Is It OK to Buy a House with Foundation Problems?
You have fallen in love with a home and are ready to put in the offer and move in. Then the inspection comes back and you find out that the foundation has some problems. Should you purchase that home, even with the foundation problems?
There are some situations where it is fine to buy a house with foundation problems. If you can get a good deal on the home and are willing to deal with fixing up the foundation yourself, then this is not a big deal to work with. Ann Arbor Foundation Repair Experts (https://annarborfoundationrepairexperts.com) explains that some foundation problems are not that big of a deal at all. It is best to work with a foundation contractor to help you make this decision.
Let’s take a closer look at common foundation problems to help you make the right decision when purchasing a home.
Should I Purchase a Home with Foundation Problems?
As a new homebuyer, the last thing that you want is to purchase a new home and then find out the foundation is in bad shape. This is a problem that needs to get fixed and can add to the cost of the home when you already spent the money to buy it. For some, it can be heartbreaking to find the foundation has problems and it can turn into a major dealbreaker on purchasing the home.
The good news is that not all issues with the foundation are a lost cause. There are some that will need lots of repairs and should raise big red flags before you purchase a home. But there are a few issues that are simple to fix and can provide you with some wiggle room for negotiations when you want a better price on the home.
Things to Consider with the Foundation
How Bad the Damage Is
Sometimes it depends on the amount of damage. If there are just a few cracks in the foundation, this is a simple and easy fix to work with. It is often not worth walking away from a house if this is the only problem. If the foundation is sinking or the ground has shifted and moved a lot, then this is an expensive fix and may not be worth it.
Whether You Want to Deal with the Issue
You have to decide whether you want to deal with the issue or not. Foundation problems can take a lot of time and money to fix. Many potential homeowners will decide that it is not worth it to do anything with the foundation. If there is suspicion that the foundation is ruined, then they will walk away and not purchase the home. If you are willing to put in the work and handle the cost, then you may be able to get a good deal on that home.
Should I Negotiate on the Foundation?
Whether you should negotiate on a home with a bad foundation will depend on how much work you want to put in. A home that has issues in the foundation will sell for 20 to 25% less than the listing price. And the cost of the foundation will be close to 10% of the value of the home. You may be able to get a good deal on the home by taking it on and fixing the foundation on your own.
However, fixing the foundation can be expensive, and sometimes the problem is worse than you first thought. This can add to the price you pay. And it is a lot of work to have the foundation repaired. You must decide how much work you would like to put into the foundation and compare whether the costs are worth it or not.
Talking to a Foundation Contractor
Overall, you need to discuss the issue with a foundation contractor. They are your best bet to figure out how bad the foundation really is. They may come back with a report that tells you the damage is just a little crack that can be fixed quickly. Other times, there may be more damage to the foundation than you originally thought. Depending on the report that the foundation contractor gives you, it is possible that you may want to walk away and not deal with the foundation at all.
Purchasing a Home with Foundation Problems
Purchasing a home that has some foundation problems can be a good way to save money and get a good deal on a home that is otherwise in good shape. You will need to get this problem fixed early on though or it can spell disaster. Crunch some of the numbers, talk with a foundation contractor to see the full extent of the issue, and then negotiate with the seller to decide if purchasing this home is right for you.