Tips for Closing on a Home in Need of Foundation Repair
Have you found the perfect house to buy? Is it in need of foundation repair?
Signs of foundation damage are often enough to put many buyers off purchasing a home. However, they shouldn’t be a deal breaker. Every home suffers foundation damage at some point in its existence. Many times, the damage isn’t too severe and can be easily repaired. Don’t write off what could be your dream home simply because of a few foundation cracks.
What to do when before closing on a house in need of foundation repair
Buying a house is a significant investment. In fact, it could be the biggest investment you ever make in your life. It is therefore not uncommon for buyers to experience stress when they are faced with problems during the purchasing process. If foundation damage is a problem you have encountered, take the steps below to ease the anxiety and make an informed decision.
1. Don’t panic
The first and most important thing to do is to avoid panic. Don’t run for the hills simply because your dream home has a foundation issue. Look at the positive side of things. You may be able to close on the house at a lower price because of the damage to the foundation.
Another positive thing to note is that many foundation problems can be resolved. Some problems can be resolved within hours or days by applying affordable solutions.
2. Have the home inspected
If you haven’t already closed on the house, get the foundation inspected by a licensed structural engineer. The engineer’s report will give you a true picture of the issues affecting the foundation and how severe the damage is. You can make a decision on whether to continue with the purchase or not based on the information provided in the report.
3. Consult a foundation repair company
If you’ve decided to continue purchasing the home, you should consult a repair company. The company will provide you with options for repairing the foundation, estimates, and timelines. You can use this information to negotiate for a lower price on the house. You would therefore be able to recoup the repair expense by purchasing the house at a lower price.
Foundation issues shouldn’t be a reason not to purchase a house. Get the information you need to ensure you make a good purchase by applying the tips above.