Working on a SS that may close soon. The home in question recently got a foundation repair estimate of $11K (in Texas), which is on the high side admittedly. I plan on renting this home out long term, and my question is, do I HAVE to fix the foundation now before I rent by law? If it's deemed safe and I fix the cosmetic cracks in the walls?
My concern is when fixing foundation I heard it can ruin the plumbing and that's an extra expense. If renters don't care, and it's safe, I don't see the rush until I am ready to sell.
On the flip side, if I have to re-do flooring anyway, it may be a good time to let them tear the place up.
Assuming you disclose the issues and a structural engineer gives you a letter saying place is structurally sound, then you should be able to process as you wish.
BUT, don't cut corners when it comes to safety.
Understood and much appreciated Al. I'm getting a second quote done next week and depending on what they say, I may have to just bite the bullet and get it done now. I've been told it's 50/50 we can save the flooring downstairs anyway, and if we can't save it I think now would be the time to do the foundation right? Just doesn't seem to make sense to put in new flooring that may last 7-10 years, and have to do the foundation in 5 and tear the floor up. I guess I could always put in CHEAP but decent looking carpet that may only last 3-5 years.
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