Foundation Problems 101 -- Buying a Place With a Foundation Problem
I want to hear your most basic thoughts about buying properties with visible foundation problems. I understand there can be a huge spectrum of problems with consequences varying from "can't play a fair game of marbles" to "oh $hit the house is falling down the hill." I also know reasons for foundation issues can vary throughout the country; I live in a hilly city with clay-heavy soil and that affects how things work here.
Generally, do you consider purchasing a home with foundation problems? If you are doing buy-and-hold and you buy with the assumption that you can watch the foundation and perhaps install a French drain or push piers later, how do you strategize for future repairs? How do you figure out what will address the problem?
I want to hear all your thoughts about buying properties with foundation problems!
Most Popular Reply
We are buy-and-hold and see foundation issues like any other repair. They need to be accounted for in the price. I just bought a grouping with obvious foundation issues and included a structural engineer in the due diligence process. Relative to the value of the properties, he wasn't terribly expensive ($500 for 5 buildings) and I then knew what was serious and what was cosmetic, what would wait and what wouldn't. I strongly recommend that you not make any assumptions about what the repairs will be. It's worth a couple of bucks to have a pro look at it.