How to Sell a Home with Foundation Problems
The words “foundation problems” make any homeowner quiver as buyers speed off screaming. After all, the foundation forms the base on which a structure sits. Thus, serious problems with the foundation can destroy the structure on top.
Issues with faulty foundations such as sagging porches and cracked walls can be quite significant. However, such issues are not always that bad and they don’t have to break a deal. How would you sell a home that has foundation problems? Read on for some tips.
Tips for Selling a Home with a Foundation Problem
Should you repair foundation problems in your home or ignore them?
One of the biggest dilemmas that most homeowners experience is whether it is worth fixing foundation issues before putting up their home on sale. The answer isn’t so easy.
If your home has foundation issues, should you repair them or ignore? According to a Melbourne based foundation repair company, Global Reblocking, one should always fix any foundation problems, if possible. There are many people who sell their homes with foundations issues because they cannot afford to repair them. This is not a situation that any seller wants.”
On the contrary, if the house is in good shape, despite having issues with its foundation, it would make sense selling it to a buyer looking for a home they can fix.
There’re many buyers who can purchase houses that require fixing. However, the home will sell at a lower price to reflect all the repair work that will be done on it and for a flipper to get some profit.
Luckily, some foundation issues are not that serious. There are some problems that can be fixed easily and inexpensively. All you need is getting a foundation repair expert for inspection and a quote.
If you can do the repair work before selling the property, then such repairs will come with a warranty. The buyer will be assured that all problems are fixed.
Cost of Repairing a Foundation
The cost of repairing a foundation varies depending on where you live and the nature of the problem. The average cost is $4000.
Not All Potential buyers Run Away
Although some buyers would be cautious of homes that have foundation problems, there’re those who want to buy such homes. Problems with a foundation may be costly, thus only buyers who have knowledge in construction or have a friend who’s an expert in foundation repair would want to buy the property. Thus, buyers who know how issues with a foundation are fixed would be happy buying the home at a lower price. They may buy it for resale or as their own home.
Also, it is important to know that banks may not offer loans on properties that have substantial problems with the foundation. Such a property should be advertised for a cash offer only. Most buyers who want to flip or resell such properties are cash buyers.
Selling a Home that has Foundation Issues
In case you have worries that your home might be having issues with its foundation and you’re still planning to sell it, it’s advisable to first get it inspected. Compare quotes from different foundation repairers.
Also, advertise the home without hiding any information about it. Authorize your agent to disclose inspection results and repair work quote to potential buyers before placing their offers. This way, the placed offer will be based on factual knowledge and not guesswork.
The last thing you will want is disclosing the inspection results after accepting an offer. In such a situation, the buyer would renegotiate or even walk away from the deal.
You’re not the first to be in such a position … We have assisted many individuals in your current situation.