A third of homeowners would rather sell than fix foundation issues

Repairing foundations doesn’t come cheap, so it’s hardly a surprise to learn that homeowners are generally worried about any damage that may lead to problems such as subsidence.

A new survey by the foundation services firm Groundworks found that 78% of the 978 homeowners it quizzed are concerned about the state of their homes’ foundations.

That’s a surprisingly high number, and it may well be because a large proportion have already had to deal with some kind of foundational damage already. Common issues highlighted in the survey were related to water or moisture, and include basement concrete or foundation cracks, foundation drainage issues, sloping, sagging and uneven floors, and cracks in the ceiling or walls.

The cost of repair adds to those concerns. Some 605 survey respondents have already experience foundation repairs, and 47% of those said their costs ranged from $100 to $1,000, while 35% said the price of fixing things was between $1,001 and $5,000. An unluckier 13% said their foundation repair costs came between $5,001 and $10,000, while an even more unfortunate 5% of respondents said their costs exceeded $10,000.

Perhaps the most interesting finding was that a large number of homeowners said they’d probably sell their home rather than try to fix serious foundation problems. Some 39% said they’d sell the property as it is if they experienced major issues.

Groundworks said the most common foundation defects it comes across include damage resulting from tree and shrub roots, uneven settlement due to drought conditions, or sinking as a result of improper drainage or rain and flooding. It also comes across many issues that are due to poor workmanship in the first place, such as the concrete mix having too much water, affecting its strength.

About Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]

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