Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am looking at a house that has foundation problems. The house is selling for around 50,000. I have been told that the foundation problems could possibly be fixed for 10,000 to 15,000 dollars.
Once there is a foundation problem is there pretty much always going to be some kind of problem with the foundation ?
Would you be willing to take the risk in this situation and buy the house and pay the 10,000 to 15,000 in foundation work that is needed on the home ?
Or would you just look elsewhere for another home ?
It depends on what the house is really worth. If it would be worth $400,000 once I fixed the foundation, I might consider it. Otherwise, I'd just look for another house. That's a major problem which might cost a lot more than $10 - 15K.
And while fixing the foundation you could create a myriad of other problems like cracked tiles, cracks in drywall (and wallpaper if it's there) and other issues that come from moving a house. Make sure the final value of the home is well worth the expense, and the unknown expenses.
It depends on what the house is really worth. If it would be worth $400,000 once I fixed the foundation, I might consider it. Otherwise, I'd just look for another house. That's a major problem which might cost a lot more than $10 - 15K.
Quote:
Originally Posted by NinaN
And while fixing the foundation you could create a myriad of other problems like cracked tiles, cracks in drywall (and wallpaper if it's there) and other issues that come from moving a house. Make sure the final value of the home is well worth the expense, and the unknown expenses.
Exellent points! Also, how did you get the cost for the repair? Did the listing agent or the seller provide that? If so, I would go out and hire a structural engineer to give you your own estimate.
I am looking at a house that has foundation problems. The house is selling for around 50,000. I have been told that the foundation problems could possibly be fixed for 10,000 to 15,000 dollars.
Once there is a foundation problem is there pretty much always going to be some kind of problem with the foundation ?
Would you be willing to take the risk in this situation and buy the house and pay the 10,000 to 15,000 in foundation work that is needed on the home ?
Or would you just look elsewhere for another home ?
Good Lord!!
For a start off, you can probably at least double whatever quote you get. You almost always run into "unforseen" issues when attempting such major renovations.
I would ONLY buy this mess if the land is worth a lot, ie you could live in it short term, bulldoze, redevelop or sell.
I bet it's a crappy house on ordinary land and someone is sensing a trusting, naive soul to unload on (you).
The reason I ask is that I know a family who had bought a house for a low price with a leaky basement and some cracked walls (in the basement.. and the upstairs rooms were paneled, so if there were cracks, they were not visible..
They had the foundation properly dug out and sealed, and it never leaked again.
They "finished" the basement with a few rooms, and their house is now on the market for sale and even if they take a low offer they will still make money on it.
If its a nice house and would have great potential and you get a second professional opinion on the foundation's condition (people who fix these foundations for a living).. and also call the town offices and ask if the house is located in a high water table area.. you will uncover information that will help you to discern what kind of water problem you have and if it can be fixed
for the probable 10-15K (which is worth it) even if the house is only worth $140K.. If you like the house and the location and second opinion comes in
and it checks out w/ town hall (water table is high rather than "your house is going to collapse") then you may end up with a sweet little deal. Don't be too afraid before you walk away until you get all of the facts you can and make a well educated decision. If you are looking at this because of your small budget then turn every stone over and be brave if the news just isn't too foreboding. ASK A LOT OF QUESTIONS TO AS MANY PEOPLE IN THE FIELD AS POSSIBLE>
Don't forget that if you buy a house that needs major renovations, you also have to add in the cost of any accommodation you may need while it is being done...as well as the hassle factor.
Are you an investor, or would this be your first house..??
what are the comps for homes similar to it..are the neighboring homes similar..how much are they selling for.
Depending on the real issues of the foundation you might be able to live there, and as MsAnnThrope pointed out you may not be able to live there..
Our foundation leaks after a hard driving rain.. We can have a drainage pipe
run from the basement under the lawn and have a pump placed in the corner.
That would fix it if it really affected us that much. That is an option we have.. it might be your option for the 10-15K.. if you were able to distill the precise problem.
Let's say it was merely that.. If so you could do it yourself with proper instruction, with a jack hammer, a shovel, some gravel, cement and a couple of strong friends
for maybe $3K.
BUT if there is serious obvious foundation damage that far surpasses small little leaky cracks, and the need for a sump pump .. I'd walk away.
I am looking at a house that has foundation problems. The house is selling for around 50,000. I have been told that the foundation problems could possibly be fixed for 10,000 to 15,000 dollars.
Once there is a foundation problem is there pretty much always going to be some kind of problem with the foundation ?
Would you be willing to take the risk in this situation and buy the house and pay the 10,000 to 15,000 in foundation work that is needed on the home ?
Or would you just look elsewhere for another home ?
(Emphasis mine)
I would just look elsewhere for another home.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
your foundation problems
