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Wednesday, May 12th, 2021 by Kal Aldrich
Whether you just purchased a house or are planning to sell, every homeowner pays close attention to the value of their home. With that said, you are probably aware that the structures and functions of your home, including your foundation, have an impact on the property and its value.
The connection between foundation failure and resale value depends on several reasons. Rare Daily, a real estate inspection and appraisal company says that “Foundation damage takes numerous forms depending on the cause of the damage. This would also mean that it would affect the resale value of a home differently. The damage can be in the form of cracking in a poured concrete wall to the inward bowing of a block wall or even an upward heaving in slab flooring.” They state that most foundation problems lower a home’s value by 10-15%. For example, a house that is worth $500,000 could lose between $50,000 and $75,000 in value.
The first thing that affects resale value is the cost of repairs. If the structural failure is serious and will clearly worsen over time, somebody will have to repair the foundation, whether it be you, the current owner, or the future buyer. Either you will hire a contractor to fix the problem or reduce the cost of the home to compensate for the expense.
The type of foundation, how bad the problem is, the size of the home and several other factors determine the cost of the repairs. HomeAdvisor states that “Minor cracking can cost as little as $500. Major foundations involving piers can cost more than $10,000. The average homeowner spends roughly between $1,763 and $5,880 on foundation repair.”
The home’s first impression plays a significant role in a buyer’s evaluation of what they want and are looking for. Therefore, foundation failure can severely impact the curb appeal of a home. When people buy a house, they want something that feels safe, looks good and fits their criteria. Wall cracks, bowed walls, sagging floors, etc. can turn an excited buyer away in a heartbeat. Most things are variable when it comes to buying a house or property, but the reduced visual attractiveness will most definitely affect the value of your home sooner or later.
Identifying problems early and before they worsen is crucial in reducing the extent of the damage. Besides stating the cause of the issue, here are some tips when it comes to preventing more damage that could further reduce the value of your home or property.
In order to prevent water from invading your foundation, it is important to extend your downspout about five to ten feet away from your property.
Most foundation problems are caused by water or by the presence of it. If you can prevent water from pooling around your foundation, you will avoid most water-related problems.
It is important to not plant deep-rooted plants or trees close to your home. This can create holes or dams which can store water around your foundation.
In order to provide appropriate yard drainage, clean out your rain gutters and make sure they are fully functional. When it rains, your gutters are responsible for getting rid of that water. If they are full of leaves and waste, the water will run over the edge of the home and into your foundation.
As a homeowner, it is crucial to make sure that your yard’s grade falls away from your home to serve as an escape for extra water to go. This also correlates with ensuring your downspouts and gutters are aimed in their proper direction.
We are a family-owned business that serves Minnesota, North Dakota, northeastern Iowa, and western Wisconsin with more than 30 years of experience. If your home is showing signs of foundation failure, give us a call today or click HERE to schedule your no-obligation, FREE, on-site inspection.
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