While a home’s foundation may not be the most exciting part, it’s arguably the most important. Here are 5 things buyers and sellers need to know about foundation repair. Quite literally, the foundation is the base of a home. It must be strong and stable enough to support the entire house, as it is the bedrock on which the entire structure rests.
Without the proper foundation, a myriad of structural issues can plague a home. Floors can become uneven. Walls can cave in. The roof can also become saggy. When any of these problems occur, your home could be rendered uninhabitable. At worst, your home could come crumbling down!
When buying a home, it’s easy to get carried away by amenities like the fancy new wine fridge or the outdoor fire pit and forget the most important things. This can be a costly mistake down the road.
So, before you begin envisioning organizing your clothes in that beautiful walk-in closet, check the home’s foundation first.
Whether you’re a buyer with concerns regarding the foundation of your potential home or a seller who wants to sell their home but who has noticed potential foundation issues, here are some important things to consider from the experts of Granite foundation Repair, a professional repair company servicing DFW area.
1. Understand the common signs of foundation issues.
Foundation problems can manifest in multiple ways throughout a home. When inspecting a home, be in the lookout for these signs of foundation damage.
- Counters and cabinets separating from the wall. What appears to be a small separation may eventually turn out to be a hazardous issue. Even a ½” inch separation could signal something serious.
- Sagging, bowing, dipping, or uneven floors. Not only are such floors unsightly, but they are also dangerous to the elderly and small children.
To quickly check whether a floor is level, drop a tennis or golf ball. If the floor is level, the ball will barely move. But if the floor isn’t level, the ball will move. The faster the movement, the worse the problem.
- Gaps around window frames or exterior doors. Furthermore, you may also notice that the doors don’t latch as they should. In some cases, high precipitation could be the problem. However, if the problem doesn’t go away on its own after a couple of days, the problem could be the foundation.
- Doors that stick or don’t open and close properly. When exterior doors are affected, they are likely to hang down at the top or drag at the threshold. Interior doors with foundation problems tend to stick or drag at the top.
- Foundation cracks or other types of fractures. Cracks are some of the most obvious signs of foundation damage. 1/16” hairline cracks are exceedingly common even in newer homes. However, if you notice cracks measuring even ¼”, they could mean trouble.
If you spot any of these signs, call a foundation repair company immediately.
2. Should you buy a home with foundation issues?
Foundation problems come in all shapes and sizes. Some may cost a few hundred dollars to fix while others may run the gamut.
If you really love the home and have the budget, by all means, go for it. This option will also allow you to renegotiate the price of the home. Also, remember to insist on including a contingency clause on the contract.
However, if you don’t have the budget to pay cash for the home to fix the issues, it would be in your best interest to just walk away. Alternatively, you can use a Renovation Home Loan to purchase the home and finance the repairs into one single home loan. Richard Woodward is an expert in renovation home loans and can walk you through the process.
3. Should you sell a house with foundation issues?
Selling a house with foundation problems is possible as long as you do your research and have realistic expectations. Generally speaking, you have two options in this regard.
One option is to sell the home as-is with a Renovation Home Loan (Ready for Renovation Home Loan Program), and the other is to fix the issues immediately. If you don’t want to do the work or don’t have the budget to fix the issues, then the first option is great.
On the other hand, if you have the budget and are not in a rush to sell the property, then the second option is suitable. Just make sure you hire a competent foundation repair company for the job.
4. The cost of repair can run the gamut.
According to Home Advisor, most homeowners will pay around $5,838 to repair foundation issues. Minor cracks can cost as low as $500, and major repairs involving hydraulic piers may cost north of $10,000.
5. Financing a home requiring structural repair may be challenging.
Even for a buyer willing to buy a home with foundation problems, getting financing may prove daunting. Traditional lenders like VA and Fannie Mae require that a home be structurally sound to qualify for financing.
However, Fannie Mae’s Homestyle Renovation mortgage, and FHA’s 203(k) and (FHA 203K Streamline) loan programs are designed to finance the purchase and improvement of your home, all in one loan. The first thing most people want to do when they buy their home is – “make it theirs”.
Home improvement often requires new carpet, paint, update the kitchen, and bathrooms. But most cases the new homeowner often lacks the money to do all that they want to do. The only way to get what they want is to run up high-interest credit cards. Service First Renovation Lending has a better way!
Richard Woodward, NMLS 217454
Your Local, Direct, 5 Star Rated Mortgage Lender, Specialty Lending Manager
Office: (214) 945-1066
Service First Mortgage NMLS 166487
6800 Weiskopf Ave #200, McKinney, TX 75070
There you have it. 5 most important things buyers and sellers should know about a home’s foundation and foundation repair. If you have any questions about foundation repair please contact the author of this post Jim Oursler.
Granite Foundation Repair
5211 Boyd Blvd
Rowlett, TX 75088