Flipping a Home with Foundation Issues in New Hampshire

For the last couple years, the housing market in New Hampshire has been great for investors looking to buy homes for cash, do some renovations, and quickly get the properties back on the market. These quick flips are lucrative for investors, and the cash they pay for these homes is great for the sellers, even if they are selling their homes for a bit below market value. But throughout all this buying and selling, it's important to make sure all parties involved are taking a thorough look at these homes, especially their foundations.

We've seen this scenario before; some homebuyers move in to their recent investment, and find within weeks or months that there are significant foundation concerns. Whether there is water leaking in at various points, or signs of active settlement in the soils causing the foundation to sink and crack, no recent home buyer wants to have to deal with these issues. They've already paid their fees and made their downpayment. They're excited to be moving into their new home. But then they face the reality of learning they purchased a home with foundation concerns. As mentioned, we've seen this before and we've helped repair such foundations. So, how could this have been avoided?

While not all home flippers are the same, the nature of their game involves making quick, cost effective renovations in order to sell their investment property for as much money as possible. So if there is a crack with signs of water damage in the basement, they might simply clean up the water damage, install a cheap crack seal, and call it done. However, if the seal is not done properly, it is only a matter of time before water leaks through again. And at that point it will be the new home buyer that pays the price, although sometimes it might also come back to haunt the investor as well. So, here are a couple things to keep in mind to help avoid such a scenario;

1. For investors flipping houses, yes it is worth it to properly repair foundation problems prior to listing or selling a house. If you're selling a home with a cracked foundation, the value of this property will be much lower. Likewise, if there are signs of water damage or leaking cracks, the value will drop. Making a simple patch or repair will not always change this either. Realtors tend to know what to look for, as do inspectors who are usually involved in the home buying process. While you are disclosing all necessary information regarding the renovations and foundation repairs you made, the new home buyers will want to know what you actually did and what the extent of the original damage may have been. 

The good news for investors, is there are foundation repair solutions available today for all kinds of issues ranging from waterproofing to more heavy duty structural concerns. With todays innovative techniques and advanced products, these solutions don't always have to break the bank either. This means foundation issues can be solved properly, and investors don't need to feel they are losing out on their investment. Free inspections and estimates with companies like Erickson Foundation Supportworks are easy to schedule as well. Lastly, to top it all off, all of these foundation repair solutions come with a transferable warranty, which means the new home buyers will have peace of mind as well.

2. For those looking to purchase a home from an investor, it's worth it to do your homework. The property may be fully renovated, but don't be blinded by the newly finished basement or brand new kitchen. It's always worth it to ask about the very thing that holds the entire structure up; the foundation. Ask about any cracks or signs of settlement. Ask if there has been any water damage or leaks in the past. And if there have been repairs, find out exactly what they were. If the investor worked with a reputable foundation repair company, they would have warranty information and clear documentation to back it all up. If repairs were made, and there is no warranty to back it up, be thorough with your home inspection to avoid any unexpected issues after your purchase. 

Owners of homes that have been repaired by Erickson Foundation Supportworks can also sign up for the Erickson Care Club. As a member of this club, homeowners receive annual maintenance checks for all products installed by Erickson, as well as thorough inspections of the entire foundation of the home. Members also receive priority scheduling and a 5 percent discount on future system installations. Should you be purchasing a home which received foundation repairs from Erickson, we're ready to back up our work 100%.

If you're a property investor in New Hampshire that often sees foundation issues in homes, know that there are quality, cost effective solutions available. For home buyers, it's important to ensure the property you are buying and investing in yourself has received such quality services and products before you purchase it. With free inspections and estimates, transferable warranties, and a quality local foundation repair business to back it all up, any home or property dealing with foundation issues should be no cause for concern for investors or buyers.