How far is my commute to work? Are the schools good? What days is the trash picked up? When it comes to buying a new home, the questions never seem to stop. However there is one very important question you need be asking when shopping for a house. “How is the foundation?” The answer to these queries, depending on what it is can create a number of new questions. Here are three very important ones to ask if it is revealed that there is foundation damage.
- Will I need new financing?
You’ve collected years of tax returns, months of pay stubs and diligently saved your down payment and now you have your pre-approval in hand. Now that you’ve discovered that your potential new home has foundation damage, is that letter still good? Depending on your financing platform it may not be. VA and HUD loans require that a home is structurally sound. Also, once a foundation problem is disclosed, a bank could still agree to finance the mortgage, however it may be at a higher interest rate or require more money down.
- Who is responsible for the repair?
It is important to not only determine who will be responsible for the repair if you decide to go through the purchase of the home. In short, it should be the seller’s responsibility. You should also make your purchase contingent on the repair being made and passing an inspection. It is also the crucial that you are heavily involved in the repair process, specifically choosing the foundation repair company. The seller may be motivated to find the cheapest and quickest option. You will want a comprehensive repair that also carries a lifetime warranty.
- Is there any other damage?
The foundation of a home supports everything. So as it moves, shifts and sustains damage it can impact other areas of your home. From walls, doors, floors, windows, all the way to the roof, it is important that these areas are considered when foundation damage is disclosed or discovered. The last thing you want after repairing the foundation is to be pay to repair drywall or your roof.
These are only a few questions that should come to mind, but they are very important ones. The most important question to discuss with the homeowner, your realtor and your home inspector is the condition of the foundation. Soil in Ponchatoula and through Tangipahoa and south Louisiana has unique, natural conditions that can be quite damaging to concrete and pier and beam foundations. If you discover that a repair is needed it is important to trust a local, knowledgeable and trusted foundation repair company. For over 30 years WCK Foundation Repair has been restoring the value and safety in homes across south Louisiana. They understand the soil conditions and offer a fully transferrable lifetime warranty on their work. For more information, click here.