How Much is that Cracked Foundation Affecting Your Home Value?
Did you know that the average cost of a home in the United States is $200,000?
While many different factors can interact with the overall value of your home, a cracked foundation may be playing a bigger role in the value of your home than you realize.
That's why today, we've created a complete guide to help you better understand how a cracked foundation is affecting the value of your home. Keep reading to learn more!
What Causes Cracks in Your Home's Foundation?
Several factors can cause cracks in your foundations. Some of the most common causes of cracks in the foundation of your home include:
- Water damage
- Changes in soil
- Concrete shrinking
- The settling of your home
- Weather damage
Since there are so many different reasons that your home's foundation can crack, there's a chance that they've developed your home, and you aren't aware of the cracks. Yet, are foundation cracks something that you should be concerned about?
How a Cracked Foundation Affects Your Home's Value
Depending on the cause of the damage in your home's foundation, the impact on the resell value of your home can vary. If left untreated for too long, it can also cause problems in the upper levels and the roofing of your home.
Foundation damage affects each home differently. Here's how damage to your foundation can affect the resale value of your home:
Cost Repair
If the damage to your foundation causes serious structural problems, the foundation of your home has to be repaired. You don't have to pay to have the foundation fixed, that cost will then have to be covered by a future buyer.
While you may not be paying for the cost of repair to your foundation, selling a home with structural damage will significantly impact the sale price of your home.
The cost to repair your home's foundation will change depending on how severe the crack is, the type of foundation your home has, and how large your home is.
Hiring a contractor to identify how extensive the damage is and how much it'll cost to fix the damage will allow you to invest in repairing your home before putting it up for sale in the market.
Even if you only invest a few hundred dollars to have the structural damage fixed, it can help you sell your home for several thousand dollars more than if you were to sell it with the damage.
Curb Appeal
One of the most essential steps that you can take towards selling your home faster is to increase your curb appeal. However, problems with the foundation of your home can negatively impact a buyer's first impression of your home.
Any visible foundation cracks, ceiling cracks, or even sagging floors can make people feel that your home isn't appealing, and possibly isn't safe.
Not only could this cause you to lower how much you're selling your home for, but it could even cause your home to stay on the market for an extended period of time.
Other Problems Caused by a Cracked Foundation
While many homeowners may believe that it cracked foundation only affects the foundation of your home, it can cause damage to several parts of your home. This is especially true if the foundation has been cracked for an extended time.
One of the most common problems to arise as a result of a cracked foundation is a leak in the roof. This is caused by the sagging exterior walls not being properly supported by the foundation.
When you first become aware that there's a crack in your foundation, the best way to ensure the value of your home as you're selling it is to have your foundation fixed. You should also make sure that there haven't been any other problems that have arisen as a result of the cracked foundation.
How Do You Know If Your Home Has Foundation Problems?
The best way to go about identifying any foundation issues in your home is to call a contractor. However, there are other visible signs that you should keep an eye out for that I'll help you to identify a potential problem.
Take a walk around your home to see if you're able to spot any crumbling walls, cracks in the ceiling, or cracks in the walls. Other things like cracked paint, siding that's starting to separate, or walls that are starting to bow for size at the foundation may have problems.
Also, be sure to look for an uneven or cracked floor.
Should You Sell Your Home With a Cracked Foundation?
The most important thing you need to do when selling a home with a cracked foundation is to disclose the damage. However, if you weren't interested in tarnishing the overall impression of your home, hiring a contractor to repair the damage your foundation is the best way to go.
Not only will this eliminate the need for you to disclose the damage of the foundation, but it can also help you to sell your home for more. Plus, if the market isn't suited towards sellers, it may help you to sell your home faster!
Fixing Your Cracked Foundation Today
When you're trying to sell your home, having a cracked foundation can deter buyers from purchasing your home at the price you're asking for. By fixing the foundation of your home, you can help to sell your home faster and for a higher price.
Are you interested in finding a contractor that will help to repair your foundation?
