Selling A House With Foundation Problems vs. Repairing Them First
Selling A House With Foundation Problems
So you’re thinking about selling your house, but there’s only one problem. You’ve been putting off repairing your cracked or sinking foundation for years, and now you’re afraid prospective buyers will be turned off by your foundation problems.
What should you do? Fix the foundation first or sell the house “as-is”?
You’ve got to make a big decision quickly that could potentially cost you a lot of money. Here are a few things to consider.
Signs of Foundation Problems You Should Take Seriously
Whether you are buying or selling a home in Arkansas, it is important to know how serious your foundation problems are. Following are a few signs that any good real estate agent would tell you to take seriously:
- Doors and windows that aren’t aligned
- Doors that stick or don’t latch shut
- Windows that are difficult to open or have cracks in the glass
- Sloping floors or staircases
- Cracks in the walls or ceilings
- Gaps between the walls or the walls and ceiling
- Large cracks in the basement or foundation
- Water in the basement, crawl spaces or house perimeter
These issues usually determine serious structural issues, and may be a major turn off to potential buyers since they can be expensive to fix. You will be required to disclose any problems with your foundation, and interested buyers may require you to have them repaired before they purchase your property.
Should I Hire a Structural Engineer?
If you have signs of serious foundation issues, you might want to consider hiring a structural engineer to determine the full extent of the damages and how much it would cost to repair your foundation. Hiring a structural engineer typically costs anywhere from $500 to $1,000, but it’s worth the cost if you are thinking about moving forward with the repairs.
Even if you decide not to repair the foundation before your sell, it will help you negotiate a fair price with potential buyers. If a buyer loves the house, they are less likely to walk away from the deal if they know the cost of repairing the foundation.
Repair the Problems or Sell the House “As Is”?
Whatever you decide to do, it is important to be honest with potential buyers that your house has a foundation problem.
Reasons to leave it
Many realtors would advise you not to fix your home before you list it because whatever repairs you do become part of the public record. The reason that is a problem is that many potential buyers would immediately cross your home off the list because it has foundation problems. If they don’t even show up to see your home, you won’t have a chance to explain that you’ve fixed the problem.
Reasons to fix it first
There are always two sides to every issue. Some realtors suggest that you fix the foundation first. Many buyers would prefer to buy a home without significant problems because their funds are already strapped, and they won’t want to pour additional money literally “into the pit”. Also the reputation of the contractor and warranty should be a strong selling point for a potential buyer.
How Should I Promote My House With a Foundation Problem?
Believe it or not, you can promote a foundation problem as a good thing. Once you adjust the price, let the buyers know that they can “add new amenities to the property while they are repairing it”. Many buyers in Arkansas like the idea of adding a personal touch to their homes, and your house will attract buyers with that kind of Arkansas “can do” attitude.
Some realtors even encourage people to buy homes with foundation issues because the discount is usually 20% to 25% while the cost to fix it is usually only around 10%.
Get a Free Foundation Consultation in Arkansas
If you need to contact a foundation repair expert in Arkansas, don’t hesitate to get in touch with Airlift Concrete Experts. We offer foundation repair inspections and free consultations to a 60 mile radius around Alexander, Arkansas, which includes the cities of Little Rock, Conway, Pine Bluff, Hot Springs, Benton, and Jacksonville.