Homebuyers across St. Louis, MO, often pay attention to the foundations of homes on sale as much as they do to their exteriors. They know that a healthy and strong foundation can support their home for many years. If there are underlying issues like uneven floors, cracks, or anything that shows your foundation was built on shaky ground, they’re likely to back off. And your wait for the next buyer will go on.
At the forefront of your mind right now is whether you’ll get a buyer or not. Yes, it’s possible. But it’s going to be difficult to convince someone to put down money on your home. Potential buyers want to move in and settle down quickly, not start troubleshooting and fixing the foundation under the home.
Should I Worry About Foundation Issues?
Yes, you should — not just because you’re selling a home, but because you care about the safety of would-be buyers. Foundation problems are serious enough to make prospects reconsider their decision.
Safety will be at the top of their lists. Unless you address the problem, questions such as wall safety or sinking floors will always pop up in your conversations.
Let’s cut to the chase. Most buyers want a problem-free home. No one wants to move in and start carrying out repairs that run into several hundreds or thousands of dollars. And then there are issues that crop up when the foundation falls apart. Crevices and openings may allow water and moisture into your home, making it moldy, smelly, and damp. These are issues that interested buyers would want to avoid when exploring homes for sale. Deal with these before any buyers walk through your door.
When it comes to foundation repairs, your policy won’t be of any use as insurers only cover specific things like earthquakes or tornados, and foundation damage isn’t one of them. You will have to pay for the repairs. Another option is to look for buyers who are interested in fixer-upper homes. Some people won’t mind buying a home that needs some minor repair.
How to Make Your Home More Attractive to Prospects
Selling a home with foundation issues isn’t going to be easy. However, you can increase the chances of finding a buyer by doing the following:
- Offer a Good Discount – Consider selling your St. Louis, MO, home minus the projected cost of foundation repairs. Let the buyer know up front that you’re offering them a discount, and they can use the money they’ll save to perform repairs.
- Basement waterproofing – Take the necessary steps to keep your basement moisture-free with reliable waterproofing solutions. Seal cracks, make sure interior drains and sump pumps are in working order, get a dehumidifier, and install a wall cover or vapor barrier.
- Insurance and bond – When taking out insurance and a bond, make sure it’s transferable to the new buyer so their foundation stays protected. You want to make sure the local foundation repair contractor will come and perform repairs when it’s necessary.
- Labor Warranty – Most home contractors back foundation repairs with solid 10 or 20-year warranties, which is another way of saying they’ll still have your back should anything come up during this time. Such warranties will inspire the confidence of jittery buyers.
- Be honest – Freely share the inspector’s report with any potential buyer who asks for it, including any repairs you have done. The idea here is to ensure prospects know what they can expect. This way, you’ll avoid unnecessary legal suits and tussles.
Who should pay for additional repairs?
Some people feel they’re indebted to pay buyers for any foundation repair jobs or enhancements. No, it’s not a must, and there’s no law that compels you. The best thing is to fix all foundation issues before you list your home. Doing this will increase your home’s value and attract serious buyers.
Lenders might be hesitant to finance the purchase of a home with underlying structural issues. For buyers, this will be a damper and a missed opportunity to buy the home they want. Even if they’re able to convince a lender, they’ll be slapped with ridiculous interest rates, and this will make the loan terms unacceptable. Before you put your home up for sale, make sure it’s free of foundational issues. Schedule a free foundation repair inspection for your home in St. Louis, MO, with the experts at Foundation Recovery Systems and find answers to your perennial issues that could get in the way of making a sale. We’ll show you what’s wrong and apply the best fix.