Buying a new home can be an exciting process. But if the home that you just fell in love with comes back from its home inspection with red flags about the foundation, you might start to wonder about how seriously you should take these concerns and if moving forward with the purchasing process is the right idea.
To help you in figuring all of this out, here are three things to know before buying a home with foundation issues.
Not All Foundation Issues Should Be A Deal Breaker
According to Jeannette Baum, a contributor to RocketHomes.com, it’s worth noting that not all foundational issues relating to your home should be considered a deal breaker.
In some situations, small damage to a foundation that might get noticed on a home inspection may not necessarily impact the structure of the home. So while you might get scared when you initially hear that the home you’re thinking about buying has foundation issues, it may be worth looking further into the problem before you automatically call off your purchase.
You Might Run Into Issues With Your Loan
Even if you decide that you want to continue going forward with purchasing a home with foundation issues, this may not always be an option for you.
The reason you may not be able to even buy a house that has foundation issues as part of the home inspection is because many lenders won’t fund your home loan until these issues have been properly repaired. Generally, Marc Rapport, a contributor to MillionAcres.com, shares that government-backed loans tend to have the biggest issue with this. So before you try to go forward with the purchase, make sure your loan will actually still fund the home even if there are foundation repairs needed.
The Harder You Look, The More Problems You May Find
Sadly, regardless of what kind of issues were initially seen by your home inspection, oftentimes, where there’s smoke, there’s fire.
Relating to the foundation of your home, this means that it’s not uncommon for foundational issues to lead to other issues throughout a home. Knowing this, Amanda Bell, a contributor to SFGate.com, shares that if you’re still thinking about buying a home that has a bad foundation, you’re going to want to ensure that you test the soil under the house as well. If the soil is fine, fixing the foundation should be easy enough. But if the soil under the house has shifted, you’re likely going to have even more issues to deal with than just the surface level of the foundation.
If you’re thinking about buying a home that you know has foundation issues, consider using the information mentioned above to help you make an informed decision.