The cost of having a foundation repaired depends on a variety of variables, including the nature of the problem needing to be fixed and other factors such as where you live and the sort of material your foundation is composed of. We’ve rounded up steps to take and some estimates for the most frequent foundation problems that a homeowner may encounter.
The next step is to be proactive if you’ve established that your home has foundation issues. Many homeowners make the mistake of not taking any action and allowing the problem to worsen over time. Eventually, this can lead to more costly repairs.
Get a professional inspection.
The greatest expert advice for dealing with a foundation problem is to hire a structural engineer to perform a thorough foundation inspection. A structural engineer will be able to properly diagnose any structural integrity issues and recommend a solution. The cost of hiring a structural engineer can vary depending on your location, but it’s typically around $500 to have your foundation inspected.
Get bids from companies that specialize in structural problems.
Once you have a home inspection foundation report, get bids from companies that specialize in repairing structural damage. These companies will be able to give you an estimate of the cost to fix the problem as well as how long the repair process will take. Pro-tip, do some research and get three or four quotes from reputable foundation repair experts and never go with the lower price.
You have three genuine alternatives at this point: Take on the foundation issue yourself, hire a foundation repair company, or sell the house as-is.
Doing the repair work yourself: If you decide to take on the project yourself, make sure you are fully aware of the severity of the problem and what is required to fix it. It’s also important to be familiar with your local building codes so that you do not cause further damage. You can find many helpful resources online from the Foundation Repair Network.
What are the Estimated Costs of Foundation Repair?
The cost of having a foundation repaired depends on a variety of variables, including the nature of the problem needing to be fixed and other factors such as where you live and the sort of material your foundation is composed of. We’ve rounded up estimates for the most frequent foundation problems that a homeowner may encounter.
Hairline Cracks / Minor Cracks/ Small Cracks: $250 – $2000
There are a variety of cracks that do not harm the structure, such as those caused by settling and expansion. They should not be overlooked since they are pathways for moisture and might lead to structural issues if left untreated. The treatment will include adding either epoxy or polyurethane foam. In some cases, waterproofing will be required
Leak Repairs: $2000-$7000
To resolve this problem, you should visit a professional about various waterproofing procedures to ensure that the structure is more secure. They’ll most likely recommend sealing your foundation as a solution.
Bowed Walls Repair: $500 – $5000
Bending basement walls may be repaired with carbon fiber or steel reinforcement strips. You must act quickly since this damages your house value and may cause it to settle. On the other hand, if there is severe bowing, it might cost $10,000 or more.
Sinking or Settlement Repair: Varies
For about $1,000 to $3,000 each unit, contractors may raise the structure and secure it with piers in order to restore its height.
Pier or Basement Underpinning: Varies
The cost of underpinning your basement is from $1,000 to $3,000 per pier. Because it necessitates raising the foundation, digging, and laying hydraulic piers, this is a more expensive fix technique.
House Leveling or Foundation Jacking: Varies
The typical cost for foundation jacking is between $500 and $1,300. Mud jacking or Slab jacking is the term used to describe this operation. A professional uses a grout substance to pump into the gap beneath the concrete foundation and float it back to its original position.
What Is the Best Way to Afford Foundation Repairs?
Any type of financing options that are available for homeowners who need to make foundation repairs. You can take out a home equity loan or line of credit, use your 401k or IRA funds, or get a personal loan from a bank to provide funds for the project. Some foundation specialists offer in-house financing as well.
Of course, you can also finance minor repairs with credit cards or cash on hand. It’s essential to weigh the financial advantages and disadvantages of improving your property before making a decision. If the costs outweigh the benefit, seek to sell the property without repair.
Will Homeowner’s Insurance Cover Foundation Repair?
Most homeowner’s insurance policies do not cover the damage that can be caused by a cracked or settling foundation. You will need to purchase a specific policy rider or endorsement for this type of coverage. If you’re unsure, contact your insurance representative and ask.
