Dangers of Buying a House with Foundation Problems
Finding your dream home is a daunting task that takes months or even years. And when you finally see “the one,” finding out that it has foundation problems can be so heartbreaking.
There are a number of risks and dangers that you’ll have to take if you decide to go ahead and buy the house despite the issues. Often, these issues can be easily dealt with and the cost, stress, and time involved may be worth it.
However, understanding what you are up against before signing a sale agreement, will make the process easier. So, before you do anything, ensure that you hire a professional structural inspector to inspect and advise you accordingly.
Common Signs of Foundation Problems
When you are hunting for an ideal home, ensure that your check for these signs to see if there might be any foundation problem:
Sloping floors: You can test for foundation problems by dropping a marble on the
floor and see how it behaves. If it rolls to one direction, the foundation might have issues.
Cracking walls: Due to the frequent settling of the foundation, cracks may appear on
the walls especially around windows and doors.
Misaligned windows and doors: If they swing open, stick, or do not latch properly,
find an inspector to conduct a foundation inspection.
Leaning beams and posts: This is a sign that your foundation has shifted from its original position.
Exterior cracks and bulging: Large cracks on walls and bulging could be a sign of
Cracks on chimney: This may be an indication of a faulty foundation.
Homes with Foundation Problems
- Cost of Repairing the Foundation
Sometimes tiny cracks in the foundation are negligible and may not need repair. However, if large cracks (more than ¼ inch) are found in the foundation of your house, you will need to seek repair services as soon as possible. Patching the cracks back together may cost you a few thousand dollars depending on the intensity of the damage and where you live.
Rebuilding part of the foundation, on the other hand, can cost you tens of thousands of dollars. It is, therefore, important to know how much the foundation is damaged before buying the house.
- Cost of Repairing Related Damage
When you have a faulty foundation, you are likely to find several other problems elsewhere in the home. These may include cracks in drywall, crooked windows and doors, broken and uneven tiles, unstable hardwood floor, and more.
You’ll have to hire a professional contractor to work on these repairs, and these may be costly depending on the extent of the damage.
- You May Need an Alternative Financing Method
Some loans such as the Department of Housing Development (HUD) loan and Department of Veterans Affairs (VA loans) may require your home to be structurally sound before financing you. So, if your house has foundation problems, such programs may not finance you.
Moreover, some lenders may accept to finance you but impose higher interests or demand a higher down payment because of the foundation problems.
Get Professional Foundation Inspection
At Arnold Investigative Engineering, we provide top-notch foundations inspections and bring to light any hidden issues that your seller may have left out. Don’t invest on something that you’ll regret later.
Contact us today on (512) 345 6620.