Money Pit or Hidden Gem?
Posted by Dan Thrasher on Thursday, August 12th, 2010 at 2:34pm.When preparing to buy or sell a home it is important to distinguish between the big and little problems that exist. A common misconception in many markets is that waterproofing a basement is considered a “money pit.” Barbara Corcoran, real estate expert on “The Today Show,” was recently asked about wet basements and its impact on the sale of a home. She responded, “Oh, this one is a money pit big time. It takes a heck of a lot of money to repair. Big money, $20,000. You’ve got to excavate around the entire house to fix a leaky basement. Not a good job.” (Watch the video at this link: http://today.msnbc.msn.com/id/26184891/vp/37278452#38572676)
It is true that wet basements can be a big problem. Due to the fact that most buyers view a home with a wet basement as a “fixer-upper”, they will offer 10-20% less, if they consider buying at all. The reality is that most basement water problems can be solved for much less than $20,000. Many of them can be fixed for much less than $5,000. Because the investment to fix a wet basement is usually less than the discount a buyer may ask for, it may be the best choice to fix the problem before putting it on the market.
A common reason people don’t want to get their problem fixed is that they are concerned that everything will have to removed and replaced from the outside, including porches, driveways, sidewalks, landscaping, and more. With an exterior excavation this may in fact be the case. However in most cases exterior excavation is not necessary. Most water problems can be addressed from inside the home, even if it is finished. This is much less disruptive and can be done quickly and without a huge investment.
Basement waterproofing has been around since the 1930’s, but like almost every other home improvement sector, techniques have modernized and improved. Many companies began waterproofing homes by using exterior and/or old fashioned and more generic system. At Thrasher Basement Systems we utilize a modern and specifically designed interior drainage system. It is proven that by installing a drainage system around the inside of the basement along the wall, you can capture water at the most common point of entry – the floor / wall joint. Other advantages to this type of system include:
- Accessibility to do the job.
- More affordable than an outside system.
- Installs in 1 day most of the time.
- Easily serviceable year round.
- It works and comes with a long term warranty that is transferable to new owners.
Thrasher installs an interior drainage system called “WaterGuard.” WaterGuard is a specially-designed piping system engineered specifically to be a very efficient, long-lasting interior basement waterproofing system. The requirements of a good interior drainage system include:
- Designed not to clog – sits on top of the footing.
- Has a built in 3/8-inch gap between the floor and the wall to drain wall leaks.
- Does not rely on filter fabric. (All filters eventually have to be changed)
- Has a big drain outlet to the sump.
- Will not cause structural damage to the foundation.
If you are unsure of the severity of your basement water problem it is best to have an expert look and give an estimate of the cost of repair. In most cases you will be pleasantly surprised. If you are looking to buy a home with a wet basement, it is a good idea to have it checked out before you by, so that you will be prepared to invest in making your new basement useful living space.
Dan Thrasher is the Director of Operations at Thrasher Basement Systems. Dan has worked for the company since he was a kid. He's a Certified Waterproofing Professional and Foundation Repair Specialist. The company provides foundation repair, basement waterproofing, crawl space repair, and radon testing & mitigation.
Print
ShareBe the first to comment on this blog entry!
Leave a Comment
My Account
Log in, to view your saved searches and add to your favorite listings.
... So You Can:
- View detailed property information
- Print detailed property flyers
- Save your searches & favorite homes
- Inquire about a private showing
- Map individual property locations
- Share your favorite homes with friends
