Shopping for and buying a home can be a very daunting, but fulfilling time in your life. Finding that perfect house, with a great yard, in a good area is a dream everyone has. However, that dream can become a nightmare if your new home has foundation issues. Foundation problems in the Baton Rouge area across to the North Shore areas of Hammond, Covington, Ponchatoula and Slidell, need to be seriously considered when you shop for a new home.
When you find a property you are seriously considering purchasing, it is imperative you have it inspected. It’s a good idea to use an independent inspector, not one that has been recommended or provided by your realtor or the seller. It is critical that if there is any foundation concern at all, you bring in a trusted, reliable foundation expert to assess the situation.
Having a foundation problem in your new or potential home can drastically change how you move forward. Let’s take a look at some:
- The cost of repairing the foundation- How much does foundation repair cost? Depending on the severity of the foundation damage, a quality repair to restore your home’s safety and value can have a wide range of costs. Patching cracks can be a cheaper alternative, but doesn’t address the core issue. For the long term structural safety and value of your home, a comprehensive solution is necessary.
This brings up another tip. Don’t make your purchase contingent on the seller repairing the damage. More often than not, the cheaper method will be used. This will only cause future headaches and expenses for you.
- The cost of correcting related damages- When there is foundation damage in a home, there is a lot of collateral repairs that need to be addressed. Even after the foundation issues are addressed, you may still have cracked drywall, broken tiles, crooked doors and windows, etc. To correct these issues, you are looking at additional expenses.
- The effect on financing- Based on the typing of mortgage you’ve secured for your new home, the terms, or even approval, may change based on the structural integrity of the property. Some loan programs will require stricter collateral requirements, and foundation problem could require a higher down payment, a higher interest rate, or it could result in the loan being declined altogether.
These are just a few elements to considering when buying a new home. Foundation issues are nothing to take lightly. In the same sense, if you are selling a home, these are just a few of the factors that could be working against you. At WCK Foundation Repair, we’ve been educating south Louisiana and helping homeowners solve foundation issues for over 30 years.