Normally, this wouldn’t be a problem…you’d sell one home, buy the other and get on with your life.
However, life rarely works out so neatly, right?
One day you’re clearing out the clutter and starting to pack up some of your things when your realtor points to a crack along the basement wall.
You shrug, thinking it’s no big deal, but just to be safe, you agree with the realtor and have it looked at.
Suddenly, when the foundation expert gives his report, all of the plans you’ve been making come to a screeching halt.
Options
Time is an enemy when it comes to the foundation of a home, so it’s important to address any issues before they get much worse…and more expensive to repair.
If your home has an issue with its foundation, it’s important to be proactive if you’re trying to sell it before getting it repaired.
It’s easier for prospective buyers to simply go look at another home, even if they like yours, because of the uncertainty that surrounds foundation issues.
Which means, it’s probably smarter to go ahead and get the damages repaired.
Not only does it put a prospective buyer’s mind at ease to know that any problems have been dealt with, but the warranty that a reputable business gives you after doing the repairs should be transferable to new homeowners.
Another benefit besides buyers’ peace of mind is that it can be a useful bargaining tool if they are looking at other homes in the area which may have foundational issues that weren’t dealt with.
Keep in mind…
Typically, foundation repairs can cost from just a couple of thousand dollars to tens of thousands, so be sure to get several different quotes before committing to a foundation repair.
While foundation repairs aren’t typically tax deductible, they may be if you use your home’s basement as an office or you rent it out. But, on the bright side, once the repairs are done it can increase your home’s value anywhere from ten to fifteen percent from what it was before the repairs.
But what if you don’t have the money to get it repaired? Or you’re in a rush to move? Are you stuck with the house?
Typically, the best move would be to go ahead and fix the issues, but if that’s just not possible, you’ll have to accept the fact that you won’t get as much for the home as you’d hoped.
Lay all your cards on the table
In this case, it’s smarter…and you’ll be on the right side of the law…if you disclose the issues with a prospective buyer.
They can then decide whether or not to pursue the home purchase.
To show your home in the best possible light, provide repair estimates from several different repair companies to give the prospective buyer all of the information they need to make a choice that’s right for their situation.
If buyers simply refuse to bite, know that investors are always looking for properties with good bones, so depending on your situation, this could be an option to help you unload the home and move on.
