If you’ve been told that your home has foundation damage, you might wonder, will foundation repair affect resale value or even make your home downright unsellable in the future? Homeowners might also wonder how long foundation repairs last and what happens if they don’t fix a foundation in the first place!
Completed foundation repairs shouldn’t affect a home’s resale value; however, foundation damage can reduce a home’s value by 10-15% or more, depending on the extent of damage. The longer you put off needed repairs and the more extensive that damage, the greater the impact on your home’s resale value.
Foundation damage affects every structure differently, so there is no “one size fits all” answer about how needed repairs might affect your home’s value or salability. Whatever the actual figure, however, you can be certain that needed repairs will lower your home’s value and, in many cases, cost you thousands if not even tens of thousands of dollars when it’s time to sell!
To better understand the need for residential foundation repairs, consider some added information about selling a home with foundation damage and what happens if you don’t fix a foundation. You might also consider if you should buy a house with foundation problems yourself, when you’re in the market for a new home. Be sure to discuss this information with a foundation repair contractor or real estate agent near you, to make the best decision for yourself financially.
Whether or not you can sell a house with foundation repair issues depends on many factors, including your home’s condition overall, its size, price, location, and other factors that buyers consider when buying a home. In some cases, a potential homebuyer might be willing to negotiate a lower price with you, taking into account the cost and hassle of needed foundation repair.
Other buyers, such as house flippers or those preferring “fixer-uppers” that they can get for a lower price and then fix on their own, might also be outright looking for distressed or damaged homes. Some investors might also be looking for lower-cost homes that they can repair cheaply and then rent out; since they won’t be living in the home themselves, they might invest in the cheapest fixes possible in order to maximize their profits.
Since homebuyers will want to negotiate a lower price for a home with foundation damage, it’s vital that sellers schedule an estimate before putting their home on the market. This can tell you what type of negotiations to expect from prospective buyers, so you can then decide if you should fix that foundation before attempting to sell or try selling your house as-is instead.
How long foundation repairs last depend on your chosen repair method and if you correct any issues that caused foundation damage in the first place, such as poor drainage or improper grading of your property. Epoxy injections might fix small foundation cracks, and these injections usually last between 5 and 7 years.
When basement walls crack and begin to bow outward, they might require carbon fiber straps to put them back into place and keep them secure. These straps should last indefinitely; many foundation repair contractors will even guarantee them for a lifetime!
Helical or steel piers provide support for exterior foundation cracks and sinking foundations, as well as damaged areas such as chimneys and porches. As with straps, many contractors guarantee those piers to last for decades if not indefinitely.
Putting off needed foundation repairs typically just makes that damage worse, so that it becomes more extensive and costlier over time. In addition, ignoring needed foundation repairs can also mean secondary damage inside and outside the home, and this also adds to your eventual repair costs!
Note what often happens if you don’t fix your home’s foundation:
In extreme cases, your house might sink so severely that it requires house leveling or slab jacking for repairs. House leveling involves injecting a type of liquid under the home; as that liquid dries, it becomes a tough, dense foam. This foam lifts the home back into a level and even position and then hardens, keeping the home in position.
While many foundation problems develop over time, this doesn’t mean that an older home will automatically have foundation damage! A homeowner also shouldn’t assume that a new foundation is in good condition and doesn’t need regular inspections, simply because there hasn’t been enough time to develop foundation damage issues.
Whether or not a home develops foundation problems depends on the quality of the foundation installation and materials, and if the foundation is kept dry and supported properly over the years. A homeowner should also ensure the foundation is strengthened as needed before adding significant weight to a home.
If a home’s foundation consists of quality materials and installed by skilled contractors, and the property is graded so that moisture runs away from the house, that foundation can last for decades if not indefinitely without developing issues. Filling in minor cracks as they develop and waterproofing the foundation as needed can also keep it in good repair no matter its age.
There is no “right or wrong” answer as to whether or not a house with foundation problems would be a good choice for you, as this will depend on the extent of damage, estimated cost of repairs, and if the home offers other details and features you prefer. For example, you might be willing to pay for foundation repairs if a home’s selling price is low enough to compensate, and if the house is located in a desirable neighborhood, is the right size for your family, and so on.
On the other hand, a potential homebuyer should never assume that they can buy a house with foundation repair issues and put off those needed fixes indefinitely. Not only will those repairs get more costly but you might also start to notice secondary damage, including cracked walls and roof damage, all of which add to those eventual repair costs! On average, your foundation repair costs can run from $250-$15,000, with extreme situations requiring $30,000 foundation repair.
If you’re considering purchasing a home with foundation repair issues or any other such damage, speak to a real estate professional, home appraiser, foundation repair contractor, or lawyer before making your decision. He or she can advise you on potential repair costs and risks associated with the home, so you can make an informed purchasing decision or decide when to walk away from foundation issues. After all, will a bank finance a house with foundation problems? Probably not.
Knowing what causes foundation damage can help any homeowner avoid those issues in the first place, so you never need to worry about foundation repairs affecting resale values for your home! In addition to a poor-quality foundation installation and low-grade materials, note some other common reasons for a house suffering foundation damage over the years:
To avoid foundation damage, ensure your property is graded or sloped properly and have the soil checked every few years for moisture issues or overgrown tree roots, especially if there are lots of mature trees near the home. Invest in waterproofing services and crawlspace encapsulation as needed, to keep the foundation dry and strong.
Regular foundation inspections also spot early signs of damage, including cracks and spalling. This allows you to make quick repairs before that damage spreads and gets worse. In turn, you’ll not only save money on otherwise unnecessary repairs but you’ll also ensure that foundation damage won’t affect your home’s resale value!
So, our conclusion: Does foundation repair increase home value? This isn't typically the case. However, if you had a professional company complete the repairs and they have held solid for a good amount of time, it won't hurt or be better for resale. Also, keep in mind that a buyer may require you to complete repairs before they close on the house.
Ann Arbor Foundation Repair Experts is proud to offer this information to our readers and hopefully, it helped answer the question, will foundation repairs affect resale values? If you need foundation repair in Ann Arbor or surrounding areas, give us a call! We have over 20 years of industry experience and offer FREE quotes as well as convenient appointment times. At Ann Arbor Foundation Repair Experts, we also pride ourselves on our outstanding customer service, ensuring all your questions are answered every step of the way. To find out more or get started with your no-hassle, no-obligation appointment, give us a call today!