A failing foundation can make or break a home buyer’s decision to sign a contract, warn the experts at TexasLending.com. Unfortunately, many prospective owners assume that minor issues are not a big deal. Read on to find out more.
Q: How do I know if there is a problem with the foundation of a home I am interested in purchasing?
TexasLending.com: Oftentimes, these issues are not exposed until the home inspection phase of your purchase. If discovered, you are still out the cost of the inspection and possibly the appraisal as well. A few things you can look for during the initial walk-through are uneven floors, windows and doors that get stuck or don’t shut all the way, or cracks along the brick exterior or in the interior drywall.
Q: If I suspect the house may have some minor problems, should I go ahead with the purchase?
TexasLending.com: You should first be aware that foundation problems can significantly affect the value of the home. As such, it may be harder to qualify for a loan if that home’s price has not accounted for the damage. Keep in mind that foundation repairs are quite expensive and can be very intrusive should you move into the home before repairs begin.
Q: How much does it cost to fix the foundation?
TexasLending.com: If the issues are minor, it could cost as little as $500, but foundation problems are seldom small. The foundation of your home was determined the day it was erected and is affected by factors including material quality, workmanship, and the land on which it was built. More extensive repairs or replacement can cost $100,000 or more.
Q: Who can tell me how badly the foundation is actually damaged?
TexasLending.com: Your home inspector can clue you in on potential problems but a licensed structural engineer is the best choice for this. This person is an expert in home design and building practices and can tell you without a doubt what repairs are needed to make the home safe and stable.
4100 Alpha Rd
Dallas, TX 75244