Having your foundations repaired can become costly, with homeowners spending upwards of $4,000 to have the work carried out by a licensed masonry contractor. In some instances, the work can cost even more, which leaves many people reticent to spend that amount if they don’t really need to. However, it’s not always easy to know whether you need to have the work carried out, or not.
If your home has a few cracks in its walls, should you have your foundations repaired by a local construction contractor, or sit tight and hope the problem won’t become any worse? Now, while foundation repairs aren’t covered by your homeowners policy (unless you have made a special addition to the policy, or if the damage has been caused by a leaking sewer line), they are certainly worth the investment, and especially if you want to sell your home.
Can’t I sell my home ‘as is’ and leave the repairs to the next owner?
Well, you can certainly try to sell your home ‘as is’, without having paid a masonry contractor to repair the foundations, but it’s important to recognize that many potential buyers will be wary of buying a home that needs significant repairs. They may not be interested at all, or you may be forced to sell at a far lower price than if you had paid to have the foundations fixed.
Note also, that the majority of lenders won’t offer a mortgage for a home with foundation problems.
If you answer yes to any of the following 4 questions, then having your foundations repaired will almost certainly be worth the investment:
- Do you plan to remain in your home for the next 5 years at a minimum?
Yes? Then having your foundations repaired is certainly worth it; if you don’t have a masonry contractor repair the problem, it will likely get progressively worse, and end up costing you even more money the longer you live it.
2. Would you like to sell your home for more?
Yes? Then do remember that a lot of potential buyers will avoid bidding on a property that requires repair work to its foundations, or may offer you a much lower price to cover the cost of the work that they’ll have to pay for. Fix the foundations and sell your home for the price you want.
3. Are you trying to refinance your home?
Yes? Then consider the fact that most lenders will ask for a home inspection to be carried out if you’re trying to refinance your mortgage, and they’re highly likely not to approve your application if foundation repairs are necessary.
4. Do you plan on leaving your home to your children?
Yes? Then surely you don’t want to leave them with a home that need repair work to be carried out? Have the work carried out by a licensed and insured construction contractor, and don’t leave the burden of repairs to your children.
Ignoring a foundation problem will inevitably lead to higher costs later on, and when you do neglect such a problem, it can have a significant impact on the roof, plumbing, doors, windows and very structure of your home. Act now to protect your home, and your bank account.