Your house may probably be the greatest investment you may ever make. However, there are certain scenarios, where your residential property might turn into your greatest liability. Conspicuous gaps in between your home’s floors, doors, or even cracking and separation of walls are never appealing to prospective buyers. Worst of all, they can point to far more serious damage to other components of your property, particularly to a foundation which has lost its integrity. Foundation problems are known to pose a huge risk to your house’s safety and more to the point, its overall value. A structurally sound foundation is always essential when it comes to upholding your property’s value with the passage of time. Since everything is constructed upon it, when your home’s foundation experiences serious issues, they will definitely give rise to other serious issues to the structure above it. The appeal and safety of your residential property happens to be as a basic expected value.
To this end, potential buyers will always scamper for cover if they perceive your house is not safe for habitation. When your foundation sports conspicuous cracking, water seeps into your basement or if the basement is characterized by musty odors, buyers won’t be interested in your house. All these problems will discourage a buyer that wishes to move in as soon as the sale is made. Neither will they prefer been forced to finance the necessary repairs before they can do so. Generally speaking, a big majority of prospective buyers do not want to purchase a residential property which has grave problems including a structurally undermined foundation.
Also, financial institutions that offer mortgages demand thorough home inspections to effectively figure out all the defects residential properties have. Should your foundation be found to be compromised, these institutions will reject extending the loan, or in the best scenario, require adequate repairs to be performed before they can approve it. In this light, resolving foundations issues will evolve part of the negotiation process, or in the worst case, the buyer might decide to pass over your offer. In either way, foundation problems can always cost much in both time and money.
So, it is prudent to understand that foundation challenges certainly can depreciate not only the value of your home, but its appeal if you ever wish to cash in on it.
In the latter regard, foundation problems will significantly reduce your property’s curb appeal. Like in most things in life, first impressions always influence a prospective buyer’s assessment of real estate. Foundation challenges can have a great impact on your house’s curb appeal. Most buyers are attracted by a property which looks good. Sloped floors, cracks on walls and ceilings, doors, and windows that are out of your square, will always repel buyers. Additionally, the perception that a house was subjected to foundation repair will not help your case either. In the long run, it usually depends on the exact condition of the housing market you list your home in.
in a buyer’s market, these issues will, in most cases than not, force you to decrease your asking price. On the other hand, in a seller’s market, where you may circumvent footing the necessary bills, you may still need to lower your price even further. On the flipside, should you wish to continue living in your property without resolving its foundation challenges, you will still have to put up with what are known as referred symptoms. Essentially, for those who might be in the know, referred symptoms are simply issues which develop from an underlying problem. The most common referred symptoms arising from a structurally undermined foundation can include sloped floors, extensive cracking on walls and ceilings, undermined insulation, broken or cracked windows, doors that are out of square to mention but a few. Over the passage of time, addressing these issues will cost you an inordinately large amount of money.
In the extreme, if you fail to resolve foundation challenges, your residential property’s value will not only depreciate, but also pose a safety hazard to you and your loved ones. According to HomeAdvisor, foundation problems may decrease a property’s value by up to 15%. This definitely means it is always critical to perform foundation repairs immediately after you notice them. It is important to note a foundation problem which might be dealt with for $500 may cost thousands of dollars if it is left unchecked for months or even years. Therefore, making the necessary effort to schedule regular foundation inspections, and repairs, whenever required, will go a long way in protecting your investment.
Ergo, the moment you remark telltale signs that indicate your foundation is not structurally sound, make it a point to enlist the services of a skilled and seasoned foundation repair Tulsa contractor, and if needed, a licensed structural engineer. Granted, this might cost you a significant sum of money, depending on the nature of the challenge and its severity. Nevertheless, it will prove to be a feasible solution to safeguard your home’s overall value in the long term.
On a parting shot, here are some few tips on how to avoid future damage to your residential property’s value. In the first place, always be on the lookout for water problems. It is noteworthy to state that a big number foundation challenges are often attributable to water and can further worsened by its presence. So, you will be in a good position of circumventing many foundation problems by deterring water to accumulate in close proximity to your property’s foundation. This will include installing efficient downspouts and gutters and even considering investing in an excellent drainage system and waterproofing your basement.
On the flipside, you should as well be very cautious while laying your landscaping and avoid planting trees close to your property. This is especially the case for trees which are known to developing deep roots that can breach your foundation. All in all, having the foresight to anticipate foundation challenges before they develop into a serious cause for concern, will always enable you to uphold your home’s value in a hassle-free manner.