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Are you trying to decide whether to fix foundation damage before putting your home on the market or sell it as-is? In that case, your choice will depend on a number of factors, including the extent of the damage, overall condition of your home, and whether the sales price will be high enough to cover at least all the costs incurred.
To begin with,selling a house with foundation problems is definitely possible. However, it’s not always recommended. To help you make the right decision, let’s find out exactly when you should and shouldn’t fix your foundation before selling your house.
When to Repair Your Foundation
Before we discuss the situations in which repairing foundation damage prior to selling your home makes sense, it’s important to determine if foundation repair is truly necessary.
The only way to know for sure whether your home has a failing foundation is tocontact an experienced foundation repair contractor that offers complimentary foundation inspections. The professional inspecting your foundation will start with a visual check of your home’s exterior, looking for:
Cracks, leaning, bowing, or bulging along exterior walls;
Cracks or gaps in the foundation and/or the ground underneath it;
Outdoor elements, like stairs, columns, or chimneys, which may be tilting or pulling away from the home;
Water pooling next to your home or in the crawlspace, in case you have a pier and beam foundation.
The professional will also check the interior of your home for signs that could signal foundation damage, such as:
Furniture, window/door frames, or moldings pulling away from the walls;
Cracks in drywall;
Bouncy, uneven, soft, or sloping floors;
Cracks in tile or vinyl flooring;
Cater stains on walls, ceilings, or floors.
If the inspection finds that foundation damage has caused any of the aforementioned issues, you can choose to fix your foundation before selling your home or sell it in its current condition. While selling your home as-is may sound tempting, here are 2 situations in which you should consider repairing the foundation first.
The amount you expect to receive from the sale falls short of your outstanding mortgage balance and closing costs. In this case, you may still be able to sell your home as long as the lender agrees to ashort sale. But that means you might need to cover the difference out of your own pocket. On the other hand, having your foundation repaired can increase your home’s value considerably. In general, a compromised foundation candecrease a home’s sales price by 10% to 20%. As an example, if your home is worth $380,000, then you may only receive between $304.000 and $342,000, providing you sell it without fixing the foundation damage. That’s a difference of $38,000 up to $76,000. Even though having your foundation repaired can be expensive sometimes, these types of repairs always add structural integrity, cosmetic, and warranty value. This may allow you to sell your home for no less than its market value, meaning you might be able not only to pay off your remaining mortgage balance andclosing costs but also to pocket some money.
You Want to Sell Your Home Fast. Although the duration of a foundation repair project depends on the extent and severity of the damage, it generally takes between 2 to 4 days to complete; however, many of our projects are completed in one day. Finding a buyer ready to make a fair offer on a house with foundation problems and a lender willing to approve a mortgage on a home in need of extensive repairs often takes more than that.
When Not to Repair Your Foundation
While selling your home as-is may deliver a series of benefits, the decision not to repair your foundation could make financial sense especially when:
The damage isn’t structural. If your foundation only has minimal cosmetic damage, such as a few hairline cracks, making repairs may not be worth it. Considering that about90% of homebuyers renovate the homes they purchase, the chances are that the person buying your home will redo any cosmetic fixes done previously.
You can’t afford to pay for repairs. If you don’t have the funds to repair your foundation, you have the option to sell your home as-is and let the buyer take on the responsibility of fixing it. Another alternative would be to opt for afoundation repair financing program, which will allow you to repair the foundation and get top dollar for your home without spending money on repairs upfront.
Depending on how much foundation problems affect your home’s listing price and how much the foundation repair costs, it’s up to you to decide whether or not you should repair your foundation before selling your home. Either way, a complimentary foundation inspection, which will provide an educated assessment of all the required repairs along with an estimate, is the only thing that could help you make an informed decision. So, feel free tobook your free foundation inspection and estimate with Allied Foundation today!
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Do I call a foundation repair company if my house is leaning?
If your house is leaning, it’s crucial to call a foundation repair company. A leaning structure often indicates serious foundation issues that require immediate assessment and repairs to ensure your home’s safety and stability.
Are foundation repairs covered by insurance?
Foundation repairs may or may not be covered by insurance, depending on your specific policy and the cause of the damage. It's essential to check your homeowner's insurance policy or consult your insurance provider for clarification.
Can a foundation always be fixed?
Foundations can often be repaired; however, the specific circumstances and extent of damage will determine the feasibility and cost of repairs. Consulting a professional is essential for a thorough assessment to explore viable solutions.
Do foundation cracks need repair?
Foundation cracks need repair to prevent further damage to your home. Ignoring them can lead to structural issues, water intrusion, and costly repairs down the line. Addressing cracks early ensures your foundation remains stable and safe.
Can foundation cracks be repaired?
Foundation cracks can be repaired effectively. Various methods, such as epoxy injections and piering, are used to restore structural integrity and prevent further damage. Timely repairs are essential to protect your home and maintain its value.
Are foundation repairs tax deductible?
