Homeowners often neglect to pay attention to the effects that foundation damage has on their home and its value. Unfortunately, this often causes them to avoid repair until it is too late, causing severe damage that can seriously impact a home's worth. Here's what you need to know about this problem and how to fix it.
The Major Financial Impact Of A Damaged Foundation
When your foundation is damaged, it will cause a major impact on your home. For example, it can cause damage that spreads from the foundation up, causing cracks in walls or uneven floors. It will also heavily affect the resale value of your home in a devastating way.
Just how financially devastating is a damaged foundation? Some estimates claim that foundation problems will decrease a home's value by 10-15%. So if your home is worth $500,000, but it has foundation problems, your value could decrease to $450,000 or even $425,000.
The Price Of Fixing A Foundation
Thankfully, it is possible to hire a foundation repair expert to repair the cracks in your foundation and get your home back on level ground. The average cost of these repairs will vary wildly based on the severity of the damage. After all, foundation damage can vary from small cracks to inches of sinking.
HomeAdvisor.com reported on the wide cost variance of foundation repair. A low of $500 was reported, along with a high of about $10,356. The average repair cost balanced out to be about $3,842. While these repairs are not inexpensive, they are still well below the 10-15% impact caused by foundation problems.
Fixing Contributing Factors To Foundation Damage
While fixing foundation damage is a good first step in restoring your home's resale value, you can't stop there. Something caused damage to your foundation and you need to find out what it was and how it can be repaired. The following problems are the most common causes of foundation damage:
- Poor drainage
- Excessive soil moisture
- Low soil moisture
- Poor construction of the foundation
Eliminating these problems can be tricky. People with dry soil often have to install a foundation watering system to keep their foundation soil from sinking. Other repair methods, such as a draining system ($2,000), and excavation ($30,000-$80,000) can help treat excessive water in the basement and keep it from causing any more foundation damage.
As you can see, repairing a foundation can be a costly endeavor. However, if you plan on selling your home or continuing to live in it, you can't avoid these repairs. Catching foundation damage early enough can help you avoid the most costly of these repairs, so call a service such as Pier Pressure Foundation Repair.