It’s a competitive real estate market out there these days, and prospective home buyers are left with fewer choices and higher prices. This high-stakes market means it’s even more important to be vigilant and make wise choices when you are considering buying a home. While no home is 100% perfect, there are some flaws that are more problematic than others. If you are looking at any home that has foundation issues, it’s smart to step back and assess the risks.
Generally speaking, the seller should be responsible for the repair of any foundation issues before putting their home on the market. However, sellers aren’t technically required to perform foundation repairs first. They are required to disclose the state of the foundation and the potential need for repairs, to any prospective buyer.
If you are shopping for a new home, and come across a property with foundation damage, you may have a harder time obtaining a mortgage. Many lenders are reluctant to offer a mortgage on a property with structural defects, and even if you are paying cash, it’s something to consider first. Foundation damage, depending on the type and the severity, can be both time-consuming and expensive to fix. And in severe cases, it can affect the safety of the home and its occupants.
As you inspect a potential new home, there are a few things you should watch out for. A well-informed buyer knows what to look for, even before the professional inspection. If you see a lot of cracks in the foundation walls, sinking or settling walls or concrete slabs, bowing walls, excess sloping in the floors, or sticking doors and windows, there may be deeper underlying issues. These signs will make the professional foundation inspection even more vital, should you wish to move forward with the home purchase.
Overall, buying a home with foundation damage is a risk, and we recommend asking the seller to repair the foundation beforehand. But no matter which way you go, you can count on Van Matre Construction for all of your Denver foundation repair needs. Give us a call today for a free assessment!