Finding the perfect house for you and your family can take months or years, and learning that it has some foundation problems can be devastating. Finding the issues immediately makes it easier for foundation repair experts to do the right fixes.
But what will happen if you learn about it when it’s too late? Van Matre Construction, LLC shares some pieces of information that might help you.
You may need to get a different loan
Both HUD and VA loan programs require that the property is structurally sound, and any foundation issues may cause their financing to get declined. Even if the lender chooses to bankroll the property, you may need to produce a bigger down payment or deal with higher interests.
Costs of foundation repair
You might need to pay a hefty price for leaving patching cracks unattended. While it only needs small fixing or gutter replacement, leaving it unfixed can cause a major foundation repair. Foundation reconstruction can cost as much as $100,000.
Costs of repairing other damages
Some problems with the foundation can affect many other parts of the house. That’s why buying a property that already has foundation issues may force you to pay for more household repairs than you might have expected. Even if the foundation is repaired, it’s likely to reoccur. Owners would have to fix the issue or live with it instead.
The problem can go deeper than the foundation issue
Foundation issues should not be taken lightly. There are times when the foundation was constructed impeccably, but the ground underneath it shifted. That’s why it’s important to perform a soil test to ensure that the foundation will not have any problems in the future.
For extreme cases, you might even have to replace the entire foundation if the damage is already extensive.
The safety of your family and your investment is paramount. Never buy a house with foundation problems to avoid overwhelming expenses in the future.