Foundation issues are not minor problems, despite what you may believe. If you suspect that your house has a damaged foundation, you may want to think twice about putting it on the market just yet. Let’s talk about a couple of the major cons of selling a house with foundation issues.
Buyers are Few and Far Between
Unfortunately, many buyers are wary to purchase a home with foundation damage. The foundation is the base of the house, and if the damage is severe, people don’t want to spend a fortune to fix it. Plus, you never know if the issues go deeper than the foundation—for example, if your property has shifting soil, this can lead to future complications down the road. Unless somebody specifically wants a fixer-upper, you may be out of luck when it comes to finding a buyer.
Your Home Will Sell for Less
You need to keep in mind that damage to your home means you won’t receive the most money for it. In fact, houses with foundation issues sell for nearly 25% less than the average home, even though repairs typically cost about a tenth of a home’s value. If it’s possible, you should call your local foundation repair experts before selling your home. They’ll easily remedy any cosmetic imperfections they see, and they can ensure flawless structural integrity. If you can’t afford the repairs, you can still list your home, but you must disclose that there are structural problems to the buyer who purchases your property.
Have an inspector come out and confirm these issues, then, be honest with potential buyers about them upfront. In other words, don’t relay this information to them after they pay up. Show them the inspection report and provide them with an estimate to fix the issues themselves. The new homeowners should know what they’re getting into, and if you fail to acknowledge any foundation problems at first, the new homeowners may come back at you.
Above all, if you plan to sell a home with foundation issues, you need to carefully consider your options. You should decide what is best for your home and for the future families that will live on your property.
