Home Foundations Issues to Consider when Buying a House
When buying a home, most people consider factors like location, space, condition, and price. Very few home buyers think of the state of the foundation of the home. This is not surprising since buyers are not knowledgeable about the technicalities of home construction. Most are simply interested in finding a place that is comfortable and safe for the family.
However, the foundation is an important factor to consider when buying a home. The foundation makes up the base of the home. It provides the basic support and structure. If you want a property that is stable and will last longer, you have to make sure that the foundation is lasting. Any defect or damage to the foundation can be a major problem. While a leaking ceiling or old electrical wires can be changed, problems with the foundation can be quite serious and can also be very costly to repair.
That is why you should always check home foundations before making a final decision. Here are some tips from the experts of Granite Foundation Repair, a professional repair company in Dallas, on home foundation comparisons and what to look for when purchasing a home:
- Do not underestimate the damage.
In general, homes with a foundation problem are sold for 25% less than the original price. In most cases, the cost to repair the foundation can be about 10% of the cost of the home. While you may think you are getting a bargain, you need to know exactly how severe the foundation is and what specific foundation issues you will have to deal with eventually.
A minor crack in the gutter may not sound like a big deal, but an uneven entrance door or a basement that is leaking are major defects that can cost you thousands of dollars to fix. In some cases, the entire home foundation may have to be redone. In such cases, the repair cost can easily go over $100,000. Reconstruction of a home foundation is not an easy undertaking and takes a significant amount of time and money. You need to be sure of the extent of damage before you jump into this.
- Get the home professionally inspected
Always get a home professionally inspected no matter how great it looks. Make sure you get a professional engineer to do it because you need someone who can assess the walls, ceiling, basement, and other structural parts of the house to ensure that the foundation is intact.
- This is not your DIY project
Some home buyers think they are getting a home with a foundation problem for peanuts and they will, in turn, save money by fixing the cracks and leaks on their own. But you have to know that a home with foundation problems is not going to be your next DIY project.
No matter how skilled you are at repairing a car, painting, or laying down the tiles, this is not something you should dabble in. Even a small crack needs attention from a structural engineer to ensure that there are no other problems. That is why when you hear the words ‘minor’ faults, keep in mind that no matter how minor if it’s a foundation problem, you should not be the one doing the repairs yourself.
- Fix the problems if you want your home insured
To get the home insured you will need to show proof to the insurance company that the home was fixed by a professional. Otherwise, your home will never get insured.
- Don’t sign prematurely on the dotted line.
When you buy a home without a thorough professional inspection and later discover it has a foundation problem, it may be too late to sue the previous buyer. That is why you need to make sure that you are aware of everything related to the property before you sign anything.
In general, getting money to fix a home with a foundation problem can be difficult. Most government loans, banks, and private lenders are not eager to lend money for such a project.
- Seller options
In many cases, a home seller who knows the home has foundation problem will be eager to make deals and offer you options. The homeowner may get the home fixed before the sale. But, you need to ensure that the repair has been done by an independent professional. You also need to get it checked and verify if the issue has been fixed by hiring your own specialist. Or, the owner may offer you a major reduction in prices, but unless you know what the problem is, don’t accept the offer. You need to know what you’re getting into.
- Resale
Homes with foundation problems tend to have a lower resale value even if you have fixed those issues. Keep this mind when making such a decision to sell or buy a home with foundation issues.
When buying a home, it is important to have it evaluated and ensure that it does not have any foundation problems. If it does, and if you still intend to purchase it, make sure you understand the extent of damage and whether you can afford to fix those issues or not.
