How Do Foundation Repair Issues Affect My Home’s Value?
Foundation repair is more about protecting your home’s equity than it is about a cosmetic upgrade or remodel. Structural health has never been more important to home buyers due to the aging housing inventory and the increased frequency of severe weather events. If your home has foundation issues, you are not just paying to repair your home’s foundation; you could be losing the interest of almost every potential home buyer.
Restoring Your Home’s Value: The Real Math Behind Foundation Repair
There are three areas that will affect your home’s value if it has foundation repair issues:
1 As-Is Penalty vs The Value of Restoration
Your home’s foundation repair investment will not necessarily increase your home’s value above market value, but it can restore it to a competitive market level. A home being sold “as-is” without foundation repair can reduce a home’s marketing value between 10% – 25%. A home that is $250,000, you can be looking at a $25,000 to $100,000 loss in market value.
Repairing your home’s settled foundation generally offers a 75% to 90% return on your investment. Removing the structural risk removes the “fear discount” that many home buyers will request if they know a home has any foundation issues.
2 Marketability Issues
A home with foundation issues is not only worth less, but it also becomes much harder to sell. Lenders for FHA, the VA, and USDA loans will not approve financing for homes that have foundation repair issues. Foundation repair will open your home to more home buyers and approved lenders.
3 Foundation Repair Transferable Warranties
A home that has had foundation repair and that repair comes with a transferable warranty is often viewed as an added value. Providing post-repair documentation that provides an engineer’s passing report with a warranty is often the determining factor during the home inspection process.
Home buyers in an area like Northern Kentucky and Southern Indiana often prefer a home that has been repaired and warrantied due to the shifting soil conditions in the area.
Northern Kentucky Homeowners: How to Tell if You Need Foundation Repair
Northern Kentucky and Southern Indiana are areas with unstable soil and bedrock. Here is a list of signs that your home is in need of professional foundation repair.
Interior Warning Signs
This list is usually the most overlooked signs of foundation repair issues. Many homeowners ignore these issues that could end up costing them a significant amount of money.
Sticking Doors and Windows: A home’s doors will stick at the top or refuse to close like they once did, or windows seem like they are nailed shut and more difficult to open.
Cracking Drywall: Zig-zag cracks diagonal from the corners of doorways or window frames can be a sign of foundation repair issues.
Uneven Floors: A sloping floor can be identified by placing a marble or small ball on your floor. Does it roll in any direction? If so, that is an indication of your floor settling in one area over the other.
Trim Gaps: Gaps where your baseboards meet the floor or where your crown molding meets the ceiling is a sign that the wall could be pulling away from the trim.
Exterior Warning Signs
A short walk around the outside of your home can identify potential foundation repair issues.
Stair Stepped Cracking: If you see star-step cracks in your brick or concrete block walls are a classic sign of soil settlement.
Chimney Separation: If your chimney has begun to lean away from your home, it is a warning sign. Oftentimes your chimney is built on a separate footing; this is an early warning sign that foundation repair may be in your near future.
Crawlspace and Basement Warning Signs
If you have access to your home’s crawlspace and basement, look for these warning signs.
Horizontal Cracks: Horizontal cracks in your basement walls can be a sign of hydrostatic pressure, or pressure from the soil pushing the wall inward.
Efflorescence: If you see a buildup of a white, powdery substance on your wall, that is called efflorescence. This is the sale from the water that is seeping through the concrete, which can weaken your foundation over the course of time.
The Rule of Thumb for Cracks (Hairline Cracks vs. Foundation Related Cracks)
Hairline cracks are due to a house settling and are typically less than 1/16th of an inch. If a crack is wider than a nickel, or if the crack is offset (one side is higher than the other side), it is time to call the foundation repair experts at Affordable Concrete Solutions.
Why Professional Foundation Repair is the Best Investment for Your Home’s Marketability
Don’t let structural instability and the “fear discount” devalue your property or scare away potential buyers. Investing in professional foundation repair is the best way to restore your home’s marketability and protect your equity for the long term. Take the first step toward peace of mind and call Affordable Concrete Solutions today to schedule your expert inspection.
