Owning your own home can be a rewarding experience, but it can also quickly turn into a nightmare when you’re faced with costly and extensive issues relating to its foundation.
Foundation issues can cost tens of thousands of dollars to remedy, and many homeowners struggle to know what to do. If you’re currently combating this very problem, you may be pleased to know you don’t have to be trapped in an unsafe home for long.
Sell the Property On the Public Market
Many people decide to sell a house with foundation problems rather than put the time, effort, and money into fixing them. When you have no experience in foundation repairs or any idea where to begin, you may not see any harm in trying to sell your property on the public market for as much as you can get.
However, it’s worth being aware that your property may sit on the market for far longer than average since many lenders are against providing loans for properties that aren’t structurally sound. If you enlist the services of a realtor, prepare to wait several weeks or even months for that sold sign to go up.
Fix the Problems
Whether you’re still interested in selling your home or not, you may decide that fixing your property’s foundation problems is the right step to take. You may need to set aside up to $800 for a structural engineer’s assessment, then start saving your money to cover the repairs that may cost up to $40,000.
The overall price tag can depend on the complexity of the task and the size of your home. A brand new foundation can cost tens of thousands of dollars, while a sinking foundation that requires lifting or underpinning may cost up to $3,000 per support. If your property has a few cracks, these may be hundreds or thousands of dollars each to resolve.
Sell to a Professional Buyer
When you don’t have the time, money, or inclination to fix a foundation issue in your home, but you also don’t want your property to sit on the public market for months, selling to a professional buyer may be an option you consider.
They can purchase properties in any condition, fix them, then sell them to other people. Generally, these buyers have skill sets and connections that allow them to rectify a myriad of issues like foundations, roofing, plumbing, and more, which may cost the average homeowner a significant amount more.
Professional buyers and investors also don’t generally need to worry about lenders’ strict criteria. They can purchase your home with cash, which means you can sell up and move on quicker than you may have thought.
How to Identify Foundation Issues
Before you take drastic action, it’s essential to confirm that the issues you’re having are foundation-related. Some of the most common signs of foundation problems include:
- Cracks in windows, doors, walls, floors, and columns
- Sticking windows and doors
- Leaning chimneys
- Water damage or intrusion
- Sinking stoops or porches
- Sagging crawl space flooring
- Bowing basement walls
Foundation issues can be significant, and you can be left feeling trapped. Fortunately, you do have options at your disposal. You may like to fix your foundation, sell your property on the open market, or sell it quickly to a professional buyer so that you can wipe your hands clean of it. It can be worth weighing up the pros and cons of each of these options.
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