So you’re considering selling your house, but there’s only one problem. You’ve been putting off repairing your cracked or sinking foundation for years, and now you’re afraid prospective buyers will be turned off by your foundation problems.
What should you do? Should you fix the foundation first or sell the house “as-is”?
You have to make a significant decision quickly that could potentially cost you a substantial amount of money. Here are a few things to consider.
Whether you’re buying or selling a home in Arkansas, understanding the severity of your foundation problems is crucial. The following are a few signs that any good real estate agent would tell you to take seriously:
These issues typically indicate serious structural problems and may be a significant deterrent to potential buyers, as they can be expensive to repair. You will be required to disclose any problems with your foundation, and interested buyers may require you to fix them before purchasing your property.
If you have signs of serious foundation issues, you might want to consider hiring a structural engineer to determine the full extent of the damage and how much it would cost to repair your foundation. Hiring a structural engineer typically costs between $500 and $1,000, but it’s worth the expense if you’re considering moving forward with the repairs.
Even if you decide not to repair the foundation before you sell, it will help you negotiate a fair price with potential buyers. If buyers love the house, they are less likely to leave the deal if they know the cost of repairing the foundation.
Whatever you decide to do, it is essential to be honest with potential buyers about the foundation problem in your house.
Many realtors would advise against fixing your home before listing it. Whatever repairs you make become part of the public record. Many potential buyers would immediately cross your home off the list because it has foundation problems. If they don’t even show up to see your home, you won’t have a chance to explain that you’ve fixed the problem.
There are always two sides to every issue. Some realtors suggest that you fix the foundation first. Many buyers would prefer to buy a home without significant problems. Their funds are already strapped, and they won’t want to pour additional money literally “into the pit.” Should you opt to fix your foundation, it is essential to select a reputable contractor. Working with a reputable contractor for foundation repairs guarantees that the work will be executed with a high level of proficiency, offering the potential buyer confidence that the repair will be done correctly to prevent future headaches. Additionally, a reputable contractor should include a robust warranty, providing potential buyers with further reassurance.
Believe it or not, you can promote a foundation problem as a good thing. Once you adjust the price, let the buyers know that they can add new amenities to the property while making repairs. Many buyers in Arkansas like the idea of adding a personal touch to their homes, and your house will attract buyers with that kind of Arkansas “can-do” attitude.
Some realtors encourage people to buy homes with foundation issues because the discount is usually 20% to 25%. The cost of fixing it is usually only around 10%.
Take heart and see the potential in selling your home with foundation problems, transforming challenges into opportunities for buyers seeking a project to enhance and personalize.
If you need to contact a foundation repair expert in Arkansas, don’t hesitate to get in touch with Airlift Concrete Experts. We offer foundation repair inspections and free consultations to a 60-mile radius around Alexander, Arkansas, including Little Rock, Conway, Pine Bluff, Hot Springs, Benton, and Jacksonville.
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