Regardless of whether you just purchased your “forever home,” or you’re planning on putting your house on the market in the next few weeks, every homeowner pays attention to their home’s value. With that being said, you’re probably aware that your home’s main structures and systems, like the foundation included, have a direct impact on your property value.
The Relationship Between Foundation Damage and Resale Value
How does a foundation issue affect my home’s resale value? This may seem like a simple question, but there’s no straightforward answer. The relationship between foundation damage and resale value depends on a number of factors.
Foundation damage affects every home differently. But if you’re looking for a very rough estimate, most foundation issues reduce a home’s value by 10-15 percent. In other words, a home that’s worth $300,000 could potentially lose between $30,000 and $45,000 in value.
Here are a few of the different ways in which structural foundation issues typically affect a home’s resale value:
1. Repair Costs
Let’s begin with repair costs. If the structural damage is serious in nature, someone is going to have to repair the foundation. This will either be you, the current owner, or the future buyer. Regardless of who actually writes the check, you’re the one who will pay for it. You’ll either hire a contractor to fix the issue or reduce the sale price to offset the expense.
Again, the cost to repair a foundation varies drastically depending on the type of foundation, severity of the problem, size of the home, and a variety of other factors. According to HomeAdvisor, minor cracking can cost as little as $500, while major foundations involving hydraulic piers can cost more than $10,000. The average homeowner spends somewhere between $2,166 – $7,802.
2. Decreased Curb Appeal
A home’s first impression plays a critical role in a prospective buyer’s evaluation of a property. Unfortunately foundation issues can negatively impact curb appeal. People want a home that looks good and feels safe. Sagging floors, ceiling cracks, visible foundation cracks, or even the simple knowledge that a home has had foundation repair in the past can be enough to turn even the most excited buyer away.
Ultimately, it all depends on the current state of the market. In a buyer’s market, you’ll probably need to lower your price. Also, you can expect your home to sit on the market for a longer period of time. In a seller’s market, you may not deal with as many negative consequences. Everything is variable, but the decreased curb appeal will almost certainly impact your home’s value in one way or another.
3. Cost of Referred Symptoms
If you choose to live in your home without immediately dealing with foundation issues, you may end up having to deal with what we’ll call “referred” symptoms. Much like with health-related issues, referred symptoms are problems that don’t actually have to do with the core problem – the foundation – but result from it.
Common referred symptoms from foundation problems include sagging floors, roof issues, cracks in walls and ceilings, compromised insulation, broken or cracked windows, and just about anything else.
It’s definitely something you want to take care of sooner rather than later.
3 Tips for Preventing Future Damage
If your home already has some level of foundation damage, you want to make sure you don’t have more issues in the future. Aside from addressing the current cause of the problem, here are a few tips for preventing additional damage that could further devalue your property down the road.
- Look out for water. Most foundation issues are either caused by the result of water or are worsened by its presence. Thus, if you’re able to prevent water from accumulating near the foundation, you can avoid most issues. This is easier said than done, but constantly be on the lookout for the presence of water or moisture.
- Be careful with landscaping. Did you know that you can actually compromise your home’s foundation by planting trees too close to your home? Trees that develop deep roots in close proximity to the home’s foundation can actually cause a number of issues in the years to come. Make sure you know how far roots stretch before planting.
- Watch the slope. Water pooling up near your home’s foundation is never a good thing. You should ensure your yard’s grade slopes away from the home in order to push away excess water that would otherwise seep into the foundation. On a related note, always make sure downspouts and gutters are pointed in the appropriate directions.
It’s impossible to avoid every risk. Some foundation problems simply aren’t preventable. However, by following these tips, you can greatly reduce the chances of having severe issues in the future.
Contact Edens Structural Today
There’s arguably no more important aspect of your home than the foundation. As such, you shouldn’t let just anyone inspect or repair your foundation. You need a reliable and trustworthy company that can diagnose and treat any issue with total confidence and professionalism.
At Edens Structural Solutions, we’re proud to be northeast Oklahoma’s number one foundation repair company. As a privately owned and operated business with more than 30 years of local experience, our name has become synonymous with intelligence and integrity. If you believe your home has a foundation problem and want a professional opinion, then please contact us today. We’d be happy to provide you with a free, no-pressure consultation!
