What to Know before Buying a Home with Foundation Problems

You’ve found your dream home. You love everything about it, and you want to make an offer to purchase it. However, during the home inspection, the inspector finds something that puts the whole transaction in jeopardy. There’s a problem with the foundation, and it’s severe.

Foundational problems can represent huge remediation projects, or they can represent minor fixes. The good news is that most foundation issues can be fixed by a service that provides cracked foundation repair in OK. The bad news is that repairs could involve a wide range of costs and a great deal of time.

Here are a few things you should know before proceeding with the purchase of a home with foundation problems.

Costs Vary

Fixing foundation problems can range in cost from a few hundred dollars to repair small foundation cracks or tens of thousands of dollars for major foundation remediation projects. No homebuyer wants to leap headlong into a purchase that could entail thousands of dollars of additional expenditures and weeks of contractors on-site. Therefore, it’s important to have a foundation repair professional assess the problem and provide an estimate on the cost of fixing it before making an offer on a home.

Other Damage

Just because you decide the repairs to the foundation aren’t that extensive, you must consider secondary damage to the home that can occur when a foundation becomes compromised. The entire structure of the home rests on the foundation, and when problems occur, other structures in the home become damaged. Plaster and drywall can develop cracks. Window frames and door casings can come out of square. All these issues will eventually require repair, which will result in additional unwanted expenditures at some future time.

The Problem Could Be Bigger

Some foundation problems are themselves symptoms of other underlying issues that can undermine the structural integrity of an entire home. If there are unknown sources of water or moisture in the soils beneath the foundation, not only will the foundation need to be repaired but the cause must be fixed to avoid additional repetitive future damage. If the cause of the foundation problem is a function of too steep of a grade or other geographical features, fixing the root cause of your foundation issue may not only be unfeasible, but impossible.

Jeopardized Financing

Because of the extensive costs and unknown factors involved in fixing foundation issues in a home, some lenders are reluctant to take a risk by providing financing for a home that may prove uninhabitable. For example, some lenders like the VA have stringent inspection standards for home purchases, and they will not approve loans for homes that aren’t structurally sound. Attempting to buy a home with foundation damage could require you to find a new lender altogether, which is an unsavory prospect if you’re already preapproved for a loan.

While some foundation repairs are rather minor and may not jeopardize your purchase of a house, others could require a bigger investment of time, stress, and effort than the average homebuyer can afford. Before considering the purchase of a home with foundation problems, find a service that offers cracked foundation repair in OK to get a better idea of the issues and related costs you may face if you buy the home.

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