How foundation issues can diminish your property’s value

Real Estate | 20 Dec, 2019 |

As a homeowner, the value of your property will always be a major concern. Whether you plan to live in the house forever or want to resell it, you would want it to have the best value. There are a number of factors that influence your property’s valuation and its structural strength is one you cannot ignore. First things first, the foundation should be strong enough to support the entire structure. Even the smallest foundation issues can diminish the value of your property. Let us explain why and how!

Decreased curb appeal

When you plan to sell your property, the curb appeal matters the most. Obviously, it is easier to get a good offer if your home makes a good impression on the potential buyer. Unfortunately, foundation issues can have a negative impact on the curb appeal of any property. No one would want to buy a place with sagging floors and visible cracks, which usually happens with a weak or damaged foundation. Moreover, you will not feel safe if your family has to live in such a place for years to come. In any case, you would not want foundation flaws and issues to impact the home’s look and value.

Repair costs

If the structural damage to the foundation is serious in nature, the repair is the only alternative you have. Professionals at Pinnacle Foundation Repair recommend that you get it done sooner rather than later to prevent extensive damage and keep the residents safe. The greater the damage, the higher the cost of repair but this is something that you cannot afford to ignore. In case you plan to sell the house, the buyer will have to incur the expense. Both ways, these repair costs can cut down the value of your property.

Full disclosure while selling

As a seller, you are supposed to make full disclosure about your property to the buyer to prevent disputes later on. Even if the buyer can’t really make out that your place needs foundation repair, it is your obligation to inform them. Whether the repairs will be handled by the seller or the buyer is to be agreed mutually. In any case, the value of your property will decrease to a significant extent. Further, you may want to list your home in the market only after proper repair and maintenance. In that case, too, you will get less than expected in the end.

Delay in selling

Another reason why foundation issues may cost you a lot is that you may not be able to sell off the property in the desired timeframe. Besides the core symptoms, referred symptoms such as roof issues compromised insulation and cracks in walls and ceilings may be visible. These can drive away the potential buyers and cause prolonged delays in the sale. You may get in a fix if you have a mortgage to clear or loans to pay off by selling the property.

Foundation issues can cause big trouble and you should get them repaired at the earliest. Repairs become even more important if you plan to sell your home because they can enhance the value of your property and ensure speedy sales.

 

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