Homeowners choose to purchase property because they want to invest in their home and avoid throwing money away on rent. But for a home to be a sound investment, it needs to hold its value (or, better yet, increase in value). Unfortunately, there are some things that could happen to your home that would dramatically reduce its value on the real estate market — and one of those things is damage to your foundation.
A home’s foundation is essential to its safety and sturdiness. Foundation problems can be costly to fix, especially when they’re neglected. And all of that can make home buyers wary of investing in your house. This could drive down the value of your home significantly, which is why it is so important for homeowners to check their homes regularly for foundation problems.
Foundation problems: a costly prospect
Foundation repair is possible, and experts agree that foundation issues can be manageable if caught early and treated by experts. But make no mistake: some foundation problems can be massive projects waiting to be taken on. In extreme cases, homes may even have to be physically lifted off of their foundation so that the old foundation can be destroyed and removed for a new foundation to be poured in its place. Such a job can cost a staggering amount of money, as you might imagine. In fact, depending on the property, some foundation issues may essentially “total” the home, making it cheaper to knock down and start over than it would be to perform the extensive repairs. Typical foundation repairs costs run in the mid-thousands, while disastrous cases can run up beyond $10,000.
Foundation issues and your home’s value
This might sound like a headache, and frankly, it’s no ride in the park. That’s why foundation issues are among the most severe problems you can face when trying to sell a house.
When you conduct a home inspection as part of a real estate deal, foundation problems are one of the worst things you can see on the resulting report, experts agree. And when a home has foundation issues, it can slash the value of the property by thousands upon thousands of dollars.
Detecting, resolving, and preventing foundation problems
Clearly, having problems with your home’s foundation can be devastating. But you can rest assured knowing that you have a few options available to reduce the risk of facing a serious foundation issue that erodes the value of your property.
The most important thing you can do is to check your property regularly for signs of foundation problems. The most obvious clues that something is wrong with your foundation are cracks in basement walls and water encroachment in your basement. If you’re looking at cracks and leaks in your basement, you need to take action fast! Water in the basement could mean that your basement waterproofing isn’t holding up, which could cause further problems. You should also keep an eye out for cracks in retaining walls, porches and other installations that appear to be sinking, and doors and windows that get stuck or don’t seem to work as they used to.
If you suspect your home is facing foundation problems, you need to act fast. Reach out to foundation repair experts immediately to get your space assessed for potential issues. If the experts feel that there is a problem, get the recommended repairs done fast. Foundation issues will only get worse over time, and if you don’t spend money to fix the problem now, you’ll end up with an issue that can ultimately destroy the value of your home.
