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. They also may not seem like big problems. However, these symptoms often indicate damage to your foundation. Foundation problems can be an insidious threat to your home’s overall condition. If untreated, foundation repairs will also begin to threaten your home's resale value. 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. The disclosure will go to those people who are interested in purchasing the home.
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. You will need to lower the price to cover the repairs to the foundation. You may also need to reduce the price further for the delay it may cause to moving in. Many people want a home they can move right into. Lowering the cost will 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 needs to be considered. Its visual footprint will make an impact. People want an attractive home that they can see themselves living in. If your home has sagging door frames and cracks in the foundation, buyers might not find 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. Every budget-conscious homeowner knows properly sealed doors + windows are crucial to home efficiency. You can attempt to make some minor repairs, such as weather stripping, caulking and applying plastic to the windows. But 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. You 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. A foundation inspection can even save you money. 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.