The housing market is competitive and presents new challenges for homebuyers and sellers every day. It can be difficult to know the best way to go about selling your home, especially when you know there are real concerns that will arise for potential buyers. One particular issue that may send buyers running in the opposite direction are issues with the foundation of a home; usually these are complex problems that do not come with a cheap price tag to fix. If you decide not to address the foundational issues before you sell, you may have a tough time getting top-dollar, or any dollars for that matter. The best thing to do is be forthcoming with buyers—if you were in their shoes you would want to know what the issues are beforehand. While this may not be a smart “business move,” at least your morality and integrity will remain intact.
Decide whether to fix or not
Fixing the foundation of a home is a matter of time and money; something not all of us possess. Luckily, if you are considering fixing the foundation of your home, there are ways around the incredible costs that are usually associated. There are businesses and contractors that can help you get an affordable price on fixing the foundation without breaking the bank. The most important obstacle to get through is deciding whether or not you want to invest in the project before selling.
Fixing the issue will ensure a great deal
Depending on the severity of the problem at hand, you may end up spending less than you originally imagined. On the other hand, if you are considering buying a home with foundational issues, then you have likely thought about how this will affect the outcome of the sale. Negotiating a lower price is optimal, especially if you know that the home is in good condition otherwise. This is why sellers should consider fixing the foundation before selling—if a buyer knows that the homeowner has taken care of such serious issues, it says a lot about the current homeowner’s integrity and the overall quality of the home, making them more likely to trust the deal.
Clearly analyze the issue
If the foundation of a home is a serious concern for you, there are some things you can look for that will indicate whether or not it is in good condition. When the foundation of a home is not sound, it leaves evidence throughout the home in various ways due to the shifting of the overall structure. If the windows or doors present a challenge to open, or if you notice any cracks in the glass of the windows not attributed to other events, then you may want to investigate what’s going on beneath the house. Another indication of foundation issues is cracks in the drywall, or gaps between the walls and ceilings. It is unlikely that these issues are not due to poor design or engineering, but possibly due to the house shifting because of an unstable foundation.
Hire a professional
Other things to look for regarding the exterior of the home that will indicate foundation issues are highly visible, and will usually create immediate anxiety—do not ignore this instinct! It is best to have any suspicious cracks in the exterior of the home, or any water damage near the foundation of the home. This brings up a good point: if you notice water damage, then this is a perfect example of how the foundation of a home can contribute to other serious issues down the line. All of the above mentioned issues can be avoided, and the longer the foundation goes unaddressed, the more other issues will likely accumulate over time. Now, if you are buying or selling a home, these issues are huge red flags; not only will the new buyer have to address the issues caused by the faulty foundation, but they will also have to be sure that the foundation is sound and secure before they tackle all the other issues. Those are just some of the reasons why the selling price of homes with foundation issues is typically lower than average—it will end up costing the buyer a pretty penny in the long run. Do yourself and your wallet a favor—hire a professional to assess any damage, and take it from there.