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Purchasing A Home With Foundation Problems: Three Things To Consider

by Sheila Vasquez

When shopping for a home, you want to be aware of all potential problems before closing. One issue that you may find is damage to the foundation of the home. Depending on your budget, the extent of the damage, and your willingness to have repairs performed, you may still want to purchase the home. Here are some things to take into consideration as you look for a home to purchase.

How Large Are The Cracks?

Just because a home has cracks in the foundation, that doesn't mean that there are serious issues with the property. Take the size of the cracks into consideration when making a decision on the home. Small cracks can sometimes be repaired quickly by a contractor, while large cracks and faults in the foundation may be a sign of bigger problems.

What Other Signs Of Trouble Are There?

If you see cracks, the next thing to do is to look for other signs of serious foundation problems. Look for signs that the doors and windows are no longer evenly situated, as this can be a sign of the foundation settling. Cracked drywall on the walls and gaps between where the wall and ceilings meet can also indicate issues. If you are unsure how serious the problem with the foundation is, consider hiring a contractor for a consultation.

Is The Seller Willing To Negotiate?

In the event that a serious foundation issue is identified, the seller of the home may be willing to perform necessary repairs as part of the selling contract. Work with a real estate agent to negotiate the terms of the contract to include the cost of repairs. Remember that if the damage to the foundation is severe, it may be more difficult for the home to sell. Your willingness to purchase with the stipulation that repairs be performed can even be a welcome offer, particularly if the house has been on the market for a significant amount of time. You can also negotiate on the final selling price of the home to include a discount that accounts for the cost you might accrue handling the repairs on your own.

Your contractor can help determine how long repairs will take and how much they will cost. If you find a home you are in love with that has foundation problems, ask a contractor for a quote. Knowing what the repairs will involve can help you to make your final purchase decision. Contact a company like Solid Foundations for additional advice.