If you’re going into a house to look to buy it, you want to look for indications of stress in the foundation like cracks in the sheetrock, cracks in the exterior brick, veneer doors and windows that maybe don’t open or close properly. There are instances where although a house has got foundation problems, yet you are still interested in buying it. In this case, you would have to take the following into consideration.
Although home inspectors are the ones who would usually identify problems with the foundation of a house, they are not usually the ones who would address these problems. This is where the structural engineers would come in and then you can get the estimates of what fixing it is going to cost you from specialized contractors. An average foundation problem would cost between five thousand to thirty thousand dollars.
The financing options available to homeowners who want to fix a foundation problem varies. The most important factor you should consider when looking at financing options is the structural soundness of the house as this would determine the initial payment and interest on the loan.
Never Ask the Seller to Fix the Problems
It is not in the seller’s place to fix the problems with the foundation of the house except in some rare cases. So it is not a good idea to ask for their help. Even though they oblige to provide help, they would want to settle for a cheaper alternative which might not be good for you in the long run. What is best to ask for are documentations that could help you to facilitate this process like the name of the company that handled previous repairs.
If you are buying a house with foundation problems, it is important to have the right contingency clauses in place before you submit an offer. An exit plan must be given to you before you put pen to papers.
Check Other Problems not Directly Related To the Foundation
There are occasions where the foundation might not be the only problems with the house. Make sure you check to see if there are other problems not directly linked to the foundation of the house. So consult a foundation repair expert to conduct a soul test especially if the house is on an inclined gradient.
Walk away if not Satisfied
If after the inspection and all and you are still not satisfied, you should walk away. This is because if proper care is not taken and you buy a house with severe foundation problems, you might end up spending a fortune to do this which is absolutely not necessary because this is not the only available house.
Make sure you understand the risks and costs involved with buying a house with foundation problems before accepting the offer to buy makes it easier to deal with foundation problems. I hope these few key points will help to guide in future when you are buying a house with foundation problems.