When putting your home on the market, there are many rules you must follow in the real estate industry regarding full disclosure. According to the laws that regulate the industry, you must inform potential buyers if the home has any structural or foundation damage.
Naturally, these two issues often turn away prospective buyers, but they should not trigger a knee-jerk reaction. The key to selling and buying smart is to stay level-headed when assessing red flags of foundation damage or structural issues.
It is important to realize that not all red flags mean disaster. Some issues are minor, while others require attention. You should not ignore the warning signs, but you also should not always assume the worst. Be objective and thorough in diagnosing the damage and figuring out the best course of action.
How to Identify Potential Foundation Damage
There are 5 quick and simple ways to approach potential foundation damage in your home:
- Inspect the walls and foundation for cracks on the outside and inside of your home. Cracks can be a definite indicator that there is an ongoing problem with your foundation.
- If you see cracks pay close attention and document the location, the general shape, and the severity of any cracks – some may just be aesthetic and not be a sign of foundation damage
- Check all doors and notate which ones stick when opening. If the foundation has become unstable doors will stick as a result of the frame of the house becoming uneven due to the foundation trouble.
- Check for any water damage to the components of your foundation or signs of pooling water.
- Disclose any findings to your real estate agent and hire an accredited inspector to come out and give an expert analysis.
Foundation Damage Is Not The End Of The World
Once you have determined the specific problem with your foundation and how serious it is, you will be in a position to make a practical decision on what to do. While there are many fly by night foundation repair companies scrambling for your business, this is a largest investment. You should research carefully who you hire.
We recommend getting the advice of a seasoned, professional realtor with good references and a track record of success. They will likely advise you, in most cases, to get the repairs done out of your own pocket instead of passing it off to the buyers.
In the end, fixing the problem often costs less than dramatically lowering your asking price. Also, by repairing before closing on a sale, you increase your odds of closing as your buyer is more likely to get approved for a house that is without foundation damage. This means a smoother, faster sale as well.
If you need an expert to inspect or repair your home’s foundation, give us a call at Generocity. We do our best to present options that work best for you and your family while still providing the highest quality foundation repairs.
