Are there indications that your home’s foundation has problems? Do you intend to sell your house in the near future?
If so, you’re probably wondering whether the foundation should be fixed. The truth is, the state of your home’s foundation as a lot to do with its value, which means foundation repairs could justify a higher asking price.
In this blog post, we discuss common foundation issues and repairs that affect a home’s value. And once you’re done with this one, consider reading: Finishing Basement to Improve Home Value.
Can You Sell Your Milwaukee Home If It Needs Foundation Repairs?
Often, homeowners fear that making foundation repairs will somehow hurt their chances of selling, but this isn’t true. In fact, these repairs make selling easier.
But if you don’t want to go this route, remember that cash home buyers in Milwaukee purchase homes with questionable foundations all the time. You could always sell to them to avoid expensive repairs!
At the end of the day, the decision is yours. That said, many home sellers choose to avoid the costly repairs.
Will Foundation Repairs Raise Or Lower A Home’s Value?
In most cases, foundation repairs will raise a home’s value. However, if the repairs are shoddy, your home’s value will suffer.
To determine which option is best for you, determine the price you could get without making repairs. Next, see what you’d get if repairs are made.
Of course, most sellers go with the option that puts the most money in their pockets, but sometimes this isn’t the most important factor.
Say, for example, you have to relocate for a new job. In this case, the speed of the sale would be slightly more important than the selling price.
How Much Will Foundation Repairs Impact The Market Value Of My House?
It’s hard to give a clear-cut answer here, as every situation is different. If the foundation is severely weakened, your home’s value may be reduced substantially. On the other hand, if there are just a few minor cracks, the value shouldn’t suffer that much.
Generally speaking, it’s hard to tell how much damage your home has sustained unless you find the source. For this reason, you should do your best to find the source of the damage.
Most foundation issues can reduce a home’s value by 10%-15%. So if your home is worth $400,000, foundation issues could knock $40,000-$55,000 off. Again, a lot depends on the nature of the problem.
Also, you must remember that foundation issues can require expensive repairs.
Will My Home’s Value Increase With Foundation Repairs?
Foundation repairs may not raise the value of your home significantly, but they can prevent your home from collapsing. And as we mentioned previously, shoddy foundation repairs might drastically reduce your home’s value.
Of course, if buyers don’t have to worry about the soundness of your foundation, you’ll probably get a lot more offers.
Other improvements can raise a home’s value, including:
- A kitchen or bathroom remodel
- New or energy-efficient appliances
- Modern hardware, fixtures, and finishes
- New or energy-efficient windows
- Curb appeal enhancements and landscaping
Are You Struggling With A House That Needs Foundation Repairs?
Foundation issues can be a real hassle, especially when it’s time to sell. This is where cash buyers come in. They’ll buy your home even if the foundation is weak.
At Metro Milwaukee Home Buyer, we aim to simplify and expedite the home-selling process, and we buy houses in Milwaukee for cash. No matter your home’s condition or location, we’ll pay a fair amount of cash for it.