Does Foundation Repair Affect Home Value?
If you’re planning on selling or refinancing your home, it may need repairs. Especially if you notice signs of foundation trouble. Can foundation repair affect the home value?
Yes, foundation repair will affect the home value in a positive way according to Ann Arbor Foundation Repair Experts, a company that provides basement repair in Ann Arbor. Otherwise, a crumbling foundation can drive down the home value negatively. And you won’t be able to get money out of the house, nor get the best deal when it comes time to sell it.
Keep reading to find out why you should repair the foundation before you even consider the idea of selling or refinancing your home. The sooner you take care of your foundation, the better. Imagine getting a better return on investment just by getting it fixed (and we’ll explain further).
Damaged foundation can lead to no deals
It’s true. There are a large number of buyers that won’t even bother looking at the rest of the house if they see a damaged foundation.
A stable foundation means the rest of the house will be stable as well. But what you need to understand is that buyers and sellers alike want the best deal.
The buyer wants to move in and call the place home. The last thing they want to do is sink in more money to get the place fixed up (especially when they’ve just spent money on the house itself).
There still might be buyers
Even though there will be many buyers that won’t budge, there may be some that will. That’s because they have enough money to get repairs done after the purchase.
For all we know, they could be using the house as a rental property or just flipping it for more money. Nothing wrong with that at all.
They have the budget for repairs and they know they’ll get a good return on investment. They know that after the repairs are being made, they have just increased the value of the house.
That will definitely help them out in the long run when the time comes to finally sell it or at least get a tenant to rent it.
You can have the repairs done yourself
Another option would be to get the foundation fixed yourself. So you pay the expense out of pocket and the contractor will take care of the repairs.
The cost of the repairs will be based on how much damage will get repaired. Cracks and minor damage will run at around $500 to $2000.
If the foundation has substantial damage, you’re looking at a repair bill that is north of $3000. The more damage it has, the more it’s going to cost you.
This should be done if you are planning on one of two things. If you are looking to refinance the home to get more money out of it or in no rush of selling the home itself, you can focus on getting the repairs done out of your pocket.
The return on investment will be even greater. So that’s something to keep in mind if you are on the fence about whether you want to repair the foundation or have the next buyer take care of it.
Finding the right foundation company
Once you’ve decided that repairing the foundation is the best option, then it’s time to find the right foundation company. It’s going to be tough because not all of them are created equal.
What you want to do is plug into Google and search for foundation companies in your area. Pay close attention to the reviews.
If they are mostly positive, that’s a good sign. But you want to pay close attention to the reviews that are explained in more detail.
The same goes for negative reviews. In the final analysis, you need to use your better judgment here.
Consider your options
After you’ve looked at the reviews, you may have a list of contractors that you want to get in contact with. If you have more than one option in front of you, you may want to whittle it down to a few factors.
Your budget is also important. Find the best contractor that you can afford for repairs.
But don’t sacrifice quality just to save a few bucks. If you can spend a little extra but stay within budget, you’ll be in good shape.
Take advantage of free estimates
If a contractor offers a free estimate, you’d be wise to jump on the opportunity. Not only will you get an estimate for the project, but one contractor may pick up on something another one missed.
One Last Thing
If you want to increase the value of your home, make sure that your house is in good shape. If the foundation is falling apart, get that repaired as soon as possible.
It can increase the property value once it’s fixed. Otherwise, it will keep the value down and lead to a large variety of headaches and other repairs.
Don’t take the foundation for granted. If you want to refinance your house or sell it to the right buyer, get it repaired.
If someone is interested in buying it for the purpose of renting it out or flipping it, then fixing the foundation before selling it is optional.