It can be quite daunting to put in an offer for a building that has had some foundation underpinning work done on it in the past. It's not so much of a big deal when you have the right information. For prospective buyers, here are a few questions to ask about foundation underpinning that will help put you at ease about buying that property.
1. Why Did The Building Need Underpinning?
Foundation underpinning may become necessary in order to strengthen and strengthen the foundation for a host of reasons. If it was subsidence, what was the reason for it? Will you have to worry about the same issue or related issues being a concern or threat in the future?
2. How Well Was The Work Done?
If it's done well, foundation underpinning will ensure that you don't have to worry about foundation problems in the future because the foundation will be as strong and as stable as can be. There are different foundation underpinning methods, and how well the project is done will also depend on the expertise and experience of the contractor. At the end of the day, you want the reassurance that all the work done is according to standard.
3. What Impact Will It Have On Insurance?
Just like you, insurers will have a legitimate concern about the problem that made foundation underpinning necessary recurring. A while back, this concern would make insurers shy off from insuring such a property, but that is not the case today. The insurance company may need to have an independent expert assess the building. More likely than not, however, is that you may have to pay higher insurance premiums. However, that may not always be the case.
4. What If You Choose To Resell?
Prospective buyers in the future will have the same questions and concerns that you have as you get ready to put in your offer. How significant an impact, if any, will the fact that the building has undergone foundation underpinning have on the resale value? If buyers use this fact as a bargaining chip, how low will you be willing to go? Will you be able to recoup your investment?
Due diligence is a must as you get ready to buy a property. Knowing all there is to know, including the specifics of any foundation underpinning works on the building, can help you make a more informed decision. The highlighted leading questions, among others, will certainly help.
To learn more, contact a company like Pro-Pin Professional Underpinning today.
Share16 July 2019
Welcome to my blog, my name is Blake and from now on, I will be writing a series of blogs which will deal with the process of finding and working with contractors when constructing a new building. I am not a construction specialist but last summer I gained a lot of experience in this area when I hired a team of 32 contractors to build a holiday home. When hiring contractors, it is important that you understand how to communicate with them and their ways of working. Below are a series of blogs which will help you to find the best contractors.