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Is It a Bad Idea to Buy a Home That Needs Foundation Repair?

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When most of us tour a home, we are looking at the size of the rooms, the fixtures, and the amenities that it can offer to us. However, we also know that foundation repair issues aren’t usually something that you want to see when you’re looking into buying a home.

Many of us have heard people say, “Never buy a home with foundation repair issues, it’s more trouble than it’s worth.”

In many cases, this is the truth. However, there are certain times when it can be okay to buy a home with foundation repair issues and not have to worry too much about it.

Get an Inspector

When you find a home that you like, find a trusted inspector that will tell you what all needs repaired or fixed on the home and any major problems that will need addressed. Make sure that you find a trusted inspector because they will be the deciding factor, in most cases, on whether or not the foundation repair issues will be worth pursuing and the home overall is worth buying.

To find a trusted inspector, first ask your friends and family. They can give you some of the most honest advice about their experiences with local contractors. Next, check ratings of individuals online. Don’t just look at their website, also check other ratings websites. After that, call and speak with the inspector(s) you are interested in hiring and see if they are the right fit for you.

Financing Issues

This may be one thing that hasn’t crossed your mind yet, but in some cases you cannot get a loan for a home with documented foundation repair issues. This is especially true in cases of government based loan systems.

The lender does not want to give you a loan in this situation because you may end up belly up in this situation because it could end up costing way more than what you are paying for it, and they will then not get the money that they loaned you back.

What can you expect? If you do decide to buy a home with foundation damage, make sure that you have already checked with the entity that you plan to get a loan from if they will accept this or if there are any penalties that come with this.

In some cases, you may have higher interest rates or a higher down payment than with traditional loans that come with structurally sound homes.

Big vs. Small Foundation Repair Problems

If you tour a home and see that the walls in the basement are bowing, there are large cracks in the foundation, and there is a mold issue, you know that that is likely not a great investment on your part because it will take a lot of money to resolve those issues.

However, there is also the danger that what seems like a “small” problem may end up costing you a whole lot of money.

This is why it’s especially important to get a certified professional inspector that you trust and is trusted within the industry to identify foundation repair issues and possibly give an estimate as well to give you leveraging abilities with the seller.

What can be classified as a small issue, though? And what foundation repair problems are worth spending the money on if everything else is perfect?

If your inspector tells you that you have small cracks from the natural settlement of the home, this is a time when it is okay to buy the home.

Most homes will have some small cracks due to settling, and these are usually nothing to worry about – and your inspector can confirm this.

Make sure that the repair that you are doing will add to the value of the home. In most cases, fixing a foundation repair issue will definitely add to the value of the home because it is making it safer and more stable, but in certain cases the cost of the foundation repair can outweigh the real value of the home and would not be a smart purchase.

If you are looking into buying a home, give us a call! We can advise you on which foundation repair problems are not worth it and which could be reasonably fixed.

We are local foundation repair experts, and we have lots of experience with local homes. We know how the soil and weather work, and we can advise new to the area buyers on these issues as well. If you have questions or concerns, it’s time to give Basement Authority of West Virginia a call!

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Clarksburg, WV

1807 West Pike Street Ste C
Clarksburg, WV 26301