When you buy, sell or simply own a home, there are many factors that can affect its value. One of the less visible, but extremely important, are construction problems. In this article, we will discuss the types of construction problems you may encounter and how they can affect home value.
Why construction issues matter
Construction problems can significantly depress the value of a home. Such problems can be an indication of high repair costs in the future, which can deter buyers. They can also affect the habitability of the home and, in some cases, even compromise safety.
Common construction problems
Foundation problems
One of the most serious structural problems are foundation problems. Problems with the foundation can lead to cracks in walls and floors, jamming doors and window frames, and in extreme cases, even collapse. Repairing foundation problems can be costly.
Asbestos
Asbestos in a home can pose a significant health risk and removal is usually expensive. The presence of asbestos can have a major impact on the value of a home, especially older homes in which asbestos has been used frequently.
Moisture and mold problems
Moisture problems such as leaks, rising damp and mold can also reduce the value of a home. Not only because they can lead to further damage, but also because they pose health risks.
The financial impact
A house with structural problems can often only be sold at a lower price. Potential buyers will want to factor the cost of fixing these problems into their offer. Also, a home with serious structural problems may be difficult to sell in the first place.
Structural problems can have quite an impact on the home value. They are often a hidden expense that only comes to light with a thorough inspection. If you are planning to buy or sell a home, it is certainly advisable to have a structural inspection performed. This will give you a good idea of any problems and their impact on the value of the house.
