Posted By: Mike Taylor, 01 Jun 6:43 pm Category: Concrete Solutions, Foundation Repair
Selling A Home With Foundation Problems
So you’re considering selling your house, but there’s only one problem. You’ve been putting off repairing your cracked or sinking foundation for years, and now you’re afraid prospective buyers will be turned off by your foundation problems.
What should you do? Fix the foundation first or sell the house “as-is”?
You’ve got to make a big decision quickly that could potentially cost you a lot of money. Here are a few things to consider.
Signs of Foundation Problems You Should Take Seriously
Whether buying or selling a home in Arkansas, knowing how serious your foundation problems are is important. Following are a few signs that any good real estate agent would tell you to take seriously:
- Doors and windows that aren’t aligned
- Doors that stick or don’t latch shut
- Windows that are difficult to open or have cracks in the glass
- Sloping floors or staircases
- Cracks in the walls or ceilings
- Gaps between the walls or the walls and ceiling
- Large cracks in the basem*nt or foundation
- Water in the basem*nt, crawl spaces, or house perimeter
These issues usually indicate serious structural issues and may be a major turnoff to potential buyers since they can be expensive to fix. You will be required to disclose any problems with your foundation, and interested buyers may require you to repair them before purchasing your property.
Should I Hire a Structural Engineer?
If you have signs of serious foundation issues, you might want to consider hiring a structural engineer to determine the full extent of the damages and how much it would cost to repair your foundation. Hiring a structural engineer typically costs between $500 and $1,000, but it’s worth the cost if you are thinking about moving forward with the repairs.
Even if you decide not to repair the foundation before you sell, it will help you negotiate a fair price with potential buyers. If buyers love the house, they are less likely to leave the deal if they know the cost of repairing the foundation.
Repair the Problems or Sell the House “As Is”?
Whatever you decide to do, it is important to be honest with potential buyers about the foundation problem in your house.
Reasons to leave it
Many realtors would advise you not to fix your home before you list it. Whatever repairs you make become part of the public record. Many potential buyers would immediately cross your home off the list because it has foundation problems. If they don’t even show up to see your home, you won’t have a chance to explain that you’ve fixed the problem.
Reasons to fix it first
There are always two sides to every issue. Some realtors suggest that you fix the foundation first. Many buyers would prefer to buy a home without significant problems. Their funds are already strapped, and they won’t want to pour additional money literally “into the pit.” Should you opt to fix your foundation, it is essential to select a reputable contractor. Working with a reputable contractor for foundation repairs guarantees that the work will be executed with a high level of proficiency, offering the potential buyer confidence that the repair will be done correctly to prevent future headaches. Additionally, a reputable contractor should include a robust warranty, providing potential buyers with further reassurance.
Unlocking Potential – Selling a Home With Foundation Problems
Believe it or not, you can promote a foundation problem as a good thing. Once you adjust the price, let the buyers know they can add new amenities to the property while repairing it. Many buyers in Arkansas like the idea of adding a personal touch to their homes, and your house will attract buyers with that kind of Arkansas “can do” attitude.
Some realtors encourage people to buy homes with foundation issues because the discount is usually 20% to 25%. The cost of fixing it is usually only around 10%.
Take heart and see the potential in selling your home with foundation problems, transforming challenges into opportunities for buyers seeking a project to enhance and personalize.
Get a Free Foundation Consultation in Arkansas
If you need to contact a foundation repair expert in Arkansas, don’t hesitate to get in touch with Airlift Concrete Experts. We offer foundation repair inspections and free consultations to a 60-mile radius around Alexander, Arkansas, including Little Rock, Conway, Pine Bluff, Hot Springs, Benton, and Jacksonville.
