Should You Buy a Home With Foundation Issues?
A home’s foundation is its base—the bedrock responsible for holding up an entire house, so it needs to very stable and strong. That said, any defect or damage that could compromise its integrity could be a huge problem. But what if you finally found the house of your dreams but then find that it has foundation issues? Here are a few things to keep in mind.
Never Underestimate “Minor” Foundation Issues
Sometimes, even issues that might seem inconsequential could turn into a big headache quickly since tiny leaks or cracks might be concealing bigger problems, warns a top foundation repair expert in Denver. And unfortunately, you won’t know the extent of a foundation issue until you have it professionally inspected.
Foundation Repair Costs Could Vary Greatly
There’s no way you could estimate how much a repair would cost until you pinpoint the issues you need to fix. For instance, small cracks due to normal settling could be resolved with basic patching. But if you’re also dealing with drainage problems, you need to get that fixed first; otherwise, it could lead to foundation cracks. Also, if the inspection uncovers major foundation issues, you could be facing thousands of dollars in repair costs.
You’d Take Full Responsibility and Might Have Issues with Funding
If you agree to purchase a house even after knowing that there are issues with the foundation, you’d be legally assuming the cost and responsibility of the repairs. This means that you can’t hold the previous owner responsible later on. Likewise, you might not qualify for specific types of funding like federally insured loans because these require that a house must be structurally sound. On the other hand, before buying the house, you could use the foundation issues to negotiate a lower purchase price with the seller.
So should you go ahead and buy the house of your dreams even if it has foundation problems? The answer is—it depends. Yes, if the foundation issues are minor and could be repaired easily and within budget. On the other hand, it might be better for you to walk away from the deal if the foundation problems are huge and costly, and the seller doesn’t want to negotiate on the purchase price.