The following contribution is from another author.
Buying a house is indeed a major life choice. As such, you can afford any last-moment bumps, especially if they are related to the foundation of the home. Having a strong foundation ensures the house lasts for years to come. On the contrary, a weak foundation will cause you frequent repairs and cost you a lot of money and headache lifelong.
While it’s true that buying a house with foundation issues can be intimidating, not all of them need to be deal-breakers.
Let’s know more about foundation issues and which ones of them are deal breakers and which can be improved and ignored.
Signs of Foundation Problems
Keep an eye out for potential foundation issues when it comes to buying a new house. Here are the signs you should look for:
- Cracks on interior walls
- Large cracks on exterior walls
- Rotted or sagging floors
- Damp crawl space
- Unsquare doors
- Uneven floors
- Mold or pests
- Window or door frame separating from the walls
Whether you are buying a house from a realtor or on your own, make sure to get the property inspected by a home inspector. They are the experts to reveal any issues with the house, including the foundation and will guide you further on whether or not you should consider buying it.
Should You Consider Buying A House With Foundation Problems
It depends on several factors. You should consider a property with foundation issues if:
- You have the time and resources to invest in getting the deal
- You have the flexibility to go through a loan process that could take as twice as the normal
- You are ready to bear the negotiation and costly foundation inspection.
However, you may need to avoid the following foundation issues:
- You are tight on budget for repairs and inspections.
- You’re on the hunt for a turnkey home
- You are on deadline, which means you need to buy or sell a home by a specific date.
What to do if the inspection reveals foundation issues
While foundation issues may cause a delay in finalizing a deal, you don’t necessarily have to drop the deal. This is what you can do:
- Connect with a Real Estate Agent: They can be a valuable resource as you go forward with buying a house with foundation issues. They can help you navigate potential outcomes and connect you with reputable contractors.
- Hire a Structural Engineer:For closer investigation, hiring a structural engineer will work. You can search for Foundation Repair San Antonio if you are in need of an expert. These experts will also give you an idea of the extent of the damage and the required repairs.
- Notify Your Lender: Let your lender know about the issues early so they are aware of the situation. Although you may have been pre-approved for a mortgage, its final issuance depends on the property meeting your lender’s criteria. You can also seek advice from your loan officer about how this might impact your financing or ability to close the deal.
- Negotiate: When you have all the information, you can now negotiate with the seller. Plan with your realtor if you should ask your seller to cover repairs or if they will agree to complete the repairs before closing.
Buying a house with foundation issues
Here’s what you can do to address the foundation issues when you have decided to buy a house with foundation problems:
- To get the property repaired, you should hire a professional as they have the expertise to deal with such issues. Such repairs demand the expertise of professionals and structural engineers. Do not even think about DIY these repairs. Also, hire contractors who guarantee their work so that any issues in the future could be covered by their warranty.
- Foundation repairs can be expensive with major repairs such as stabilizing costing as much as $12,000. So, be budget conscious and divide these costs into your home buying budget. That way, it won’t feel like a hidden cost.
- A house with foundation issues will need a lot of attention for its repair that could delay your plans to get fully settled. However, the average time needed to complete a basic foundation repair is 1 to 3 days. Please keep in mind that the more intensive the repairs are, the longer they will take.
The Final Say
Buying a home is a forever dream for people. And hence, ignoring issues like that with the foundation can actually take a toll on you. Foundation issues are serious and shouldn’t be overlooked. No matter how minor they may look, you should notignore them even if the house you’re trying to buy is the one you love.
It may feel heavy at first but remember there are many other houses out there – with solid foundations, and beautiful appearance. In the end, you’ll probably be grateful that you followed these suggestions and get into fixing the foundation issues and dodged a costly nightmare.