Happy New Year's everyone! Now that the holidays are behind us, lets focus forward on our housing goals for this coming year. With mortgage rates as competitive as ever, and a market that is seeing
What You Need To Know About Buying A Property With Foundation Issues By Jim Oursler
Tony Villeda here! I received an email from Mr. Oursler earlier this year and I took him up on his offer to provide everyone with a great article on something EVERYONE get's anxious about - buying a property with foundation issues. Mr. Oursler is an expert in this field so I am happy to hand it off to him in this awesome article!
What You Need To Know About Buying a Property With Foundation Issues
By Jim Oursler
Finding a perfect home isn't always easy. Stumbling upon a property that you really like and learning about a cracked foundation will make you think twice about buying it.
Don't get too wound up over a sudden setback as not all foundation problems are equal in their potential for causing long-term issues. In this article by Jim from https://www.granitefoundationrepair.com/ , you'll learn all about what's important to know about buying a property with foundation issues.
How can you tell if a house has foundation issues? There are many warning signs you should be able to spot. Check for these signs:
Doors and windows that won't close properly Gaps between the walls, floor, and ceiling Cracks on or around the floors, foundation, moldings, and sheetrock
Doors and windows that won't close properly
Gaps between the walls, floor, and ceiling
Cracks on or around the floors, foundation, moldings, and sheetrock
These are some of the tell-tale warning signs of structural damage. The most expensive part of foundation repair is rebuilding part of the foundation or erecting a completely new structure.
These repairs may easily cost you tens of thousands of dollars depending on where you live and how big the property is.
An entirely different question comes with repairing damage related to the foundation. When you buy a house that has foundation problems and you get them fixed, then there's a big chance that you'll have even more issues to fix down the line.
Uneven floors, drywall cracks, and broken tiles don't magically disappear when all the work on the foundation is finished. When you calculate the potential costs of repairing the foundation, try to get a quote on touching up the other damaged areas as well.
Did your neighbor mention he knows quite a few things about foundations? Don't take his advice too seriously unless he's a professional.
Foundation problems can be tricky, and some issues hide deeper flaws that are hidden from the naked eye. That's why you should get the foundation checked by a structural engineer.
Even a home inspector will be a good idea, but structural engineers have even deeper knowledge about anything that has to do with foundations and how this part of the building relates to the whole structure.
Buying a house with a foundation issue may feel intimidating. You can do quite a few things to minimize the associated risks. You can make sure that all the issues are officially inspected and there's documentation such as a report to back it all up.
DIY advice or discussions with the owner aren't sufficient evidence. It’s important that you need detailed reports from a certified home inspector or a structural engineer. It's important to remember that when you buy a home that has structural issues, you'll assume all the responsibility of repairing these problems. And that includes all the financial burden.
Another drawback of buying a house with foundation problems is it will be difficult to obtain certain types of loans. Many lenders are adamant that the home is free of foundation and other major problems.
Still, it's not a black-and-white subject as there's a brighter side to buying a home that needs some groundwork done. You are able to use all these drawbacks as a way to negotiate for a fair price.
The final contract should include a price that accurately reflects all the repairing work done after switching the owners.
Asking the seller to fix the issues isn't such a great idea and will not work in your favor. Some foundation companies offer cheap options and not exactly the best solutions. In many cases, these two don't overlap that much and you can bet that the seller will pick the cheapest quote on the market.
Maybe the cheapest repair job will work out in the short-term, but you'll have to make more investments in the future if the quality was substandard.
The Big Picture
As a buyer, it's very important to consider the long-term costs associated with keeping your new home in the best shape. Foundation issues may be the result of deeper problems affecting the soil and landscape that holds your foundation in place.
Moisture imbalance and soil shifting may undermine the property's foundation in many ways, resulting in the frequent need for repairs. That's exactly when you need to consult with a structural engineer to learn more about the complicated processes affecting the building's integrity.
What do you need to know about buying a property with foundation issues?
Learn to spot the symptoms of a failing foundation while not forgetting that all the signs count as related damage which needs separate repair work.
Being skeptical about the seller offering to fix the issues is a good mindset to have as you might not get the best deal on the market. Always rely on expert advice because that's the key to making an informed decision whether to buy the house or not.
Latest Blog Posts
Tony Villeda here! I received an email from Mr. Oursler earlier this year and I took him up on his offer to provide everyone with a great article on something EVERYONE get's anxious about - buying a