How Foundation Problems Affect Your Home’s Value
We’ve said it over and over again: your home is your biggest investment. But what if it became your biggest liability?
Gaps between the floor and doors and cracked or separating walls don’t look pretty, but they also don’t seem like big problems. However, these symptoms often indicate damage throughout other parts of your home as well – specifically, to your foundation. Foundation problems can be an insidious threat to your home’s overall condition – and to your bank account. Here’s how.
Full Disclosure When Selling and Lower Resale Value
These days, almost every financial institution requires a home inspection before issuing a loan. If your home has foundation problems, you will need to make a full disclosure of the issue to those people who are interested in purchasing it.
If you aren’t able to make the necessary repairs before putting the home on the market, be prepared to reduce the price of the home significantly. Not only will you need to lower the price to cover the repairs to the foundation, you will likely need to reduce the price further. This is because many people want a home they can move right into – so you will need to lower the cost even further to make it worth their while to purchase it in spite of this lingering repair.
Decreased Curb Appeal
When it comes to selling your home, the potential buyer’s first impression of it and its visual footprint are important aspects that you will want to take advantage of. People want an attractive home that they can see themselves living in. If your home has sagging door frames and cracks in the foundation, potential buyers might well have trouble finding it appealing. As a result, your home might be on the market for longer than you’d like it to be.
Increased Costs for You
Even if you are planning to stay in your home, you will probably start to experience an increase in the cost of living there.
As the foundation begins to crack and sag more, larger gaps will open up between the door jambs and window frames. This will allow more air to enter and escape your home – and every budget-conscious homeowner knows that properly sealed doors and windows are crucial to an efficient home. While you can attempt to make some minor repairs, such as weather stripping, caulking and applying plastic to the windows, these are temporary fixes. As the foundation problems continue to worsen, you will find that your repairs do not keep the hot or cold air from entering your home and will need to adjust your thermostat to accommodate this additional exposure.
If you suspect that your home has foundation issues, your best bet is to call an expert for a foundation inspection. In many cases, the repairs you’ll need to make will be less extensive for problems addressed early on. Protect your investment for the long haul by keeping your foundation in good condition.