If the home you are looking to buy or sell needs foundation repair, is it a deal-breaker? Not necessarily. The foundation needs to be in great condition or in great repair with warranties.
If you have your heart set on the house as a buyer, or you are willing to make repairs as a seller, then you should all be able to reach an agreement. But, this is not always the case.
3 Things Buyers and Sellers Need to Know About Foundation Repair
As a buyer, you need to know about foundation issues and as a seller, you need to disclose them. But there can be complications.
1. Know the Signs of Problems
As a homeowner, you need to know the signs of foundation damage. If you have the home inspected before you sell, then you will already know. It will be up to you to make foundation repairs or just list it as-is.
As a buyer, there are plenty of signs you can look for. Some will be very obvious, like cracks in the walls and foundation, cracked or tilting chimneys, and an uneven sightline.
Less obvious are tilting floors, which may cause room and cupboard doors to swing open, windows won’t open or have spaces around the frames, and countertops and cupboards pulling away from the walls.
Once you are aware of the extent of the damage, it will be up to you to decide if buying the home is still worth it. As a seller, you need to figure out if you will fix the problems, or sell it for less.
2. Not all Foundation problems are Alike
Regardless of whether the foundation problems are minor or a bit more serious, they can be repaired. Who makes the repairs can be worked out between the buyer and the seller if that works.
As a seller, you either need to disclose the issues when listing the home or have the repairs made. Hiring a professional means they will guarantee the repairs that should be transferred with the house.
As a buyer, you will want to know if there were any foundation problems that were repaired or, if you are buying the home with the foundation damage, how much this will cost.
You can then negotiate the price of the home to cover the cost of the repairs if you are going to have them done as the new owner. Make sure you ask if they were done professionally, or DIY.
3. Should I Buy/Sell a Home With Foundation Problems?
It’s not the most ideal situation for the buyer or the seller. As a seller, you may find it more difficult to sell the home with severe foundation problems. However, if you can’t afford to have the foundation repairs completed, you can also sell the home as-is.
There are people who will pay cash for a home with the damages as they plan on repairing it all anyhow. That way, you don’t need to refinance your home just to pay for improvements.
As a buyer, you may actually get a better deal by buying the home with foundation damage. That way, you can have the home inspected and repaired to your own satisfaction and you will know exactly what is happening with your foundation.
If you need an inspection for a home you are looking to buy or sell, or you need some foundation repairs, give us a call here at KC Pier. We take pride in our work. From the initial call to project completion, KC Pier will treat you like family.