Understanding the Effect of a Damaged Foundation on a Home’s Resale Value
A foundation is no doubt the most important element in any home. After all, there would be nothing for the home to stand on without it. Since your foundation is your most treasured part of the building, the best thing one can do is to maintain it in good shape. This will not only help improve the overall look of your home but also increase its resale value. Diligent homeowners understand the effect of a damaged foundation on a home’s resale value.
Current estimates indicate that a home with foundation issues is reduced in value in the range of 10%-15%. For example, a $200,000 home with foundation problems would lose $20,000 to $30,000 in resale value, assuming a buyer and financing could be found.
Foundation damage takes numerous forms depending on the cause of the damage. This would also means that it would affect the resale value of a home differently. The damage can be in form of cracking in a poured concrete wall to the inward bowing of a block wall or even an upward heaving in slab flooring. Foundations damage also causes problems to the upper areas of the house. Since the value of a home is first determined by its outward look, this can be very detrimental to the resale value of the home. This damage can cause the windows and doors to become difficult in operation. Due to the damage, the door and window openings would cause the drywall to crack, further damaging the home’s exterior. Nothing turns off a home buyer like an unattractive exterior.
In most cases, home owners would want to approach mortgage broker and banks to help fund their remodeling. However, these institutions may not be willing to offer financial assistance in case the home has a damaged foundation. This further puts the homeowner in a complicated situation. It is also important to note that the damages can only get worse. This therefore means that the value of your home will get dwindling until you take the necessary steps to repair it.
The other effect of a damaged foundation is that it tends to affect the floor too. You will begin to see swelling on the floor. This will eventually cause the wooden floor boards or even tiles to pop up. No one would want to buy a home with uneven or damaged flooring. Potential buyers would not be willing to deal with a compromised home. Basically, they would try as much as possible to avoid inheriting your foundation problems. This would mean that if they were to but the home, then they would be forced to offer a ridiculously low amount.
How to prevent further damage
Since it is clear that a damaged foundation affects your home’s resale value, the best thing to do is to be swift in salvaging the situation through repair. One the ways that you can use is wall stabilization. In a case whereby you foundation fails to stand up to the exerted pressure on its exterior walls, it can bow, crack, shift and crumble. Wall stabilization therefore helps reinforce and support stressed walls. With the right wall stabilization in place, your foundation will become fortified enough to resist soil and hydrostatic pressure.
The other option that would help improve your foundation is piering. This is a system that combats settling by lifting and supporting your foundation. In fact, it is possible for brickwork and masonry cracks to be closed, and in the process effectively undoing the damage. However, you would need to go to the root of the problem and repair the foundation cracks. This process of piering should only be done by a qualified and experienced foundation repair company that specializes in this work.
Another effective method that one can use in dealing with foundation problems is through basement waterproofing. This is mostly recommended for foundations that are affected by poor drainage. This method ensures that water do no leak into your basement. As much as waterproofing may not really help to fix an existing damage, it is recommended in order to help your home avoid future problems and in the process improve its resale value.
With these in place, it should be much easier to manage your foundation in order to increase the home’s resale value. Always keep in mind that potential buyers would get attracted by the home’s exteriors before he looks at the specifics of the home. Get it right on foundation and you will be on your way to reap big in terms of your home’s resale value.