When you’re on the journey of buying a new home, there are many things that you may be looking for. The size of the rooms, the yard, the fixtures and appliances in the kitchen, and the location may all be factors on the list of things you want. When you have your inspection, you may get some bad news–the home needs foundation crack repair. Now you have to make a decision: is it still worth it to buy a home that needs foundation crack repair? In this article, we will examine the pros and cons of buying a house that needs foundation crack repair.
Is the Problem Easy to Resolve?
This question should not be answered by you. You should hire a professional inspector who has experience diagnosing structural issues and can provide you with an estimate that will give you leveraging ability in negotiations with the current homeowner if you decide to try to buy the home. Make sure that you are told what the problem is, how it can be fixed, and how much that will cost you.
Do not try to diagnose the problem yourself or think that you can resolve it with a crack repair kit. In most cases, foundation crack repair is not a DIY job because the crack is a symptom of the problem which usually leads to foundation repair. Following this, the cracks are a cosmetic problem that will be resolved. However, when you don’t get to the root of the problem, the problem will continue. There are only a few cases where a foundation is nothing to worry about, and your inspector will tell you when this happens.
Consider the Financial Problems
One thing that you should consider when deciding if it’s worth it to buy a home with foundation crack repair is that some banks will not give you a loan for a home with documented foundation repair issues. This is almost always what happens with government based loan systems. The lender wants to protect themselves in this situation. When you buy a home with foundation damage, it’s expected that you will also be fixing that damage. That can cost a lot of money! The lender just wants to protect themselves and make sure that they will get their money back.
If you do end up deciding to buy a home needing foundation crack repair, make sure that you check with your bank to make sure that you will be allowed to get a loan. Additionally, make sure that there are no penalties that come with this. You could have a higher interest rate or down payment when you buy a home with structural damage.
Will Foundation Crack Repair Disrupt Your Life?
Think about it. You’re buying a new home for you, and possibly your family as well, and you are already going to be stressed. Is it worth to you to have the added stress of a foundation repair on top of this. Not knowing if your home is going to cost you a lot of money, not be stable, or let in water the first time it rains can be a big stressor. Are you ready to take this on at the same time that you are moving to a new place, getting adjusted, and having to figure all of that out? If so, and you’ve considered all of the other factors, you can reasonably buy the home. If not, this may well be the deciding factor for you.
If you need a home inspection before you buy, call Reliable Waterproofing & Masonry. We’re happy to work with you to get your new home ready for you to live safely and comfortably in. If you have more questions about foundation repair methods or our process, give us a call!