By: Barry Stone
Dear Barry,
If an old house has a foundation problem, should I even consider buying it? I rent a 50-year-old brick house in a great location. I'd love to own the property but am apprehensive because of some large settlement cracks. How should I weigh this decision? -Ben
Dear Ben,
If you really like the property, notwithstanding the apparent foundation problem, here's a simple way to resolve the financial uncertainties of your decision: Get a bid from a licensed general contractor for a full upgrade and repair of the foundation. Then, have the property professionally appraised. If the purchase price plus the contractor bid does not exceed the appraisal value, you may have a good deal. But before making a purchase offer, have the property fully reviewed by a qualified home inspector. There may be other problems you'll need to consider.
. Questions of a Do It Yourself nature should be submitted our "