Selling a house is hard work. More so, if the house is structurally unsound!
Selling a home needing foundation repair, for example, requires extra steps and considerations. No homebuyer wants to hear “foundation problems” when home searching. After all, the foundation is the base of the home.
When the foundation is not working properly, everything it supports is put to risk. On the other hand, when it’s strong, it does more than just hold the home above the ground. It resists movement of the soil beneath it, insulates against the cold, and keeps out the moisture.
If your home has a foundation issue, the real question then becomes – is it still possible to sell it? The short answer is – of course, it’s possible. But, unlike a structurally sound home, you’ll have to make some few considerations.
In this article, you’ll learn everything you need to learn about selling a house with foundation issues. After years in the business, Jim Oursler of Granite Foundation Repair, a professional foundation repair company in Dallas, has a lot to say on the topic. Let’s get started, shall we?
Understand the Problem at Hand
People have many misconceptions when it comes to foundation problems. In most cases, people assume that the “foundation” itself is the problem. Granted, in a few cases, the concrete may be the problem.
In such cases, the mix used to construct the foundation may have had too much water or salty sand.
But, in the majority of cases, foundation problems arise from settling. And, that brings us to this question – what is foundation settling? Foundation settling occurs when the weight of a home settles into the ground below.
Since foundation settling occurs unevenly, one part of the home will sink more than the other. When this happens, foundation failure is inevitable. You may begin noticing some of the following signs.
- Floors can begin to slant as part of the home begins to gradually settle into the ground.
- Water pipes throughout your home may become twisted.
- Over time, you may begin experiencing serious plumbing leaks.
- Cracks may begin to appear.
However, cracks may appear for other reasons apart from settling issues. The only way to find its exact cause is to seek professional foundation repair services.
- Gaps between window frames and walls may begin to appear.
- It may become increasingly difficult to open and close the doors and windows.
- Wood planks in your flooring may start becoming ajar.
If you notice any of these problems, call a foundation repair company as soon as possible. With foundation problems, the quicker you act the better. Left unattended, the problems will only worsen.
At worst, your home could become a safety risk. Uneven floors, in particular, could pose a safety risk to little tots and the elderly.
Options when Selling a House with Foundation Issues
After getting your home’s foundation assessed, the next step is to understand the options before you think about selling the home.
Generally speaking, two options exist. One is to try to sell the home as-is, that is, with its foundation issues. And two, to fix the issues and then sell the home.
With that in mind, let’s now examine the two options at hand more closely.
Option #1: Selling the home with its foundation problems.
If you don’t have the budget to fix the issues or need cash quickly, this may be your best option. For investment property buyers, this may present a great opportunity to add value. Such buyers may make the necessary repairs and then flip the property for a decent profit.
For other buyers, though, the words “foundation repairs” are akin to “money pit.”
But even for a buyer not afraid of renovations, securing financing may present a new headache. Lenders like HUD and VA usually only finance homes that are structurally sound.
Option #2: Fixing the issues and then selling the home.
If you decide to go with this option, then you’ll need to find a good foundation repair company. When interviewing the experts, ask them these important questions:
- How do your prices compare to others in the city?
- Do you have any references and testimonials?
- Do you offer warranty for services offered?
- Are you duly licensed and insured?
- How long have you been in the industry?
- What is your assessment of the damage?
Once you get one, have your home inspected immediately. Roughly speaking, a foundation assessment report will cost you about $500.
Expect to pay between $5,000 and $10,000 if your foundation requires new support piers or anchor bolts. If, however, the repairs required are extensive, then costs can quickly escalate to up to $40,000.
With your foundation now in good shape, buyers may be less weary to put an offer. Furthermore, your home will now attract a better market price.
Whichever option you choose, selling a house with foundation issues is possible. There is a buyer out there for every house. You only need to set realistic expectations and do your research.