16 Aug The Dangers of Buying a House That Requires Foundation Home Repair
While some might think of home buying in San Antonio as a fun adventure, it can be quite the opposite in a lot of cases. Sometimes the perfect home just jumps right out at you, and other times it can take months and months of near misses and bad fits. Sometimes, you can go as far as the inspection stage before a buying opportunity falls apart. If the inspector finds a problem that requires foundation home repair, then you will have to decide whether or not to continue with the purchase. Sure, you can go through house leveling and fix the problem, but is it worth the stress and extra money? It’s important for any hopeful buyer to understand what is at stake when it comes to foundation issues and balance the risks with the rewards. Here are the risks involved when you buy a home that may need foundation home repair.
Your Financing May Change
At the time of the inspection, you may have already qualified for a loan at a certain rate. However, in some cases, you may need to change that financing based on the house being potentially structurally unsound. In fact, your lender may even decide not to finance the purchase at all if the problem is severe enough. If the lender does agree to continue to provide financing, there is always a chance that they will ask you to put down a larger down payment to mitigate their risk.
Cost of Foundation Home Repair
You should also factor in the cost of and other repairs. If there is a crack that is ¼ wide or smaller, then you may not even need a repair. If the crack is larger, then you will need to take care of it. Patching cracks safely and effectively can be an expensive repair for a seemingly small job. Sometimes it can cost in the thousands of dollars. Patching over cracks does not fix the underlying problem that is causing the cracks, either. That will have to be repaired at some point down the road as well. Sometimes the fix is relatively minor, such as repairing gutters and downspouts, which would make it more worth it. Putting in an entirely new foundation can cost $100,000 or more, so it is best to be cautious.
The thing with foundation issues is that they don’t just affect the foundation. When the house shifts it can cause other damage throughout the home that will also have to be fixed. These can be cracked windows, damaged floors, cracked drywall, and any number of other issues. If you go through home foundation repair but choose not to fix those issues, then you will have to accept them and live with them. Repairing them will cost even more.
There Could Be Issues Beyond the Foundation
Sure, if your foundation is failing, you can go through house leveling or some other repair process and get it back up to snuff. However, the problem may be with the soil itself, which means the issues will just come back. If the soil has shifted, or if your Texas home is on uneven ground, then you could have a major recurring problem. Contractors can test for soil or evenness, but if they make a mistake, you will be stuck with a massive bill for all of the work that will have to be done to make everything right.