When homeowners find cracks and other signs of foundation problems, one of the worries that may keep them from calling us is concern about the value of their home. If repairs are made to the foundation, they think, this will drop their home value and make it more difficult to sell.
However, Dry Basement® Foundation Repair has learned over the years that what makes things worse for homeowners is not moving quickly enough to make foundation repairs. Or trying to hide problems when selling a home. Neither of these solutions will help you retain or improve the value of your home.
It’s not a good idea to try to hide foundation problems. These should be disclosed when the house is listed to avoid legal problems in the future. If a potential buyer orders a home inspection before the sale closes, it’s likely that the inspector will discover the problems anyway.
Foundation problems cause “referred symptoms,” as one company calls them. If your foundation has shifted and needs repair, your house can also have cracked walls, water seepage in the basement, broken windows, leaning chimneys, uneven floors and other problems that will need to be addressed as well. These will reduce the curb appeal of your house, making it more difficult to sell from the moment a prospective buyer sees it.
Most brokers recommend making repairs to the foundation, and other “referred symptoms,” before listing a house for sale. “Regardless of who actually writes the check, you’re the one who will pay for it,” according to Edens Structural Solutions. “You’ll either hire contractor to fix the issue or reduce the sale price to offset the expense.”
If you’re getting ready to list your house for sale or seek a home equity loan and you suspect you may have foundation problems, call Dry Basement® Foundation Repair at 800-368-7437 for a free inspection and evaluation. The problem may not be as bad as you think.
“I’ve seen some foundation issues that were relatively easy and inexpensive to repair after my seller brought in a foundation expert for an inspection and quote,” says Kathryn Bishop, a broker with Keller Williams Realty. “If the seller does the work before going on the market, then this repair has a warranty on it, and the buyer is reassured that all is fixed,” she adds.
Danny Lipford of Today’s Homeowner agrees doing repairs before listing doesn’t make a home less marketable.
“Quite the contrary,” he says. “If the foundation of your home is repaired by a reputable contractor, it is considered stronger after the repairs are performed. Therefore, appraisal values will be the same, as if the problem had never developed.”
The experts at HomeAdvisor suggest that having foundation repair work done can actually be a selling point in the seller’s favor.
“You must disclose any work that you have had done on your foundation when it is listed for sale, but if you have had your home stabilized or piered, that could be seen as an asset rather than a drawback,” says HomeAdvisor. “In areas known to have expansive clay or soil issues, having hydraulic piers installed is a solution to a problem that every homeowner in the area expects to encounter at one time or another. “
Lipford advises homeowners to make sure the repair company they select offers a solid warranty. “If you are planning on selling your home after the foundation repair work is performed, the warranty from the contractor and their reputation are more important than ever.
“Warranties are only as good as the company that offers them,” he says. “A reputable company that has been in business for at least 25 years should be your best bet.”