Should You Buy a House with Foundation Problems?
Buying a house entails a long list of checklist that must be ticked off before you decide to close the sale of one property. While a house in the real estate market may look lovely in its listing photos and in person, you should also keep in mind to check for the house's foundation and whether it has problems. Should you buy one even with foundation problems?
You may have done a good job at narrowing your list of homes to choose from based on a number of factors such as price, space, the number of rooms, interior and exterior appeal, etc. However, buyers are often advised to look at one important thing that will determine your stay at the property in the future - its foundation.
As previously reported here on Realty Today, the foundation is one of the things you should take a look into prior to closing on the sale of the home. As much as possible, it is advisable to consult a foundation expert to see if there are any serious foundation issues in the house you are eyeing on in the market.
Trulia notes that there are also ways in which you can spot foundation issues in the house you are buying even without an expert. Misaligned doors or windows, cracked drywall or large cracks in the exterior concrete are some of the signs that the house has some damage in its foundation.
Small cracks in the wall are considered a part of normal settling, however, those that run bigger than 1/4 inch may hint at a bigger problem. The publication, however, notes that foundation problems do not necessarily mean you should immediately back out from the deal and find another house.
There are upsides to buying a house with foundation problems, too. According to the publication, buyers may be able to get a discount of about 20 to 25 percent when foundation problems are spotted at home. The cost of fixing these problems, on the other hand, only run at about 10 percent, which still makes it a win-win situation for you.