Foundation work can be the absolute most expensive undertaking for a rehab. It really depends on what is gonig on with the foundation as to what the repair will be. If you are seriously considering this house you absolutely need to get a structural engineer and/or very good basement repair subcontractor to look at this situation to assess what is going on and what must be done to fix it. You do not want to guess on this one b/c it could cost you. That is, unless you have enough profit margin to where if you need jack the entire house up, remove preexisting foundation, and replace with brand new foundation and drop the house on it’s new home! Granted, that is a bit of an extreme worse case scenario, but make sure you know exactly what will need to be done to correct.
Posted by Jennifer on January 21, 2003 at 13:34:04:
I just got a call from a realtor about a house she has listed. Comps are at $110+k, and the asking price is $45,900.
The house needs a major overall, according to her- but sits on nice 1 acre lot.
Decent size for starter home or rental proeprty.
What has me worried is she said the foundation needs repaired. I have never dealt with foundation problems before and have no idea what the cost is or if this is somthing that should be completely avoided.
If the comps are what you say they are I would definitely consider making an offer on this property.
Foundation problems can be expensive, but if you have that figured into your offer, then you can make some really good profits. I would call a contractor or two and have them swing by and give you an estimate on fixing the foundation. It might not be as bad as you think. If it were me in your situaion, I would make an offer starting at $30,000 being sure not to give any hints to the realtor that you will go up in price. Put a contingency in your offer of something like this: “This offer is contingent upon inspection and approval of property within 30 days of acceptance of this offer.” This way you can get out of the deal if you find something wrong or unexpected. Make an offer with an escape clause like the one I have mentioned and you risk nothing. Realtors don’t like contingencies, so be aware that they might try and talk you out of putting it in the contract. One word of advice: Make sure you have your finances in order before you take on a project like this. When remodeling, things tend to pop up out of nowhere that you never thought of. If you don’t account for all the things that could happen you could end up in a very bad situation. Try and think of everything that could happen, account for these items, and make an offer. Make sure that you include a nice profit for yourself and possibly a realtor’s commission when selling.
Good Luck… Dave
Posted by Kristy-AZ on January 23, 2003 at 01:11:37:
I have to agree with Brian. People get so scared of foundation probelms. Calling a structural engineer would be the first mistake. They charge alot of money just to come out and tell you what’s wrong!
Example: True story- We bought a house that had foundation cracks going through the back and front of the house. The house had dropped 2 inched in the back. We called several contractors and got several bids. We had the house jacked up and repoured for only $4800. We had the attic checked to make sure the framing was still in tact. Total cost to fix the problem was $5000. ($4800 to jack up the house and $200 to level the floors.) Now the neighbor had the same exact probelm and they paid to have a structural engineer come out and do the same exact thing. They paid $30K for the same repairs we did for only $5K.
Shop around, call General Contractors. Also, find out what caused the problem. Was it a water leak or just bad soil problems?
it can also be the most over rated repair of a home. i was at a rental property of mine the other day that i hadn’t been to in a while. last spring i noticed a small crack in the basement wall and the masonry foundation on the outside.
now a horizontal buckle in the basement wall runs about 24 feet across the basement, and the foundation masonry on the out side is eroded right through the wall.
disaster right??
i just got a qute for $2200 to insert steel verticle support beams into the foundation and repour that wall.
not bad for a home built in 1923 and i certainly figured at some point major rehabs would be needed on such an old home.
not too bad as far as i’m concerned.
BMP
Ah, foundation problems and home value. Let me tell you, it’s like trying to sell a car with square wheels—it won’t happen smoothly!
It’s like playing a game of financial Jenga - one wrong move, and everything comes crashing down! A shaky foundation can send a house’s market value plummeting faster than a lead balloon.
Now, let’s talk cold, hard cash. Repairing foundation issues can bleed your wallet drier than a desert. Some folks shell out enough money to make a Scrooge McDuck money bin look like loose change.
And looking ahead to 2024, brace yourself for even steeper costs. Those repairs could hit you like a wrecking ball, leaving your bank account looking sadder than a sad monkey.
So, if you’re eyeing a house with foundation hiccups, remember - it’s like signing up for a pricey rollercoaster ride through Money Mountain. Hold on tight, 'cause it’s gonna be a bumpy - and expensive - journey!
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