foundation repairs
Posted: Sun Nov 21, 2004 5:13 pm
I am a first time home buyer, and have found a great home. I'm realistic that this home will not be a castle, so take that into consideration with my question.
This home is in a good area (hard to find a home- period- in that area,) and is going for MUCH less than the other houses in the area.
It's listed as "needs basement repairs to be done by buyer." My agent and I looked over the basement, and found nothing but a slight 3/4 in. bow in one block of the foundation. There is a slight crack, but my understanding is that's easy to repair. I was told I would need a metal pin to keep the foundation in place. The stairs are made of concrete, with a porch-like cement area just to the left when facing the house. That area is cracked (unsure if it is sinking or not,) and I believe that is what's causing the slight bow in the foundation. So I would have to take out that entire area (and I would probably make a small wooden porch with bushes in place of that area.)
There is also a slight bow of the foundation on the outside of the house (maybe 1 in. or less,) and that would need to be repaired.
There were 2 assessments when I viewed the house, and one quoted $23,000 with a $6,000 mark-down as a sale. My agent (who used to do rehab on houses) told me that was a ridiculous amount, and she reasoned if these contractors were going to take the $6k off, then why didn't they just do it in the first place (instead of trying to make unsuspecting people think that's a good deal.) The other assessment was $14,900.
I'm realistic and am willing to do the repairs on the house, but I just want some opinions as to what others think about this. Am I wasting time and money? Is this too much to do? Is it even worth it?
I don't know a lot about these things, but I surprise myself sometimes by knowing more than I think. I'm not asking because I'm having second thoughts; rather, I'm asking so I can be as educated as possible about this. I just want to know if there are more pros than cons.
Thank you.
This home is in a good area (hard to find a home- period- in that area,) and is going for MUCH less than the other houses in the area.
It's listed as "needs basement repairs to be done by buyer." My agent and I looked over the basement, and found nothing but a slight 3/4 in. bow in one block of the foundation. There is a slight crack, but my understanding is that's easy to repair. I was told I would need a metal pin to keep the foundation in place. The stairs are made of concrete, with a porch-like cement area just to the left when facing the house. That area is cracked (unsure if it is sinking or not,) and I believe that is what's causing the slight bow in the foundation. So I would have to take out that entire area (and I would probably make a small wooden porch with bushes in place of that area.)
There is also a slight bow of the foundation on the outside of the house (maybe 1 in. or less,) and that would need to be repaired.
There were 2 assessments when I viewed the house, and one quoted $23,000 with a $6,000 mark-down as a sale. My agent (who used to do rehab on houses) told me that was a ridiculous amount, and she reasoned if these contractors were going to take the $6k off, then why didn't they just do it in the first place (instead of trying to make unsuspecting people think that's a good deal.) The other assessment was $14,900.
I'm realistic and am willing to do the repairs on the house, but I just want some opinions as to what others think about this. Am I wasting time and money? Is this too much to do? Is it even worth it?
I don't know a lot about these things, but I surprise myself sometimes by knowing more than I think. I'm not asking because I'm having second thoughts; rather, I'm asking so I can be as educated as possible about this. I just want to know if there are more pros than cons.
Thank you.