Foundation repair projects are a double edged sword, if you look at it through a narrow looking glass. Yes they can be expensive, depending on the severity of your home and the work needed to correct the problem(s). But that is just one side and typically the side that has the most weighing power when it comes to homeowners deciding to move forward with the repairs. But, just like every sword, there is another side that can be just as impactful as the latter.
The other-side of the sword can produce great results if you look at the situation as a whole. Yes, you're not getting a new kitchen or bathroom that you can show off, but just like anything that has sustainability you will have a solid foundation to build off of. You will be able to not only get rid of those reoccurring cracks in your drywall, stucco, or tile floor (that reappear no matter how many times you patch, paint, or grout them), but you will get the opportunity to have a home that no longer has a maintenance issue. A maintenance issue that is caused by a larger structural issue. Just like any good marriage, relationship, or company you need to have a solid foundation. If you don't, we all know how the story ends. Not having a solid foundation can lead to numerous negative out comes. Let's take a look at a few of them.
Property Value: Yes, a home with a foundation problem does subject itself to a loss in property value. Typically, around 30% of the market value. We have seen numerous customers battle this when they come to a point where they want to refinance their house or sell it. Banks typically do not want to be associated with a home that has an underlying foundation problem. That is why so many investment companies will offer cash for you home, typically at 30% below market value. They know that the fix will eliminate the reduced price and then sell it for a substantial profit.
Home Remodeling: Moving forward with a home remodeling project is something that a lot of us plan and save for. There is nothing more discouraging than to finish a home remodeling project and then have a continued foundation problem. The problem that creates new cracks or even worse, has your remodeling contractors adjust everything in the area to "appear" to be level. This can be done by them utilizing self leveling agents for the floor, spacers and shims for the cabinets, and even adjusting some framing for installing doors and windows. All these additional fixes end up costing you more money during the remodeling phase. Usually this is at an additional 10-20% of the original remodeling costs. Ughhh!
Now this article isn't to be seen as a scare tactic, but to utilize as a heads up when assessing your home. We have see far too many homeowners go through these processes and not have complete disclosure prior to going into them. Being educated in these decisions and processes will give you the upper hand knowing what to expect. Foundation repair is expensive, because it is not an easy process. We'll talk about that more in an upcoming blog article.
One thing to remember is to always try to educate yourself prior to pulling the trigger on things. Like a lot of things in life, "Do it once and do it right, because when are you going to have the time and money to do it over?"