured that your home is safe and secure for years to come.
If you’re in Des Moines IA, or surrounding areas you can’t go wrong contacting BAM Basements and Masons for foundation repair, basement waterproofing, and basement wall repair services. We are a BBB A+ company with over 30 years of experience fixing all types of foundation issues. Contact us today to learn more.