Are you buying a home with foundation problems in Alabama? Wondering if you should you fix it or ditch it?
It’s no secret. The real estate market has been HOT and homes in Alabama are no exception. Just how hot? According to the Alabama Center for Real Education at the University of Alabama home sale prices in Alabama increased a whopping 15.3% in 2021. Yikes!
As if rising prices weren’t hard enough on potential-buyers, due to the highly competitive market, inventory is also lower, making it more difficult than ever to find that dream home.
Buying a Home with Foundation Problems
With low inventory and fierce demand, the question is, are foundation problems like; cracks in walls, doors that stick, humidity in the crawl space or a wet basement, good reasons to shy away from a potential new home purchase? Or is it a great opportunity to own a home that only requires a few minor repairs?
The good news is, most of the more serious foundation problems can be remedied by spending on average, about $12,000. For lesser problems, like a little water intrusion from under the basement footer, costs can turn out to be as low as $3,500.
Reputable Alabama contractors will back those repairs with a warranty. Which means once the repairs are finished, you’ll have peace of mind that your “problem” home is now on solid ground. As a bonus, many warranties are even transferable to the new homeowner.
While foundation problems may cause some buyers to run scared, more savvy and creative buyers may be able to identify a good bargain in an otherwise red-hot market.
In other words, don’t let a few minor problems sour you on an otherwise great home.
What Should I Do if the Home I am Purchasing Has Foundation Problems?
If you receive a Home Inspection Report noting foundation problems, the first thing you will want to do is get an accurate assessment of what’s causing the problems and what it will cost to repair them.
An expert will be able to guide you through the process and give you the confidence and knowledge you need to make an informed decision.
You have two great options at your disposal. A local foundation repair contractor is a great bet and can provide you with a free cost estimate. Your second option would be contacting a Structural Engineer to draft a Structural Inspection Report. These reports can cost anywhere from $79-$800 depending on the size of your structure.
When Should I Avoid Buying a Home with Foundation Problems?
Most foundation problems in older Alabama homes can be corrected by a reputable foundation repair contractor. But when you run across structural problems in a newer build home, that can be a bit more concerning.
Foundation problems usually develop over time. So, to see them developing early in a home’s lifespan may be an indication of a build-quality issue, meaning the home builder could be at fault. In either scenario, a reputable foundation repair contractor or Structural Engineer will be able to help guide you.
If you are considering buying or selling a home with foundation problems and have any questions or concerns, just give us a call. We’re here to help.