The time has come to sell your home, but you unfortunately realize that there are a few cracks in your foundation. Should you sell your home without mentioning it, or undertake repairs before selling it? Here are some of your options.
Selling your home with a damaged foundation
Being honest with potential buyers
When selling your house, explaining to potential buyers that the property has multiple cracks on the foundation is recommended. Although you risk lowering the property value or completely losing the interest of the buyer, they may also suggest other solutions:
- Carrying out repairs before signing the purchase agreement. This will delay your sale, and the buyer will want to ensure that the work is done properly.
- Lowering your asking price. An estimate would then be given by an expert and the cost of the work will be deducted from the sale price.
Although both options are feasible, most buyers cancel the sale to purchase a property in good condition.
Not mentioning damaged foundations
This option is not recommended. If the buyer finds out that you chose not to mention foundation cracks, the sale may be cancelled and they may take action against you for hidden defects. A hidden defect goes against good practice when it renders a property unfit for its intended use or diminishes its usefulness.
In this case, the buyer needs to prove that he was unaware of the defect before the sale. The seller needs to prove that he previously told the buyer about the defect or that the buyer was made aware of it some other way.
Undertaking foundation repairs
A cracked foundation can cause waterproofing issues. Calling in a specialist right away will cost you a few hundred dollars and avoid additional damages.
Ignoring the initial problem can cause water infiltration, requiring extensive foundation work that can cost thousands of dollars.
Informing buyers about a damaged foundation may cause you to lose the sale, and hiding the facts can cause legal trouble. It is therefore recommended to undertake repairs if you notice that the foundation of a property you want to sell is damaged by hiring a specialized team.