I'm considering purchase a duplex (to live in one unit) and it has foundation problems. A couple horizontal cracks in the basement walls (poured concrete) and evidence of water seepage. It was built in 1912, so these issues aren't surprisingly. Just had it quoted for a fix from Everydry and for a long term solution, they quoted $19,000! Another short term solution: $13,000!
There are no cracks in walls or ceilings in any of the units, just the basement. Obviously there's no way I'm paying for this. And I have no leverage with the seller, as it's a hot market and there are other offers waiting (mine was the first and therefore accepted). Just before the foundation guy left, he said another option is to just buy it as is, and keep them in mind if I ever want to repair it. To me, this seemed weird, first quote me $19k to fix it, then say, "eh, just buy it as is, it lasted this long it's probably got another 100 years in it." And he really did say just about, he said it won't be "falling down" anytime soon.
So this leaves me in a conundrum, I really like the property, but don't want to make an emotional decision. And I'm confused about the severity of the foundation "problem". It would be a huge project to fix, but at the same time he made it seem like the whole thing is optional...
Has anyone here done any foundation work, or have foundation problems they are doing nothing about?
Would love to hear some thoughts/experience.
Thanks.