Foundation repair in Indiana can be pretty expensive, between $4,00 to $5,200, with an average of $4,516. However, depending on the extent of the damage. It can cost as much as $22,000. While foundation repair isn’t covered by house insurance, it’s worth the cost.
Your home’s foundation keeps your home structurally sound. When cracks start occurring, it may signify that the foundation is becoming weak, which can become a hazard for you and your family. Due to the expense, some people may think living with a few cracks isn’t a big deal, and it’s cheaper than having it fixed, and sure in the short term, it is. However, in the long run, a minor issue can become a huge one and end up costing thousands.
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What Happens If I Don’t Repair My Foundation?
Foundation repairs don’t seem as crucial as other repairs, such as leaking pipes or more noticeable issues. This may be because a little crack doesn’t seem like a big deal or because the damage doesn’t cause an immediate inconvenience. So what are some possible consequences of putting off repairs?
The most common causes of foundation sinking are the type of soil and the weather it’s exposed to. The amount of rain and snow that Indiana experiences causes the soil to absorb moisture. The moisture may lead to foundation heaving, which causes the foundation to move upwards.
Another thing that causes foundation sinking is how it is constructed. Most foundations are made of concrete, brick, block, or stone. The brick, block, and stone mortar joints are extremely strong, but they are ideal for developing cracks. The pressure from the soil also may cause the concrete to start bowing, causing the foundation to sink.
Plumbing not only affects your foundation but also affects your plumbing. Your home has stationary pipes that are impacted when your house shifts. This movement changes the sealing of your pipes, causing leaks. It doesn’t occur all at once, so you may not notice the damage for several years.
Insect and Rodent Infestations
Mice and insects can get into holes the size of a pencil lead. Damage to your foundation is a welcome sign to a wide variety of pests and insects, and the larger the damage becomes, the more inviting your home becomes. These invaders multiply quickly, meaning if you don’t catch it right away, you’ll have more issues than just your foundation.
Mold & Mildew Issues
Your home in Indiana is at risk for mold and mildew issues if your foundation is damaged. Both of these fungi love dark, damp areas like bathrooms basements and can quickly creep into your home. While it’s unlikely you’ll see mold, other building materials near it can start growing mold.
Mold spores travel through the air, and once it gets into your house, they can spread all over. While mildew doesn’t harm your health or home, it is still annoying and ugly. On the other hand, mold can cause health issues like allergic reactions, increased asthma attacks, sinus congestion, and skin and eye irritation.
How Foundation Damage Affects Your Home’s Value
Are you thinking about buying or selling your home? If so, you may want to consider checking out your foundation. A damaged foundation can lower a home’s value by roughly 25%. There are a few reasons for this.
- Cost of repair – depending on how substantial the damage is, it’ll need to be repaired by either you or the buyer. Regardless of who pays for the repair, it still impacts your home’s value. The cost to repair your home will vary depending on how extensive the damage is.
- Curb Appeal – Large cracks in your home’s foundation decrease its curb appeal, which will turn buyers away. Even if you get people to view your house, if you have bowed walls or sagging floors, they may not believe your home is safe.
Should You Buy A Home With Foundation Issues?
If you found a home, you love it, but the inspection showed issues with the foundation and required foundation repairs. The good news is it depends on how extensive the damage is. It may not mean you have to back out of the deal. There are times when you can fix the issue for just a few hundred dollars.
The answer to the question is it depends. If you are paying cash for the home, the decision is yours. However, if you are applying for a loan, not only does it depend on your credit, it also depends on the home’s value. If you are applying for a Government-Backed loan or conventional mortgage, it’s unlikely you’ll be able to purchase the home.
- Government-backed loan – Government-backed loans have strict requirements to be met for the loan to be approved. If the buyer doesn’t agree to repair the issues, you can’t purchase the home.
- Conventional mortgage – if you’re attempting to go through a bank or private lender, they are primarily concerned if the home’s resale value is enough to cover the mortgage. There may still be hope if the seller refuses to make the repairs. If the repairs are minor and you’re willing to make them, the lender may agree to an escrow holdback. This type of agreement allows you to purchase the home, but you may have to put money into escrow until the repairs are completed.
What’s the First Step When A Home Inspection Reveals Foundation Issues?
There are a few things that you can do when you discover there is an issue with the foundation. The first step is to call your real estate agent for their advice. The second is to contact your lender. Then if you’re interested in continuing the sale, you’ll want to call a professional to assess the damage. Once you know the extent of the damage, you can consider doing a few different things.
- Negotiate a discount
- Pay cash
- Apply for a rehabilitation loan
- Walk away
How Long Do Foundation Repairs Last?
There are many ways to repair a foundation, and how long it will last depends on the type of repair that was done and how reliable the company repairing is. When you choose a foundation repair company in Indiana, you need to look for a lifetime warranty and ensure the contractor has a good reputation.
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