Can you relate the foundation issues of your home with its resale value? Although the question is pretty simple, the answer may not be a straight forward one. The relationship between resale value of your home and foundation problems will depend on few number of factors.
The reasons for foundation problems can be many and therefore foundation problem affects every house in a different manner and so is the resale value too. According to one real estate expert any kind of issues related to foundation can reduce the value of your house in the range of 10 to 15 per cent.
Following are few different ways any structural foundation issues can really have any influence in the resale value of your home.
- Cost of repair
If the problem of structural damage is very serious then it will need foundation repair which can be substantial at times that has to be borne either by the present owner or future owner of the house. In either of the case, it is the current owner who must bear the cost of repair. Either you must repair it by hiring contractor or reduce the sale price.
Cost of repair again will depend upon the type of foundation, extent of problem, size of the house and many such other factors.
- Decreased curb appeal
When any buyer comes to see the home then his first impression matters a lot. If he can notice any foundation problem, then it will have negative curb appeal. Any buyer would prefer a safe home. In case he can find any ceiling crack, sagging floor or visible foundation crack he will lose his interest. Even if he comes to know that the house has undergone repair in foundation then it will put him off.
However, ultimately the value of your home will be dictated by current scenario of property market. If it is a buyer’s market, then the resale value of your house will be down any way. Sometimes you may also need to wait much longer to find any customer. On the other hand, if you are in seller’s market then you need not deal much with so much with any kind of negative aspects of your home. However decreased curb appeal will always impact on the resale value of your home.
Therefore, if you can discover any foundation problem then whether you are planning to sell or not you must sort out the problem as soon as possible.