Looking to cash in on your property? Whether you’re looking to sell in 6 months or 5 years, there’s one thing every property owner should address before putting their home on the market: foundation problems.
Foundation problems are a leading cause of vendors not getting the price they deserve.
Some think that foundation repairs are more trouble than what they’re worth, but this couldn’t be further from the truth.
Professional foundation repairs can add tens of thousands of dollars’ worth of value back to your property and attract more buyers. Here’s what you need to know:
How foundation problems impact property value
Foundation problems are a huge turn-off to the majority of buyers. Here’s why they impact property value so significantly:
- Structural concerns
The first thing that will become apparent during a building inspection is the fact that your home has foundation issues. Building inspectors are adept at identifying these problems and can estimate their costs to repair, which comes as a nasty shock to potential buyers… not to mention safety concerns, which are another huge put-off in the mind of a buyer. They often deduct multiple times the actual cost of repair because of a lack of knowledge.
- Visual impact – cracks and warping
A property with noticeable cracks, warping and uneven floors is less visually appealing than one that’s well-maintained appears flush and stable. This is another turn-off to most buyers.
- Limits buyers
Most buyers aren’t looking for a project home, but a place that’s ready to move into and that doesn’t need any major work. Generally, the only types of buyers who are attracted to fixer-upperers are builders or people with hands-on knowledge in the industry. This makes your property harder to sell and means it will likely spend more time on the market. Fixer-uppers are normally valued at land value only. Why give away good money when repairing the foundations isn’t as difficult as one would imagine.
How foundation repair can add value back to your property
Foundation repair solves all of these problems and immediately adds/preserves value back to your property:
- Improves structural integrity
When you repair your foundation, a building inspection will reveal this and highlight to buyers that your property has been well-maintained. This eases concerns about structural integrity and safety, and limits the bargaining power of buyers, adding value to your property. Even if minor cracks are still evident in the brickwork, at least if it raises concerns in any buyers mind, you can show them the paperwork and the 10 Year Warranty offered by Techniblock, which gives them reassurance its been done right and will set their minds at rest.
- Improves aesthetics
After foundation repairs, your property won’t experience any more cracks in the walls, or uneven flooring. Existing plaster cracks can be patched up and painted over, making your property look much nicer and more solid, easing concerns in buyers.
- Helps attract a larger pool of buyers
And finally, professional foundation repair helps to attract a wider pool of buyers, including families and retirees who are generally not in the market for project homes.
Whatever your foundation problem, Techniblock has the right long-term solution. We’re Melbourne’s leading team in foundation construction and repair, handling everything from residential underpinning to new industrial foundations. Get in touch with our team of foundation repair legends today.