Problems with the foundation and structural damage may necessitate expensive repairs. If you are a homeowner, you may want to sell your home rather than invest in foundation repair, especially if you do not intend to stay in it for a long time. It is feasible to sell a property with a foundation problem, but informing your agent and any potential purchasers about the issue is critical.
So, what are your options? Should the foundation be repaired first, or should the house be sold “as-is”? You need to make a major decision quickly, one that could cost you a lot of money. Here are some things to think about.
How to Tell If a Foundation Is Bad
Before you get too worked up, double-check that you really have a foundation issue. You should first look for any apparent signals that indicate that additional examination is necessary. You won’t be able to diagnose a structural or foundation problem on your own, but you can check for warning signs.
The first thing you should do is go for a walk around your property. Keep a lookout for any crumbling or cracks, as well as anything else that appears to be out of the ordinary. This could include split siding, bowed walls, or extensive paint cracks. Uneven flooring, a mildew odor or wetness, or damaged flooring or tiles are all things to look for.
If you notice one or more of these indications, contact a foundation repair firm to have an expert inspect your property. They’ll be able to provide you with further information regarding the problem. This isn’t a job you’ll want to tackle on your own if you want to solve the foundation issues. Instead, you should get quotes from at least three different contractors before deciding on one.
Who Would Buy a House With Foundation Issues?
This may come as a surprise to you. Buyers come in various shapes and sizes.
As previously said, foundation difficulties will be less of a concern for someone who plans to destroy and rebuild. A buyer may include a clause in the contract requiring the seller to fix the problem first. Homes have even been purchased with a condition stating that the buyer will address the foundation problem to their satisfaction before closing.
Depending on the market, these last two scenarios may result in negotiated price reductions, but they do demonstrate that foundation issues are not always a contract killer, especially if confidence is built early on with strong documentation.
Two Options When Selling a House With Foundation Problems
Repair the Problems
If you choose this option, you’ll need to hire a foundation expert to assess your home, provide an estimate, and then complete the repairs.
Repairing a foundation can be pricey. The cost of the evaluation will range from $300 to $800. If you need anchor bolts or new support piers beneath your foundation, expect to pay between $5,000 and $10,000. Furthermore, depending on the size of your property and the scope of maintenance, expenses can quickly increase to $20,000-$40,000 if concerns require major repair or replacement.
If the buyer sees that they’ve already been taken care of, they’ll be relieved to know that the problem has been fixed, and they won’t have to deal with it. Of course, any foundation repair work should come with a warranty, which you’ll be able to show to a potential buyer. It’s also worth noting that many banks may refuse to lend to buyers if your foundation is severely damaged. If you want your property to appeal to purchasers who may not be able to pay cash, you may have no choice but to restore your foundation.
If the foundation repair is small-scale and low-cost, having it done before selling your property may be a reasonably simple and risk-free option, especially if you want to appeal to the largest possible group of purchasers.
Sell the House “As Is”
If you can’t or won’t pay thousands of dollars to fix the foundation damage, you’ll have to drop your asking price to allow the buyer to fix it.
Understandably, potential buyers are hesitant to acquire a home with foundation problems. Each year, it is estimated that 12 million nonfatal injuries occur at home, with housing structure and design playing a significant influence. If you’re already selling your home for a low price, you might find that buyers are more than eager to buy a property with foundation problems for less than the cost of repair.
When you sell your house to a cash buyer, the process is simple and straightforward. Allowing the buyer to handle the problem will save you a lot of time and money. Keep in mind that attempting to conceal foundation damage is futile. If you don’t tell the inspector about the problem straight away, they will discover it during the home inspection. The majority of buyers will be irritated by the dishonesty. This can be a tempting choice if you’re dealing with tens of thousands of dollars in repairs.
Foundation problems aren’t the end of the road when it comes to selling a house. If you decide to sell your house as-is, make sure you disclose its condition and price it appropriately. If you don’t, you risk being sued if the buyer discovers the flaws.
If you decide to remedy the foundation problems yourself, seek a documented evaluation from a trained structural engineer first. Buyers will value repair work that is covered by a lifetime transferable warranty. As a result, look for a foundation repair business that provides this service.
Whether you decide to take the plunge and invest in home foundation repairs or choose for an as-is sale, the next step in the selling process is to connect with a top-rated agent like a real estate agent Syracuse. When you sell your property through an agent network, you’ll get not just access to some of the best agents in your region but also a variety of extra services and a low commission structure.