Foundation problems are a major deterrent to prospective home buyers. Smart realtors will advise clients to get a foundation repair team to fix the damage before listing the property.
If the seller doesn’t make repairs, savvy buyers will demand a lower price. Getting an engineer’s diagnosis first will help homeowners negotiate fairly. Contact Foundation Repair Nashville for more information.
Repair Costs
If you’re looking to get the best resale value from your home, getting rid of foundation problems should be a priority. While a foundation repair doesn’t add as much dollar-for-dollar value as a kitchen remodel, it does protect the biggest investment most people will ever make and prevent future issues that could decrease the price of your house considerably.
Depending on your local real estate market, a faulty foundation can cause you to lose between 10-15 percent of your house’s value. While the price of your property may be able to withstand minor cracks or even major structural damage, any signs of foundation movement will be a huge turnoff for buyers and scare them away from making an offer. In a competitive seller’s market, any potential issues can give buyers the leverage they need to negotiate for a lower price or walk away completely.
The cost of foundation repairs varies by the scope and severity of the problem. For instance, minor cracks or early-stage issues can be fixed for as little as $300 using light repairs such as epoxy crack injections. More extensive cracking and shifting of the foundation can require pilings or piers to stabilize the house, which can cost between $15,000 and $35,000 per pier. This includes installing piers to lift one corner of the house or bracing a basement wall, and more extensive piering under a whole house will cost up to $100,000 or more.
If you choose to sell your home without addressing foundation issues, you should be prepared to either lower the asking price or offer a credit at closing. However, it’s generally better to invest in a professional structural inspection and get the issue addressed as soon as possible so that you can avoid additional damage that could reduce your home’s value even more.
In most states, sellers are legally required to disclose any significant structural issues with the property, including any signs of sinking. Hiding a foundation problem or failing to fix it properly can put you in serious legal trouble down the road, so honesty is always the best policy. Transparent communication about the repairs, backed by clear documentation and transferable warranties, helps to ease buyer concerns and improves your chances of selling your home quickly for a fair price.
Curb Appeal
Curb appeal is the first impression a home makes on potential buyers. A well-manicured lawn and freshly painted house numbers are inexpensive upgrades that can have a dramatic effect on how a property is perceived. In contrast, a sagging front porch and outdated siding may deter some buyers from even setting foot inside the property.
Real estate experts advise investing time and energy into maximizing curb appeal, especially in a buyer’s market. Homes that are attractive and well-maintained tend to sell more quickly and for higher prices than those with unkempt exteriors.
A good real estate agent can help you determine the best improvements to increase your home’s curb appeal and maximize its resale value. They will have a strong understanding of what buyers are looking for in the current market and can provide recommendations on the types of improvements that will work best in your specific neighborhood.
In addition to boosting resale value, curb appeal can also make your home more attractive for current and future tenants. A well-maintained exterior is a sign that the home is being cared for and maintained, so buyers will be more likely to feel confident moving in and making their own upgrades.
While some homeowners may opt for a DIY approach to their curb appeal, an experienced home improvement professional can make the process more efficient and affordable. They can help you choose the most cost-effective and effective improvements that will deliver a high return on investment. A professional can also assist with financing, such as through a personal loan or HELOC that provides a quicker and more flexible approval process than a traditional mortgage.
Curb appeal plays a crucial role in the overall resale value of your home, but it isn’t always easy to do on a tight budget. If you’re preparing to sell your home soon, consider exploring a personal loan, HELOC or home equity loan to fund your curb appeal upgrades. The quick and efficient application process can allow you to complete your outdoor renovations in time for your next move. To learn more about financing your home improvements, speak with a QuickenLoans lending specialist today.
Buyer’s Reputation
If you’re planning on selling your home in the future, it makes sense to invest in foundation repairs. Although this improvement won’t add as much value as a kitchen remodel, it will prevent the home’s value from dropping due to unaddressed structural issues. The best way to ensure that your foundation repair will hold up at resale is to have an experienced engineer oversee the project. This person will be able to design a custom solution or advise on off-the-shelf products that offer a lasting fix. Whether you’re dealing with a serious crack or an extensive problem with the soil, an engineering consultant will provide expert guidance that will save you time and money in the long run.
Buyers are often hesitant to purchase homes with major structural problems. This isn’t just because of the cost of the repairs; it’s also a concern about how the issues may affect their ability to get a mortgage or homeowner’s insurance in the future. In addition, buyers are concerned about the potential for additional damage that may occur after they move in. This is why it’s so important to have a professional inspection by a foundation engineer before starting any renovations on your home.
Disclosure isn’t just a smart business decision; it’s often the law. Most states require that sellers disclose any significant problems with a property, including the existence of foundation damage or settlement. Attempting to hide these issues can have serious legal consequences for the seller after the sale. By repairing your foundation and providing documentation of the work, you’ll make your home more attractive to buyers.
Having an upfront, transparent approach to your home’s structural integrity will help you sell it faster and at a higher price. Serious buyers will recognize that your foundation has been professionally repaired, so they’ll be more willing to compete with you on the price of the home. Buyers will also be more confident about their investment if they know that the home’s foundation issues have been addressed and will be stable for their family’s future. This confidence can be boosted further by offering transferable warranties on the foundation repairs.
Legal Issues
A property’s structural problems have the potential to significantly affect its resale value. For example, issues like cracking walls, sagging floors, and sticking doors and windows can be major red flags for potential buyers, who may decide to pass on the home. On the other hand, fixing these problems can save you money in repairs and maintenance down the road.
Depending on where you live, the average cost for foundation repair will vary. This is because soil conditions and climate affect the type of damage that occurs to foundations, which impacts how much work is needed to correct it. Foundations located in areas with clay soil, for instance, are prone to expanding and contracting, which can cause damage over time.
It’s important to note that the cost of a home foundation repair project can vary even more based on location and the severity of the issue. For this reason, it’s always best to contact a professional for an estimate before beginning any work on your foundation.
As with any kind of repair project, there are a variety of legal considerations that must be addressed before moving forward with foundation work. For starters, many states require homeowners to disclose known code violations to potential buyers before completing the sale. This is especially true for structural issues, pest infestations, and environmental hazards like mold and mildew.
During the repair process, a foundation crew will take care to protect your belongings and minimize disruption. They will cover furniture with protective plastic and might turn off your heating or cooling system to prevent dust from spreading throughout your house. They’ll also lay down tarps or cloths in high-traffic areas to keep the dirt from tracking through your home.
When the crew is finished, they’ll clean up their tools and materials, restoring your yard and landscaping to how it was before they arrived. They’ll also fill in excavation areas and compact the soil to prevent future settling. In addition, they’ll seal tunnel entrances to prevent unwanted moisture from seeping into your foundation.
If you’re concerned about how foundation issues may impact your home’s resale value, schedule a free consultation today. A team of experts will evaluate your foundation, discuss recommended next steps, and answer any questions you may have.