Foundation repairs may be tax deductible if they are necessary for maintaining the property or if they improve the value of your home. It's advisable to consult a tax professional to understand your specific eligibility and requirements.
Does foundation repair decrease home value?
Foundation repair does not decrease home value; in fact, addressing foundation issues proactively can enhance property value and attract potential buyers by ensuring a stable and safe living environment.
Are foundation repairs expensive?
Foundation repairs can be costly, but the expense is often necessary to prevent further damage to your home. The total cost will depend on the severity of the issues and the methods required for repair.
Are contractors needed to repair foundation?
Contractors are essential for repairing a foundation, as they have the expertise and tools necessary to accurately assess the damage and implement appropriate solutions. Professional contractors ensure the repairs are effective and comply with local codes.
Are foundation repairs permanent?
Foundation repairs are designed to be permanent solutions. When properly executed by experienced professionals, these repairs effectively address underlying issues and help maintain the structural integrity of your home over time.
Can foundation repair cause more damage?
Foundation repair can potentially cause more damage if not performed correctly. However, when carried out by qualified professionals, the process is designed to stabilize and protect your home's structure, minimizing any risks of additional issues.
Can foundation be repaired?
The foundation can indeed be repaired. Experienced professionals can assess the issues and implement effective solutions to restore stability and prevent further damage, ensuring the safety and longevity of your home.
Are foundation repairs worth it?
The worth of foundation repairs is significant, as they prevent further structural damage, enhance property value, and ensure the safety of your home. Investing in repairs can save you money in the long run by addressing issues early on.
Are foundation repairs covered by home insurance?
Foundation repairs may be covered by home insurance, but this depends on the cause of the damage and your specific policy. It's essential to review your coverage details and consult with your insurance provider for clarity.
Are foundation repairs covered by homeowners insurance?
Foundation repairs may or may not be covered by homeowners insurance, depending on the cause of the damage. If the foundation issues arise from a covered peril, such as a natural disaster, they are likely to be included in your policy.
Do foundation repairs last?
Foundation repairs can last for many years when performed by professionals, provided that underlying issues are properly addressed and maintained. Regular inspections and maintenance can further ensure the longevity of your foundation repairs.
Does foundation repair increase home value?
Foundation repair can increase home value by addressing structural issues that may deter potential buyers. A stable foundation is essential for safety and market appeal, making it a worthwhile investment for homeowners.
Do foundation repair companies fix leaks?
Foundation repair companies often address leaks as part of their services. They can identify the source of water intrusion and implement solutions to repair foundational issues, preventing further leaks and damage.
What signs indicate foundation issues?
Signs indicating foundation issues include cracks in walls or floors, doors and windows that stick, uneven or sloped floors, gaps around windows and doors, and water pooling near the foundation. Addressing these signs promptly can prevent further damage.
How long do foundation repairs take?
The duration of foundation repairs varies based on the severity of the issues and the methods used. Typically, repairs can take anywhere from a few days to several weeks to complete.
Can DIY methods fix foundation problems?
DIY methods may provide temporary relief for minor foundation issues, but they often lack the effectiveness and durability of professional repairs. For significant problems, it’s best to consult experts to ensure long-lasting solutions.
What causes foundation cracks to develop?
Foundation cracks develop due to various factors, including soil movement, insufficient drainage, and extreme weather conditions. These elements can exert pressure on the foundation, leading to cracks that compromise the structural integrity of a home.
Are structural engineers involved in foundation repairs?
Structural engineers are indeed involved in foundation repairs, as they assess structural integrity, recommend appropriate solutions, and ensure compliance with safety standards during the repair process.
What is the cost range for foundation repairs?
The cost range for foundation repairs varies significantly based on factors such as the type and extent of damage, ranging from $2,000 to $7,000 on average. For specific estimates, it’s best to schedule an assessment.
How can I prevent future foundation issues?
Preventing future foundation issues involves maintaining proper drainage around your home, ensuring gutters are clean, and grading the soil to direct water away from the foundation. Regular inspections and addressing minor repairs promptly can also help avoid major problems.
What techniques are used in foundation lifting?
The techniques used in foundation lifting include slab jacking, piering, and foam injection. These methods effectively raise and stabilize the foundation by addressing the underlying soil issues and providing the necessary support.
Is financing available for foundation repairs?
Financing is available for foundation repairs. At Allied Foundation Repair, we offer various financing options to help homeowners manage the cost of essential foundation services.
What documents are needed for foundation repair estimates?
The documents needed for foundation repair estimates typically include the property deed, any previous inspection reports, photographs of visible issues, and structural plans if available. These help ensure an accurate assessment of the foundation's condition.
How often should foundation inspections occur?
Foundation inspections should occur at least once a year, or more frequently if you notice signs of foundation issues, such as cracks in walls or uneven floors. Regular assessments help prevent severe damage and costly repairs.
What warranties are offered on foundation repairs?
The warranties offered on foundation repairs typically include both a workmanship warranty and a material warranty, ensuring long-term protection for homeowners against defects or issues that may arise post-repair.
