Moving is an exciting, yet stressful, process – especially the process of selling your home. Not only do you have to pack everything up and move to a new home, you also need to have your current house inspected and move through the process of selling it. The inspection may reveal issues with your home, which you can then choose to repair ahead of listing it for sale, or sell your home “as is” – with the problems as the new owner’s responsibility. Uncovering foundation problems may be daunting, as the cost of foundation repair can be high, and you might wonder if it’s best to fix it or to sell as-is.
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How Do You Know If You Have Foundation Problems?
When you’re getting ready to sell your home, you may not even realize that you have problems with your foundation until the inspector tells you that you do. Here are a few things that the inspector will be looking for.
- Cracks in the walls. This is one of the most common signs of a foundation issue, and it indicates that there’s enough pressure coming in from the outside to crack the foundation.
- Water in the basement. Not only does this indicate potential foundation damage, it can also leave you with another possible repair before you sell your home, such as an HVAC or plumbing repair.
- Uneven floors. We get so used to our own homes, we might not even notice when something isn’t normal. Your floors don’t have to be at a drastic slope to indicate a problem- even that weird dip in your floor that you never really notice anymore could be a sign of a sinking or settling foundation.
Can You Sell a House With Foundation Problems?
While it’s not impossible to sell a home with foundation problems, it can certainly be difficult. You can legally sell your home and leave foundation problems unresolved, however, you must disclose those problems to any potential buyers so that they can factor them into their decision. The laws around selling a home with a problem considered “major,” like foundation problems, will vary depending on your state.
If your house’s foundation problems come up in the pre-closing inspection and you were not aware of them ahead of time, potential buyers may negotiate an offer with you to have them fixed before the sale is finalized. If you’re aware of the foundation problems before listing your home for sale, let the realtor know. They will take the foundation into account when determining the value of the home.
Do Foundation Problems Make it Hard to Sell a Home?
When trying to sell a home with foundation problems, you may be concerned that the problems will scare away potential buyers. Unfortunately, this very well may happen. When people buy a new home, they’re generally looking to have to do only minor to moderate repairs. Of course, some buyers look for “fixer-uppers,” so this isn’t to say that you’ll never be able to sell the home. Cash investors or “flippers” may gravitate to homes with foundation problems, so if that’s a large market in your area, you may be able to sell the house with its existing issues.
The Cost of Foundation Repair
It can be tricky to decide whether to make the investment or not, so here is a quick breakdown of the costs of foundation repair. There are a few different methods commonly used to fix a foundation.
- Slabjacking is a repair method used to fix concrete slab foundations when they start to sink or become uneven. It is done by drilling strategically placed holes in the foundation, then using a pump to inject a mixture of sand, water, fly ash, and a bit of cement under the slab until it’s level. The mixture is strong enough to hold the slab up. The holes are then patched over and the process is complete. Slabjacking usually costs between $3 and $6 per square foot.
- Piling, also known as underpinning, is a method that reinforces steel rods with cement pilings in order to support a foundation. The rods and pilings are inserted vertically into the ground under the foundation using hydraulic equipment to push them down. This method is used to support concrete slab foundations that are sinking and need some stronger support, and it comes at an average cost of $1,000 to $3,000 per pier. Typically, four piers are used to support a two-story structure and three piers are used for a one-story home.
Will Repairing the Foundation Increase the Home’s Value?
When deciding whether to make major repairs to your home before selling it, one of the primary factors into the decision is whether or not the repair increases the resale value of the home. In the case of foundation repairs, the answer is yes, it will increase the resale value significantly.
Depending on how severe the damage to your foundation is, it could take anywhere from 10-20% off of the value of your home. In most cases, that’s tens of thousands of dollars. Even though foundation repairs come at a significant cost, the added value to your home will pay for the repairs and then some.
A freshly repaired foundation will also make the selling process much easier. Foundation problems are considered a “major” issue, which can discourage potential buyers from even looking at a home sometimes. If interested parties see that a foundation repair has recently been done, it’ll give them confidence in the stability of the house and encourage them to take a look.
The bottom line is that you should absolutely have your foundation repaired before selling your house. The increase in value alone makes it worth the cost, and it saves you trouble during the selling process. When you’re already stressed because of an upcoming move, the last thing you need is something else to worry about. Call a few different foundation repair companies, get some estimates, and have someone do the work. You’ll be glad you did.
