How Does Foundation Repair Affect Home Value?
Thursday, May 24th, 2018 by Aaron Ruskamp
While no one wants to accept it, the truth is that foundation problems do affect the value of your home and your peace of mind.
Foundation problems can reduce the value of your home by as much as 30%!
We have all seen cracks in a foundation or drywall inside the home. We have also felt sloping or unlevel floors. We know the problems when we see them, but we wish we haven't seen it when it's our home. The reason for this is we fear the unknown. We fear what the problem is. We fear what the repair process will look like if it can even be repaired.
Most of all, we fear what it will cost to fix it. This fear often prevents us from taking action and avoiding making the phone call we know we should make, and instead choose to live with the problem and accept a reduction in our home's value.
It is estimated that foundation problems in homes can reduce your property value from 10% to over 30%! A home valued at $200,000 could mean a reduction in its value by as much as $60,000. In real life, that means when you sell your home, instead of getting an offer for $200,000 you may get an offer of $140,000. That is assuming the potential buyer isn't scared off by the foundation problem. There is no doubt about it, not fixing your home's foundation problems can cost you a substantial amount of money when you sell your home.
We also know that once a foundation problem begins, it only gets worse as time goes on. The forces of nature continue to act against your home's foundation, and what was once a small or minor problem can quickly escalate into a much larger problem.
That once small or relatively inexpensive repair can quickly grow to become a more urgent and expensive problem to fix. It is always better to fix foundation problems early while they are still minor.
Often, when a customer chooses to call us and get a proposal for repairing their foundation problem, they are surprised by the project's affordability. Homeowners are pleasantly surprised to see that fixing the home often costs less than taking a reduction in the sale of your home. On top of that, our financing options can often turn your once difficult foundation problem into a manageable monthly payment.
So what should you look for when deciding to fix a foundation problem. Three significant factors should be considered when deciding to have your home's foundation problem fixed. 1) Quality Repair Work, 2) Strong Warranty, and 3) Reliable and Reputable Company.
Quality Repair Work. It is essential to make sure you have the right type of work in your home. You only want to go through this process one time, so you must have the right solution and the complete solution for your problem. It is also critical that you have the best products and the best installation experts performing your work. The reliability of the work often comes down to the expert that installed the work.
Strong Warranty. There are many repair companies out there, and they all have their warranties.
It is crucial to make sure you know the length of the warranty and what is included in the contract.
Will all warranty work be done at $0 in cost, or are there hidden fees for repair work? Is the warranty fully transferable to the next owner, or will the warranty end when you sell your home? You should carefully read the contractor's warranty to what you are getting a warranty for.
Reliable and Reputable Company. The ugly truth is that a warranty is only as good as the company. If a company goes out of business, you will lose all protections you had in the warranty. So while a warranty may look good, if the company backing the warranty hasn't been in business very long or you fear it might not make it through the next economic downturn, you should be concerned about how long your warranty will last.
When you choose to do work with Thrasher Foundation Repair, you will get an explicit 1-page warranty before signing a contract.
That warranty will lay out the length and details of what is covered under our warranty. Best of all, you will know that your warranty is backed by Thrasher Foundation Repair, which has been in business for over 45 years, weathered many economic storms, and outlived our warranties several times over; and we are still in business.
While foundation problems can be scary and can have a 10% to 30% reduction in your property value, Thrasher Foundation Repair can fix it. We will show you how affordable the repairs can be, our financing options, and the strength of our warranty and our name in this industry. When you fix your problem with us, you not only fix your foundation problem, but you restore your peace of mind.
Foundation repair expert Aaron Ruskamp explains how repairing your foundation affects your home's value - and what it can mean when you buy or sell a home that has had a foundation problem.