As a homeowner, you know that maintaining your property is crucial to preserving its value. One area of maintenance, however, requires more attention: the foundation. The cost of repairing foundation issues can significantly impact the value of your home. According to a study by the Foundation Repair Association, homes with foundation problems sell for 10-20% less than comparable homes. Discover why foundation problems can lower your home's value and how to fix them.
Cosmetic Damage
The cosmetic damage caused by foundation problems can reduce your home's value. The foundation can shift or settle, causing cracks in walls, floors, and ceilings. Because of these cracks, potential buyers may be uneasy about the home's structural integrity. The damage can still turn off buyers and lower the sale price, even if it is cosmetic.
Safety Concerns
It is also possible for foundation problems to cause safety concerns for potential buyers.Homes with uneven floors or staircases can pose a safety risk to buyers and may deter them from purchasing the home.
Home Inspection Results
When a potential buyer hires a home inspector, foundation issues will likely be found. The buyer may request a fix before closing if the issues are significant. Alternatively, if the seller refuses to fix the issues or cannot afford it, the buyer can back out of the deal.
Cost of Repair
It can be expensive to repair a foundation. According to HomeAdvisor, foundation repair costs an average of $4,381. Buyers may be less likely to offer a lower price if they know they will have to spend a significant amount on foundation repair after purchasing a home.
Difficulty selling
Lastly, foundation issues can make it more difficult to sell your home. Even when foundation problems have been addressed, many buyers hesitate to purchase a home with them. The seller may need help finding a buyer, and the sale may take longer.
How can you prevent foundation issues from decreasing your home's value? It is important to address foundation issues as soon as possible. Preventing further damage will save you money in the long run. In addition, make sure trees or shrubs are kept away from the house, and fix any drainage problems you may have.
Your home's value can be significantly affected by foundation issues. By finding the right solution for you and your family, Vesta Foundation Solutions can help protect your investment. In addition to providing preventative measures, we can also help. This will ensure the stability and safety of your home.
