There are many questions that run through people’s heads when they learn that their home has foundation problems.
“Is my home safe to live in?”
“Where do I find someone qualified to do the repairs?”
And, of course, “How much is this going to cost?”
Once they get past the immediate issues, some have a more forward-looking question. “How will foundation repair affect my home’s value?”
While the complete answer to “Does foundation repair affect a home’s value?” is more nuanced, the short answer is foundation repairs will definitely increase your home’s value, at least in comparison to the alternative.
Foundation Problems Can Drive Away Buyers
Some buyers simply won’t consider homes with active foundation problems. According to one survey, foundation issues ranked among the top 3 dealbreakers for prospective buyers in every age group. Only mold ranked consistently above it.
And with fewer buyers interested, the price is going to drop, often significantly. You might be able to find a motivated buyer if the housing stock is limited in your area. Even then, though, the bids will be lower because the repair costs will be factored in.
There is a good chance, however, that you end up with one of two kinds of buyers.
- Someone looking to flip the house for a profit once the foundation repairs are made.
- Someone who intends to live there, but has a flipper’s mentality. They will want to get the house for less than it is worth even with the repairs factored in.
For too many others, the disruption of needing repairs right as they are supposed to be moving into the house or the uncertainty over the full extent of the problems might be too much.
Quality of Foundation Repair Counts
Perhaps the one problem worse than having unresolved foundation repair issues is having poorly resolved foundation problems.
Having foundation repairs done should give peace of mind to a prospective buyer. It should say, “This is fixed, and you won’t have to worry about it.” If the job was poorly done, however, it could give the opposite impression.
If the foundation repair didn’t fix the issues, either visually or as caught by a home inspector, chances are some will simply view your home as a money pit with recurring foundation issues. Going with a cheap, substandard fix will likely come back to haunt you, whether you stay in the house or sell.
Be Prepared to Answer Questions
Foundation repairs, especially those that are visible, are likely to draw some questions. If the repairs have been done right, this shouldn’t be a big problem. Lay everything out there, including any warranty information, and encourage them to have an inspector examine the work.
The more you act like it is unimportant and doesn’t require any thought, the more suspicious they are likely to get.
Need a Qualified Foundation Repair Contractor in Oklahoma? Call Pierman
Whether you are looking to sell your home or if you plan to stay in it the rest of your life, it is better to get foundation problems dealt with before the symptoms become more serious and more expensive to repair. At Pierman, we pride ourselves on the quality of the products we use and the craftsmanship of the work we do. Contact us for more information about what we can do for your home.
