Most buyers will hire their own home inspectors, and if your house has foundation damage they’ll find it. If the inspector uncovers a problem, you might have to lower your asking price by $10,000 or more. Fortunately, you can avoid this type of surprise by making sure that your home is structurally sound.
Identify and Disclose the Damage
Even small cracks are suspect to a home inspector, so make sure you consult a structural engineer who can tell you for sure if there’s a problem. If you know that your home has foundation damage, you’re legally obligated to report any damage when listing the property. You’ll want to hire a foundation repair company to provide a written estimate. The report will list the type and extent of any foundation damage and whether or not it poses a structural problem.
If the damage is merely a little cosmetic crack, you won’t have to pay for repairs, and it shouldn’t lower your home’s value. However, if a slab is cracked or the walls are breaking apart, your home will need some serious repairs. The only question left is whether you want to repair the damage or leave it for the next owner.
Pay to Fix the Damage
By hiring a company to repair the damage, you’ll be able to sell your home at market value. This choice makes financial sense because you’ll end up getting a much better deal by repairing it yourself. If the market value of your home is $200,000 and repairs cost you $5,000, you’ll still end up with $195,000. Many buyers will walk away from a deal if they need to repair the home, and you might have to lower your asking price to $190,000 or below simply to attract offers.
Sell the House at a Reduced Price
On the other hand, you can sell the house as is. You still have to disclose the problems, and you’ll likely have to reduce your asking price by a sizable amount, but you’ll be able to sell the house quickly. This option makes more sense if you inherited a property and want to sell it as quickly as possible.
If you need foundation repairs or simply need a professional to inspect the damage, contact Ram Jack in Carmel, IN today. We’ll get your home back in good condition to list it for sale, or if you just want to sell as is, we can provide a professional foundation evaluation and repair quote.