So, you've been to see a house that you love. It's ticked all the boxes and you can see just how you can make it your own. The only problem is that the house has undergone foundation repairs. What does this mean for you and your dream home? Read on for more information.
When You Don't Have to Walk Away
Often homes that have had previous problems can be sold for lower than you'd expect to pay for a similar house. This drop in price is about buyer confidence rather than being due to a home being unfit. However, as a buyer, this can work in your favour.
The first instinct of many people when hearing there have been problems with a house's foundation is to walk away. However, this isn't always necessary. Any house could potentially suffer foundation cracks. So, knowing that this has already happened and has been remedied can give you more confidence. In fact, a foundation that has been repaired correctly can mean that a house is stronger than it was when originally built.
The key to knowing if it's safe to buy is knowing that the foundation crack repairs have been done correctly and have fixed the problems. Find out who undertook the repairs and run a check on the contractor to ensure that they're a reputable company. If the repairs are still under warranty, you'll want to know that the warranty is transferable to you upon buying the house.
If, after checking the repairs and warranty, you are still not entirely confident, it's worth getting an independent foundation inspection. You could make your offer on the house contingent upon a successful inspection. Always choose your own inspector — you can then be sure that they are working for only your benefit.
When You Should Consider Walking Away
No matter how much you love a house, there may be times when it is prudent to walk away. If a seller tells you that structural repairs have been undertaken, yet there are still cracks in structural walls, this should be seen as a red flag. There should be no new cracks after a successful foundation repair.
In their eagerness to make a deal, a seller may agree to pay for any repairs that need to be done before the sale. If you are happy to go along with this, then you'll need to be sure that you take an active role in the process. Get an independent inspector to state just what repairs need to be done. You should then choose a reputable contractor that can deliver the excellent results you'll want.
