Should I Buy a House with Foundation Issues?
Buying a house normally a stressful process that requires a lot of work but buying a house with foundation issues is even more stressful. When potential homeowners hear that a house has foundation issues, it dissuades them from buying a house even when it has everything else they want and need. Are issues with the foundation really something that should stop you buying a house? It depends on the person and the extent of the damage. If you’re thinking of getting a home that has foundation issues, here are a few things you should be aware of and do.
What You Should Be Aware of
When you’ve fallen in love with the kitchen of a house, its floorplan, and the amount of closet space it has in its bedroom, you can overlook a lot of its faults. A foundation that has cracks and is broken is a fault that might not be something you can just look over. A foundation with issues can cause big problems for those who move in here are just a few things you need to prepare for.
- The amount you pay for the house. If you’re buying a house with a cracked foundation, then you want to make sure that you get a good deal for it. The price of the home should reflect the damage. It may be a beautiful home but that doesn’t mean the home value should be too high.
- The cost of repair. Fixing a foundation is going to be a big investment if you buy the home. You’ll end up dishing out a lot of cash to repair the broken foundation, but it gives you the chance to easily build on extra amenities to your new home.
- You may have to finance your house differently. There are lenders out there that will only give you a loan if your home is structurally sound. These are stricter, more traditional lenders so you’d just have to choose your lender more carefully than you would normally.
- It could be deeper than the foundation. Having a broken foundation is bad enough but it could be that your foundation isn’t the only aspect of your house that is off-kilter. The ground beneath your home might also be a problem. If the ground has shifted beneath your foundation, then you’re going to need even more money to perform repairs.
If You Want a House with Foundation Issues
When you’re searching for your new home, you’re going to have to compromise on a few things. The perfect home you’ve envisioned is just not out there but that doesn’t mean you can’t make your perfect home. If you’re willing to take on the financial burden of a home with foundation issue, here’s what you must do.
- Check Out the Damage. Know how much damage you’re getting by visually looking for signs. If you notice cracks smaller than the size of a quarter, then it’s okay. Those are just signs that the house is settling. Any crack bigger is a sign of foundation problems. Other signs of issues include the bending and bowing of basement walls, a leaning chimney, and windows and doors that don’t properly close.
- Get a Pro’s Opinion. While your eyes are good at detecting signs of foundation issues, you’re going to need to call in the experts to figure out the exact extent of the damage. A professional can give you an estimate on how much the repairs will cost, giving you an idea of whether it’s a project you can afford.
- Get It Fixed. You’ll want to take action right away to ensure that no further problems arise. Use a professional to help you get it done correctly and fix any other issues you may have with your new home. Getting a home with foundation issues is a risky proposition but, with the right contractors and the right amount of care, you’ll have your dream home.