How to Identify and Fix Foundation Problems on Investment Properties

foundation problems

As a real estate investor, you need to be aware of any foundation problems before purchasing your next house and even after owning investment properties for any extended period of time. Foundation failure is a significant problem with even greater costs, especially if left unaddressed. Protect your investment properties by identifying the warning signs of foundation problems and knowing what to do to fix your foundation problems.

Foundation Problems – Cracking or Crumbling

Upon first inspection of your next real estate investment property, start with the foundation itself. Be sure to inspect the interior foundation as well as any exterior foundation surfaces. You are looking for any signs of deterioration of the foundation including cracks, gaps, sloping, concrete crumbling, and moisture accumulation.  

Foundation Problems – Water Damage

If your investment house has unusual water accumulation and soil shifting surrounding the property, the foundation has probably cracked and is causing improper water drainage. The water accumulation, soil shifting, and improper drainage will serious damage to your foundation and requires immediate attention.

There may be water damage if there are:

  • Abnormal wet areas (when there has been no rainfall)
  • Abnormal dry areas (following rainfall or watering the lawn)

Check for hidden drainage issues and potential water damage:

  1. Shut off all water-based appliances and faucets.
  2. Note the exact readout of the water meter.
  3. Wait six to 12 hours.
  4. Check the water meter. If there is a change, leaks may exist and you should call a foundation contractor and a plumbing professional immediately.

Foundation Problems – Signs Inside the Home

Don’t overlook investigating the inside of the home to determine if there are foundation problems. Start by checking if the floors are level. Also, look at where the walls meet the floor and ceiling and make sure there are no gaps. Cracks in the walls is a tell-tale sign that the foundation might be shifting and in need of repairs. Check every door and window. If doors and windows do not close (too tight) or have large gaps, there may be foundation issues that need to be addressed before the situation gets worse.

Solutions to Foundation Problems

Most foundation repair costs average $3,900 and major foundation repairs (i.e. foundation leveling, water damaged foundation) can cost closer to $10,000. There are several options to solving even the worst foundation problems and some solutions to alleviating the costly foundation repair expenses.

Sometimes your homeowner’s insurance policy can assist with some of the financial burden of foundation repair costs. However, most insurance carriers find that foundations are too risky to insure so always review your policy for specific coverage of a foundation.

Most foundation problems will require a team of professionals to repair. A professional foundation repair contractor is a great place to start and oftentimes they have a team they use regularly for a lower cost than hiring individuals on your own.  

One of the best solutions for finding foundation problems and initiating foundation repairs is teaming up with a wholesaler as they are experienced in identifying foundation problems and knowing the best solutions to fixing your investment property foundation. Also, using a wholesaler is a proactive solution to avoiding properties with significant foundation problems and investing in properties better suited to your specific needs.
Want to use a wholesaler with success delivering great deals on wholesale properties? Contact us now and let’s talk!

Speak Your Mind

*


Copyright © InvestmentPropertyUSA.ca 2017