All houses have a foundation, and although they may not be seen, foundations really are the stars of the show. The foundation bears the weight of the entire house, transferring the force to the ground below. Normally they are dug into the ground and provide an anchor between the walls and the ground below. So what happens when there is damage to the foundations or they and inadequate for the job?
There are also several other signs that there may be foundation issues.
A substantial down payment or evidence that the foundations have been repaired will likely be required prior to the funds being advanced.
Insurance companies may also be reluctant to insure a house with foundation issues. Therefore, it is important to talk to insurance companies before purchase to determine if they will extend cover and, if not, what needs to be done so you can get insurance.
Several solutions exist for the buyer that is still interested in a property with foundation issues. The buyer can make it a condition of the agreement for sale and purchase that the foundations are repaired before the purchase is completed.
Alternatively, the buyer may offer a reduced price to purchase the property. This would typically offset the cost of the repairs against the asking price. If you are going to go down this path, it is essential that you have a clear idea of the cost of repairs; otherwise, you may end up paying more than expected.
Buying a house with foundation problems is not straightforward; however, the property could still prove a worthy investment. The key is doing your homework and getting advice from a professional regarding the extent of the problem and the cost of repairs.
Reach out to our team to get a free estimate for your home’s foundation.