Selling A House With Foundation Issues In Connecticut
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Selling a house with foundation issues isn't impossible, but it can lead you as a seller to sell your home as is due to the foundation repair cost, the extent of foundation damage, and the advice you might receive from your real estate agent.
What steps can you take to make sure that you get the best possible offer for your home with foundation issues?
The Basics Of Foundation Issues - Exterior Signs In Connecticut
Walk around the outside of your house to look for noticeable signs of damage to the foundation. This would include minor cracks, hairline cracks, and major flaking or cracks. Other things you will want to look for on the home's exterior include:
- Foundation setting or sinking in various spots
- Crumbling foundation portions
- Gaps between the house and trim work
- Bowed walls on the home exterior
- Stair step cracks in the mortar
- Deck columns that lean or pull away from the house
- A leaning chimney
These are just a few of the items you should check for when walking around your home exterior or if you do not have a basement. For a complete checklist, check out this link.
A Damaged Foundation - Interior Signs In Connecticut
Spotting signs of foundation damage or structural problems might be more accessible since you often look at these interior walls. These interior foundation problems will be something most interested buyers notice right away, but what are they?
- Uneven floors
- Walls that pull away from the floor or ceiling
- Cabinet doors that won't stay shut
- Leaks and cracks around chimney or fireplace
- Water in the basement
- Damp crawl space
- Small cracks on the sheet rocking
- Severe bowing on the walls
Taking note of these noticeable signs of foundational problems and any other foundation issues before speaking to your realtor will help them give you an informed decision on your next steps and how you should prepare your home for a potential buyer.
Preparing Your Home For Potential Buyers In Connecticut
In addition to the normal seller's checklist, you should go through it when preparing to sell your home; if you have foundation problems or know that major repairs to your home's foundation are needed, you will want to call a foundation inspection to your checklist.
Having an inspection report or proof of a professional inspection to present to your real estate agent will help them to determine if selling as is to a cash investor or selling your home at a lower price to the widest possible pool of buyers on an open market will be the best choice.
Most homeowners don't have these inspection reports detailing the extent of their foundation problems which can lead to your home being sold as is when it might not have to be.
Is It Worth It To Fix Foundation Issues Or Structural Damage In Connecticut?
As a seller, you have the decision whether or not you want to repair the foundation issues or sell your home as is. Keep in mind that repair costs for foundations can be high and that oftentimes the real issue behind a foundation crack is something much larger, like shifting soil which will also need to be repaired.
Overall, the cost of foundation repair tends to be between $2,000 and $7,500, with a national average of $4,500, with a breakdown of costs available here.
If you have decided against selling your home as is and want to repair foundation issues that were found during a professional inspection, that could lead to a traditional sale and a higher price point. One of the things you will need to do after the initial assessment of the foundation is to think about hiring a structural engineer to look over your home and decide what foundation repairs are necessary. This report can cost anywhere from $300 to $1,500.
In short, is it worth it to fix minor foundation issues? Yes. If you are looking to sell a house with minor foundation issues, fixing them can help potential buyers overlook other flaws they might find and increase your final sale price. However, if the issues are significant, it might just be better to sell your home as is since many banks won't finance a home with major structural issues and necessary repairs.
Selling Your House To House Flippers As Is In Connecticut
The issue with selling your house "as is" is that many buyers and home inspectors would agree that it's a deal breaker. Old age, the severity of the damage, the cost of repair work, and the overall condition of the foundation pile up to make your house one to look over. Not all buyers will think this way, though. House flippers and contractors will see the potential in your home and oftentimes know how to fix these issues. House flippers often go out of their way to purchase homes in similar condition with cash offers, something that not all buyers could do either.
The bottom line is that if you are selling a house with foundation issues, work with a trusted realtor, foundation repair company, home inspector, and other professionals who can guide you along the way. These professionals will help you make an informed decision regarding repairs, the selling price, and how to market your house. For more information regarding marketing a house with foundation issues or other damage, make sure to check out our blog.