In a perfect world, the house you want to sell has no issues and was constructed correctly from the beginning. There is no wear and tear, and buyers are lined up at your door, fighting one another to hand you the asking price.
However, Earth has different plans for manmade constructions. Wind, salt, rain, snow, soil, woodland creatures, and insects all conspire to ruin perfection. Add to those the probability that your older home wasn’t built using the technology and materials now available, and you’re looking at depreciated resale value.
How Important Is the Foundation?
A stable foundation is extremely important when selling a home. Banks providing mortgages to potential buyers require the house to be inspected. That inspection includes checking the foundation for cracks, leaks, and signs of previous flooding. If your foundation does not pass inspection, you need to repair it before you can sell the house. It’s better to fix it while you have time than to wait until you have a buyer who wants to purchase your home.
Foundations affected by water can have damage including cracks both inside and outside the house, bowed walls, mold, and stains. Additional damage to the house, in general, may include cracked ceilings, sagging door frames, cracked windows, and sagging floors. None of this will appeal to someone who wants to move in immediately or who can’t afford the repairs.
Curb appeal also is important, as the outside of the home is the first impression the buyers have of your house. A structure that looks like it is going to cave in or has cracks running through the outside basement walls will turn away most people. You won’t even get the opportunity to explain what you are doing to address the foundation issues.
Can I Sell My Home with Foundation Problems?
Yes, but your only buyers likely will be those with construction knowledge wanting to “flip” a house to make a profit. If this is the case, your asking price will have to be drastically lowered. If the foundation repairs are not major — such as filling a few shallow cracks — it’s worth the investment to go ahead and have the repairs done by a foundation repair expert.
If you choose not to fix the problems, at least get a few quotes from reputable foundation professionals. This way, you can disclose the problem prior to the inspection and offer the estimates so the buyers and your real estate agent know how much it will cost and whether they wish to take on that cost.
How Much Will Repairs Cost?
Foundation repairs range from a couple of thousand dollars to tens of thousands. The more severe the damage, the more it will cost you. Unless you use the basement as a home office or rent it out, you cannot claim foundation repair as a tax deduction. You will need to absorb most of the cost. Once the foundation is repaired, it will add approximately 10 to 15 percent to what the house was worth prior to the repairs.
Acculevel Can Fix Your Foundation
Whether it’s minor cracks, mold, or the entire foundation needs to be supported, Acculevel can handle it. We’ve been the Midwest’s foundation and basement repair experts since 1996 and have the skills and drive to help you get your home ready to sell. For an estimate, give us a call at (866) 669-3349 or email us at [email protected].