Top 3 Things to Consider before Selling a Home with Foundation Issues

By far, the foundation is one of the most important parts of your home. It quite literally allows your house to stand. As such, it must be strong and stable enough to support everything above it.

When the foundation of your home is damaged, the entire home will have structural failure. Everything from the foundation itself to the walls to the roof will fail. At worst, your home could be rendered uninhabitable.

Selling a home with foundation problems isn’t easy. In fact, the words “foundation problems” are enough to make home buyers run screaming.

So, this begs the question – can you sell a house with foundation issues? The short answer is, yes you can. But, is it going to be easy? Of course, not!

In this post, Jim Oursler from Granite Foundation Repair , a professional foundation repair company in Dallas, shares with you 3 things to consider before selling a home with foundation issues.

Signs of foundation issues are usually easy to spot. In Dallas, TX, common signs of foundation problems include:

· Cabinets and counters separating from the wall.

Initially, the gap may be tiny. But before long, what appeared as tiny 1/16-inch may have grown to become a huge 1/2-inch. At this point, you have got major issues.

· Sagging or uneven floors.

Like cabinets and counters, floors that initially appeared to be slightly out of level may become uneven by as much as 2-inches. Aside from being unsightly, floors that are sagging or uneven are extremely dangerous.

· Gaps around window frames or exterior doors.

If you have double doors, you may notice that they no longer align properly. In addition, doorframes may become crooked and impair all types of doors from operating properly.

· Doors and windows sticking and failing to function properly.

Sticky windows and doors are also another common sign of foundation problems. Exterior doors will usually hang down at the top or drag at the threshold.

· Cracks on the foundation, wall, and floors.

This is often the number one sign that your home’s foundation is damaged. A broken chimney, wall fissures and floor cracks can also mean trouble.

Spotting these signs of foundation damage early is key. This is because foundation problems get worse over time. So call a foundation repair professional as soon as you spot a problem.

Once you’ve confirmed that your house has foundation problems, the next step is to find out the severity of the problem. The foundation inspection report will usually contain this information.

Foundation cracks are often the best indicators. The following are common types:

· Less than ¼-inch: These are fairly common and occur due to natural foundation settling. They are usually not worth obsessing over.

· Hairline cracks: These are common in many buildings, especially in plaster, which is prone to shrink and is very sensitive to movement. Like quarter-inch cracks, you shouldn’t obsess over them yet.

· L-shape location: Similar to hairline cracks, these types of cracks develop when your foundation shrinks – most likely if it’s situated in an L-shaped section.

· Masonry joint cracks: Stair step masonry joint cracks are a more serious concern. They often point to a serious foundation problem.

· Horizontal cracks: Horizontal cracks are generally caused by soil pressure and are normally worse than vertical cracks.

· Vertical cracks: Vertical cracks are usually the direct result of foundation settling, and these are the more common of foundation issues. If you see these, you don’t have much to worry about.

The third thing to consider before selling your foundation-damaged home is your homeowner’s insurance. Like any other part of your home, your foundation is covered by homeowner’s insurance.

However, unlike other parts of your home, many causes of foundation issues are explicitly excluded from standard policies. The following are perils covered by a typical homeowner’s insurance cover:

· Water damage from A/C overflow, heating, plumbing

· Collapse weight of sleet, ice, or snow

· Volcanic eruption

· Falling objects

· Vandalism

· Damage caused by vehicles

· Riots or civil disturbances

· Explosions

· Damage caused by aircraft

· Windstorm

· Lightning or fire

If your foundation was damaged by any of these events, filing a claim for reimbursement from your insurance firm will most likely be successful.

However, most insurers will not cover risk events such as:

· Faulty construction

· Pressure from tree roots

· Earthquakes or flood

·The expansion, bulging, shrinking, cracking, or natural settling of your foundation

If your homeowner’s insurance won’t cover the foundation repairs, you’ll have the following options to consider.

Option #1: Fix the issues and then sell the home.

According to HomeAdvisor, the typical homeowner pays between $1,843 and $6,372 to repair a damaged foundation. For major repairs involving hydraulic piers, expect to pay anything north of $10,000.

Option #2: Try selling the house as-is.

Rather than taking on the burden of repairs, you might choose on selling your house as-is. Some buyers, especially home flippers, could see it as an investment opportunity. They could fix the foundation issues and then flip the house for a profit.

These are the 3 important things to consider before selling a home with foundation issues. Clearly, foundation problems are by no means the end of one’s hope to sell a home.