There are a few things that can derail the sale of a home, and the number one factor is foundation issues. Even though a home with this issue may still seem livable, many home buyers are frightened to take on a home when they know they are going to need to spend thousands of dollars to repair it. If you're wondering what you should do in this situation, read below to get a little more insight.
- Should you repair the foundation? If you are willing to spend money to get money, then absolutely. It should always at least cross your mind to fix the foundation issues of your home before putting it up on the market. You may want to start doing some research on how much it may cost to repair the issue in your area. But not to worry. In some cases, people may be looking to buy a fixer-upper but only if the selling price is low enough to reflect the work that needs to be done to fix the home.
- Cost to fix foundation. Depending on the home and how bad the problem is, on average, it costs anywhere from $500-$1,000 to hire a structural engineer to look at your house and around $4,008 to fully repair the foundation issues. If you aren't willing to pay to get it fixed, then you can most likely expect your buyers to want to renegotiate the price of the home.
- Don't expect all buyers to turn it down. Although many would run away from the thought of a home that needs work, people who fall in love with the home or those experts with construction and foundation knowledge won't! They know how to fix the issue and like stated previously, will follow through with the purchase with a lower price on the home. Another thing to keep in mind is the fact that most banks/lenders won't loan on a property with serious foundation issues. In this case, it may be advertised as "cash offers only" and usually those who resell or flip houses have that cash on hand.
- How to sell your home. If you suspect your home has foundation issues, I advise that you get an inspection and several repair quotes from reputable foundation repair companies. Some signs could be misaligned doors and windows, doors that don't latch shut, sloping floors or staircases, cracked drywall, large cracks in the concrete, or windows that have cracks in the glass. You always want to be honest and show the inspection and quote to interested buyers before they follow through with their offer. If they have already submitted an offer, then refrain from showing them the report because they can either lower their offer or walk away!