The foundation might not be the most exciting part of the house, but it is arguably the most important.When you’re buying a home, there are plenty of fun things to focus on, like putting in an a new pool or relaxing in the Jacuzzi, to name a few. But before you start envisioning kitchen layout, look down and focus on the home’s foundation. It holds up the house, after all. If what lies beneath your house isn’t good, it can cause lots of headaches and expenses.
Whether you’re a first time buyer with concerns about your potential new home’s foundation, or a seller who wants to sell their home but may have noticed some potential foundation issues that could prevent the sale if not fixed, knowing how to proceed and when it may be necessary is important.
Here are 5 Questions to ask Yourself regarding a Home’s Foundation.
1. Have I spotted any signs of foundation issues?
When you’re looking at homes for sale in any city, you’ll need to know whether there truly is a foundation problem or whether those cracks are no big deal. Here are some things to look for that potential foundation problems.
- Doors that stick or don’t shut completely.
- Windows that are difficult to open or that have cracks in the glass.
- Sloping floors or staircases (indicates a probable pitch in the foundation).
- Cracked drywall over door frame.
- Gaps between the wall seams or between the wall and the ceiling.
- Large cracks in the exterior concrete.
- Water in the basement, crawl spaces, or around the perimeter of the home.
If you spot any of these issues, consider hiring a structural engineer, foundation repair engineer in addition to a home inspector.
2. Should you buy a house with foundation issues?
If the house you’ve fallen in love with has foundation issues, you might not always need to back away. However, if foundation issues do exist, don’t expect the purchase to be a cakewalk: Now that you’ve uncovered some real problems, it’s time to renegotiate the home’s price to reflect the amount of money you’ll have to put into it to fix the foundation issue. Your Lender may have their own requirements as well.
3. If signs of foundation issues are present, are they serious?
Not all foundation issues are deal killers. Some are a result of normal settling, but others can be signs of major foundation problems that can have a drastic effect on the value of the property.
How to tell the difference:
Consider the size. “Thin cracks — less than ¼ inch — on foundations and walls happen as a result of house settling, and many just have to be sealed to prevent water coming in.
Wide cracks or displacement in the walls, ceiling or floors could indicate a problem that needs to be addressed prior to any sale or purchase. Although it could be a costly repair, if you buy a house with a foundation problem you should be prepared to take action quickly. The problem will only get worse over time.
4. Is it hard to sell a house with foundation issues?
If you know that your house has a foundation problem, you have some options before you decide to put it on the market. It’s probably a good idea to get a few bids from some licensed foundation repair companies to get an idea of the cost to fix the problems. If the cost to fix is too high for you to handle yourself, passing it on to your buyer is an option. However, most Lenders (depending on the type of loan) won’t lend money for a house with major foundation problems. As a result you may be limited to selling to an all cash buyer.
5. How do I make the best of a “Cracked” situation?
Whether selling or buying, lowering the sale price of the home to accommodate the cost of fixing the foundation usually provides enough incentive for both parties to proceed with the transaction. As long as this makes sense financially for both buyer and seller, the presence of a foundation issue doesn’t have to be a deal killer.
APEX Home Buyers can Help.
Any questions about working with APEX Home Buyers or about the value of your home, please contact us at 844-388-APEX(2739) TODAY!
We’re here to help.
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