Foundation problems can lead to more widespread issues throughout an affected home, including damage to doors, windows, flooring, and finishes. However, foundation issues don’t need to break a real estate deal, nor do they need to turn you off from a home if it’s “the one” for you. Buying or selling a home with foundation issues can be an unfamiliar situation, but understanding your options during this process can help you make the best decision with regard to your sale or purchase.
Buying a Home with Foundation Issues
Many homeowners fear purchasing a home with foundation problems. If you are looking at a potential home that suffers from foundation issues, the sellers are required by law to tell you about pre-existing foundation problems before the purchase can go through. At this point, you’ll have two options: request that the seller repair the foundation before you buy the home, or purchase the home and make foundation repairs afterwards. Requesting that the seller make repairs before your purchase the home may seem like a good idea, but it can be risky if your seller works with a contractor that you do not trust. In most cases, the best solution when purchasing a home with foundation issues is to either specify the foundation repair company with which your seller works, or to purchase the home and schedule foundation repairs with your preferred contractor after you own the home. It’s important to work with an experienced and trustworthy contractor when scheduling home foundation repairs; a reputable contractor will help you understand the foundation problems you face, how they can best be addressed, and provide you with a warranty for the repairs. While it can be more difficult to obtain a loan for a home with foundation issues, most loan agencies will finance your purchase if you provide an approved plan for foundation repairs after purchase.
Selling a Home with Foundation Issues
When selling a home with foundation problems, you have two options: either sell the home as is, or make foundation repairs before selling your home. The state of Texas does not require that foundation issues be fixed before selling your home; however, state laws do mandate that you must let any potential buyers know that your home has existing foundation problems. Buyers may be reluctant to purchase a home with foundation issues because it can be more difficult to obtain a loan; thus, your real estate agent may advise you to make foundation repairs before putting your home on the market. This can have many advantages—first, your home will be more stable and safe for the remainder of the time that you live in it. Second, providing potential buyers with knowledge that the foundation has been repaired and is under warranty can offer them greater peace of mind. Third, you won’t have to worry about reducing the price of your home to attract cash-only buyers, who are more likely to purchase a home with foundation issues. Even though you will have to cover the cost of your foundation repair, you can make up this cost with the increase in the sale price of your repaired home.
Are you concerned about foundation issues affecting the sale or purchase of your home in San Antonio, Dallas, or Fort Worth? Click over to our website to schedule an evaluation or to reach an experienced foundation repair contractor you can trust. You can find more information about potential foundation issues and how to spot them on our blog.