5 Things Buyers and Sellers Need To Know About Foundation Repair
Any foundation issues in a home is a concern for both buyers and sellers. Since the foundation supports the entire structure, it is unsettling to notice any emerging cracks, gaps, and sloping floors.
In this article by Jim of Granite Foundation Repair, you’ll learn about the main things that buyers and sellers need to know when the time comes to repairing the foundation.
What are the signs that are present?
Buyers & Sellers: There are many signs that may signal there are foundation issues in the home. Sometimes, people don’t even think about the issues in depth or ignore these signs entirely. More often than not, they may just tell themselves that the building is a bit old.
For example, you might have difficulties opening the windows and you’ll notice that not all the doors shut properly. Brushing these signs off as just an aging house means taking the risk of buying a building that has deep flaws within its foundation.
This decision can become costly in the long-term. Some issues though might be more obvious than others. Look out for rising water levels in the crawl spaces, large cracks in the concrete, and gaps formed between the wall seams. They can look as serious as their consequences might be.
How serious are the issues?
Buyers & Sellers: Not all changes in the foundation are catastrophic. Regular settling shouldn’t be something to worry about. Cracks smaller than ¼ inch are usually just signs of the house settling.
You can seal the cracks to prevent any water from entering the structure. Finding bigger cracks and gaps is more serious and requires serious attention. These problems should be addressed before buying or selling a home. It’s important to find solutions because not only will these cracks widen over time, but create additional problems along the way.
Who will help to make sense of the problems?
Buyers: Before jumping into any conclusions, seek professional advice from someone with expert knowledge in foundation repair. If you are a buyer and discover that the seller doesn’t want an expert entering the premises, then interpret this as a serious red flag.
There is a great chance that the owner is downplaying the possible extent of the foundation issues.
Sellers: Getting a structural engineer’s report is essential. You’ll thank yourself later because this report shows the whole structure’s integrity and helps to lessen the buyer’s worries about getting a bad deal. Your potential buyers might even invest in an independent expert who could evaluate the approximate cost of fixing the issues.
What are the costs going to be?
Buyers: Foundation repair costs run the whole gamut. When it’s an easy fix, you may pay only a few hundred dollars. Serious problems might cost you thousands or tens of thousands in extreme cases.
Buyers should get their own trusted contractors to get the work done. Sellers could opt for the cheapest contractor just to sell the house. The resulting repairs may not be done as correctly as can be leaving the buyer at an even greater loss.
Sellers: Don’t just say yes to the cheapest quote. The quality might be sub-par both in terms of material used and the workers’ skills. When your buyers do a bit of background research, they might discover that you have tried to save money by making compromises on the quality.
How do I make the best of the situation?
Buyers: Foundation problems aren’t a big a disaster as people tend to believe. The key is to get them repaired immediately. Foundation issues not only affect the foundation, but the effects can go all the way up to the roof.
The most important part is to get an accurate quote of the foundation repair works. That sum of money should be reflected in the final selling price as a discount.
Sellers: You can present foundation issues as a positive thing or fix the problems. How could it be positive, you ask? Giving a nice discount on the property alongside the potential for creating new space in the house attracts buyers with a ‘glass half full’ mindset.
What should buyers and sellers know about foundation repair?
Both parties need to assess the signs of foundation issues. It’s especially important for buyers to make sure they know the extent of the problems and the price tag of any repair work. If you want to sell your home with foundation issue, try to find a buyer who doesn’t shy away from some additional investments. But don’t forget to give a fair discount reflecting the repair costs.
Are you thinking about buying a home with foundation issues? Do your research, calculate the costs, and renegotiate the selling price.