There are some words that homeowners never want to hear and home buyers always try to avoid—foundation problems. The foundation is what your house is built on and therefore is important, to say the least.
When people think of foundation problems, they think of expensive fixes. If you are ready to sell, you may think that a foundation problem will kill your deal, but that’s not necessarily true. Here is what you need to know about foundation problems.
Should you repair it?
There is no straight answer to this question as much as you would like there to be. The truth is, it all depends on your situation. If you have the money to fix the foundation and want to be able to sell for top dollar, then you need to make the repairs. However, if you are trying to sell because you don’t have the money that you need to make the repairs, then your answer is determined for you.
Even if you have the money to make the repair, consider the expense of the repair versus what you can sell the house for if you don’t repair it. There are times when it might be worth finding someone looking for a fixer upper and getting out from under the house.
While many people jump to conclusions, the average price of a foundation problem is just slightly over $4,000. This price will vary based on where you live, your type of foundation, and what the actual problem is.
Some buyers will still be interested
Buyers that are looking for a move in ready house are going to flee when they hear the words “foundation problem,” but that’s not all buyers. There are some that are willing to do the work to fix it or pay the money to have it fixed. Don’t assume that you won’t be able to sell your house if there is a problem with the foundation.
If you are going to try to sell your house while it has foundation problems, it will help you to educate yourself as much as possible so you can provide any interested buyers with the answers they will be looking for. Pay to have a home inspection and then obtain at least three quotes to show the cost of having the work done.
Many times buyers will assume the worse when they hear the house has problems with the foundation, but if you show them the actual numbers, they may be more willing than you think to make an offer.
Whatever you do, never try to hide the fact that there is a problem with the foundation. Chances are good that the buyer’s inspector will find it anyway. Even in the unlikely chance that it’s not found, it’s the wrong thing to do. You could be held liable if there are any problems down the road and you didn’t disclose a problem that you knew about.
Remember not to panic if you hear the words “foundation problems.” Some issues are big and expensive, and others sound a lot worse and more expensive than what they really are. Look into the problem and consider all solutions before rushing into anything.
