Financing expensive foundation repairs can prevent further damage and increase costs
The average foundation repair job is approximately $15,000 to $20,000 for an average sized residence. Of course, the variations can be large and obviously based on the needs of each situation and the method used for the repair. In most cases, the pillars needed to stabilize a foundation cost around $250 each and several, sometimes dozens, may be required around the perimeter of the house, causing the total cost to add up quite quickly. In some other cases, foundation problems are minor and can be addressed somewhat inexpensively.
Having to come up with such a large up-front cost can cause delays in starting your foundation repair project. Once the foundation of a home is compromised, time is often not on the homeowner’s side. As the root cause of the foundation worsens, so does the condition of the foundation.
Over time, repairs become more and more complicated and expensive. Plumbing is often the system that suffers the most, especially where the house meets the ground. Here the pipes can be put under severe stress and can end up leaking or bursting, further aggravating the situation.
If cost is an issue, while the homeowner is doing their due diligence, they should check with each foundation repair company on offer, if financial assistance is available through them, or if they need to find their own financing solutions.
Most well-established companies offer in-house financing programs that can allow work to start immediately and be paid over time. Others have joint programs with major financial institutions that make the process easier and provide better quality assurance in the loan program.
Other sources of funds are home improvement loans, personal loans, remodeling loans, reverse mortgages, and less, but sometime faster, credit cards. With some low-rate credit cards, interest rates can be more beneficial than other financing solutions.
Of course, the homeowner should also check with their insurance company to make sure the problem isn’t covered by the homeowner’s policy. Sometimes, depending on the root cause, the repair can be claimed as an insurance covered repair. Although the home insurance policy does not normally cover foundation repairs, for example, if it can be verified that the damage was caused by improper construction or poor plumbing, the insurance will most likely cover it. Always know your policy by checking with insurance agents for coverage details.
It’s the end, when it comes to foundation repairshomeowners should not panic but try to move out as quickly as possible.