Structural damage in a property refers to hidden and visible signs of wear and other problems that affect the building’s structural integrity. It’s the most significant structure of your house where lack of maintenance, natural disasters, or delayed repairs can leave lasting damages.
The foundation of your property keeps it grounded and supports the structure built on top of it. It also protects against the elements and bears the load of the building. These are essential characteristics of the foundation that directly affect the property value of your house.
Why Are Foundation Repairs Difficult To Manage
Any damage to the foundation affects the structural integrity of the building. Repairing those damages can break the bank, and this is primarily why many homeowners delay it until a disaster strikes. Foundation repair costs can go up to $6500 – beyond the affordability of the average US citizen, according to the US Bureau of Labor Statistics.
Even though the cost of living in Fayetteville, NC, is 7 percent lower than the national average, an income of roughly $4000 doesn’t leave room for expensive repairs. When real estate buyers are looking for property to invest, they’re mindful of hidden costs that might pile up their future expenses.
Structural damages can be of varying degrees, and each affects your home’s resale value differently. From a crack in the concrete wall to a roof that’s at the brink of caving in – foundation damage decreases the real estate value of your house by roughly 10-15%.
If you’re planning to list your property on the market, make sure you have an expert real estate agent in Fayetteville to assess the damages and give you an estimate beforehand. But first, here are some things that you need to bear in mind.
If the damage to your property’s foundation is severe, someone will have to pay for the repair services. It can either be the property seller—which in this case are you—or the home buyer who purchases your property.
However, there’s no way that you can pass this financial burden to the future buyer. In either case, the property seller has to pay for the repairs from their pocket. You’ll do that by writing a check for the repair services or lowering your property price.
The cost of repairing the damages will depend on the contractors you hire for the job, and the severity of the damage. If the damage has reached the hydraulic piers, you might have to empty your entire savings account.
However, with a seasoned realtor by your side, you can offset the cost incurred during repairs by upselling your property. A newly repaired property will also look much more attractive than the house you were living in. Even a fresh coat of paint on the walls can amp up the real estate value of your home, let alone an entirely new wall. You need the expertise and experience of a real estate agent to invest in foundation repairs that’ll pay off when you sell your property.
Decreased Curb Appeal
The curb appeal of your property plays a crucial role in the first impression of your house. A prospective buyer will begin assessing your property the moment they set eyes on it. From the condition of the fence to the hardwood flooring on your front porch, everything counts. If you’re selling your house to a family – they would want to be sure that the place is fit to become their home.
Concealed damage doesn’t affect the curb appeal of your house as much as visible signs of wear. Large, gaping cracks, chipped paint, cracked tiles or marble, bleached hardwood, broken ceilings, or sagging floors are eyesores that deter home buyers from investing in your property.
This may affect your real estate’s value and impact the duration for which your property remains listed in a buyer’s market. It may be a while before you find a buyer who’s willing to invest in your property, despite the damages. However, things work differently in a seller’s market, where a low supply must meet high demand. Even though the deterioration of curb appeal will affect your property value, it may not create as many bottlenecks in the selling process. This is why you need an experienced REALTOR® like Phillip Fehler to guide you through the process and advise you about the structural repairs.
Cost Of Referred Symptoms
Referred symptoms are issues that arise from living in a house with foundation damages for a prolonged period. These problems may not be directly related to the structural damages but are a consequence of them. They can decrease the quality of life that your house offers and also interfere with your lifestyle.
For instance, water damage may cause slab damage – postponing repairs can lead to mold growth, which will soon become a health risk. It can cause allergies, eyes and nose irritation, respiratory problems, and trigger asthma. It can be particularly dangerous for infants, seniors, or immunocompromised individuals. The fungal growth will also leave unsightly stains and marks on the floors and walls, and create an unpleasant damp smell that can be an eyesore and cause headaches.
Moving into a house that offers the risk of disease and despair is a poor investment choice for the buyer. The cost of referred symptoms includes the price they pay by risking their health and endangering their families by living in such conditions.
What’s worse is that delaying such damages can cost you more than just the repair cost – it can leave long-lasting effects on your health even after you move out of your old house.
Why Hire A Real Estate Agent
By hiring real estate services right at the start, you can ward off many negative consequences of selling your property, even with significant structural damage. Our REALTOR® will consult with you on every matter and assess the condition of the damages. We know which structural damage can cost you the most in the form of lost earning from the property sale.
We maintain complete transparency in our dealings and will give you a clear picture of the situation. It’s the real estate agent’s job to help you sell your house at the best price and guide you throughout the process. No damage is too great for our realtors to handle! Don’t worry about losing your money in the restoration; consider it an investment in your property that’ll pay off when the time comes.
Phillip Fehler is a real estate broker at Fathom Realty. His experience in the real estate industry has granted him expert knowledge of the property market. He has offered his real estate brokerage services to many residential clients in Fayetteville and Fort Bragg in North Carolina. His clients have been extremely pleased with his service and the homes they’ve bought and sold with his assistance.