However, if you do have insurance, reaching out to an insurance claim specialist may be a smart move. Insurance companies are frequently slow in paying claims to unsuspecting customers. A claims specialist can assist you in navigating your claim so that you may earn the most money possible while avoiding any penalties.
Should you repair foundation issues before selling?
This is a difficult question to answer without knowing the severity of your foundation problems and your financial situation. If you have significant damage, it is best to repair it before putting your home on the market. As stated above, be sure to weigh the benefits over the cost when making any decisions to improve your property.
However, if you do not have the money to pay for the repairs, selling a house as is would be the logical approach. This could save you weeks of headaches as well as the cost of the repairs. Whatever you decide, be sure to disclose any and all structural issues to any buyers when selling.
How long does foundation repair take?
Small cracks may be fixed in a few hours, but major problems might take much longer. Bowed walls, for example, may take a day or two to repair while piers to cure settlement might take several weeks. The weather also has an effect on the time it takes to perform structural repairs.
Can a Real Estate Agent Help Sell a House with foundation problems?
Yes, a real estate agent can help you sell your house as-is with foundation problems. In fact, they are the best resource to have when it comes to disclosing any and all repairs needed. Although they charge a commission that raises the overall selling price, their ability to obtain you numerous cash offers might be worth it.
Agents may also assist you in determining the value of your property after repairs. This might provide you with the necessary information for whether or not the fixes are worth it. It might be a good idea to deal with a real estate agent that is also involved in real estate investing.
Are there potential buyers who will be interested in a house with foundation issues?
The short answer is yes. It is rare to find a potential buyer who will be interested in a property with foundation concerns, but they may expect to get a deep discount to buy the home as-is. It is important that you disclose any and all repair needs so there are no surprises down the road.
Most buyers that purchase homes in this case are house flippers. They’ll try to save you money by avoiding real estate agents and providing you with a cash offer. Because they’re paying cash, a home inspector or inspection report isn’t necessary since they are doing it themselves.
What can I expect if I decide to sell my home “as is”?
When selling a house as-is, the most important thing to remember is to disclose all repair needs. This will help protect you from any legal issues that may arise after the sale. Expect to get a significantly lower cash offer than if the house were in perfect condition.
The best buyer to sell to is a cash investor who is prepared to cover the cost of foundation repairs. Although you can save money by selling directly to an investor, homeowners should seek advice from a real estate professional. Most homeowners that work with investors are selling homes of old age or need to sell as-is for financial reasons.
The great news is that there are still potential buyers who would be interested in buying a house with both major and minor repairs needed. And, if you’re not confident enough to do the work yourself, you may look for a contractor who can assist you. Keep in mind that foundation repair takes time, so be ready to relocate during the process.
Here are a few takeaways:
- Hire a Structural Engineer to inspect your property.
- Seek out reputable foundation repair companies and get quotes.
- If the damage is too severe, it is best to repair the foundation before putting your home on the market
- Disclose all repairs completed or needed to potential buyers.
- Sell to a cash investor if you are not financially able to handle necessary foundation work
- Be ready to relocate during the process
Find a Houston Real Estate Investor | Ricky Pok | Wabi Sabi Realty Group
As always, it is important to do your due diligence when deciding to work with someone regarding selling your house. I started Wabi Sabi Realty Group as a way to help distressed clients that I couldn’t do otherwise while I was working as a mortgage lender. I was always troubled about how we had to decline or pawn off clients just because they were facing a situation that became way too complicated.
At Wabi Sabi Realty Group, we buy homes in any condition for all cash, without any fees or inspections, and have years of experience in the Houston, TX market. We are also dedicated to seeing all transactions through and are willing to invest upfront on transactions to make sure there are no complications during the home selling process.
If you or someone you know may be dealing with an issue that may require a real estate investor, please do not hesitate to reach out. Even if you believe that a real estate agent may be better suited, still feel free to reach out and I can definitely put you in contact with the top agents in your local market. For more information about how we can assist you, please give us a call at 281-306-5721 or fill out the form. We will be happy to talk to you about how we can buy your house for cash and close at a time that is convenient for you
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