Know Pros & Cons – Buying a House with Foundation Issues

Are you considering buying a house with foundation issues? Is it okay to buy it? That depends on many factors. What is the extent of the problems? What are the cost of repairs? Are the repair costs within your budget? What is your tolerance for risk? These are all good questions that your real estate agent can help you with.

Questions to ask your Real Estate Agent

1. What is the severity of the Problems? 
   Assess the severity of the foundation problems. Minor issues such as hairline cracks may not be cause for alarm, especially when they have been properly repaired and monitored. However, major damage or ongoing foundation movement poses other concerns. The biggest concern is the cost of the repairs.
    
2. What will be the cost of repairs? 
   Get estimates from reputable contractors for the cost of repairing the foundation problems. Decide how these costs affect your budget for purchasing the home. Remember that fixing foundations can cost thousands to tens of thousands of dollars. The price depends on the damage and the repairs needed.
3. Who Else should you consult with?
   We recommend hiring a qualified home inspector. They should also use a foundation repair company. These experts will check the property for foundation issues. They will also look for any related damage to the structure. Their expertise sheds valuable insights into the foundation’s condition. It can help you decide whether to proceed with the sale.

 

Buying a House with Foundation Issues – Know the History

We also recommend you ask the seller about any past foundation repairs or problems. Ensure the seller tells you about all known issues and repairs. Ask about issues with the foundation and any previous repairs. If the seller has fixed the foundation issues, review the repair documents. Ask if the work has a warranty.

 

Understand the Resale Value

Next, consider how foundation problems may hurt the property’s future resale value. You may buy the home for less due to the foundation issues. But, future buyers may hesitate to invest in a property with known problems.

 

Will a Bank Finance a House with Foundation Problems?

We suggest you check Insurance and Financing first. Some lenders and insurers hesitate to fund or cover homes with significant foundation issues. Consider this in your decision. Research is vital if you plan to get a mortgage or homeowners insurance.

 

Buying a House with Foundation Issues Can Work

You must be willing to spend the time and money to fix the issues. You must also do thorough due diligence and get professional advice. It will help you understand the risks and implications.

Contact us for more information. You can also schedule a foundation inspection for a home you consider buying.