Financing for Costly Foundation Repairs Can Prevent Further Damage And Increased Cost
The average foundation repair job is approximately $15,000 to $20,000 for an average size residence. Of course the variations can be large and clearly based on each situation’s needs and the method used for the repair. In most situations the docks needed to stabilize a foundation start around $250 each and several, sometime dozens, maybe required around the perimeter of the house, making the complete cost increase rather quickly. In some other situations, the foundation problems are minor and can be addressed slightly inexpensively.
Having to come up with such large upfront cost, can rule to delays in starting the foundation repairs project. Once the foundations of a house are compromised, time is usually not on the homeowner side. As the root cause of the foundation worsens, with it, so do the conditions of the foundations.
With time, the repairs get increasingly more complicated and costly. Plumbing is usually the system that suffers the most, especially where the house meets the ground. Here pipes can undergo harsh stress and can end up leaking or bursting irritating the situation further.
If cost is an issue, while the homeowner is doing the due diligence, they should enquire with each bidding foundation repair company, if financial assistance is obtainable by them or if they need to find their own financing solutions.
Most well established companies do offer in house financial programs that can allow the work to start right away and be paid over time. Others have joint programs with major financial institution do ease the time of action and supply a better guarantee of quality in the loan program.
Other source of funds are home improvement loans, personal loans, remodeling loans, reverse mortgages, and least, but sometime faster, credit cards. With some low-rate credit cards, the interest rates maybe more beneficials than other financial solutions.
Of course, the homeowner should also check with their insurance company to make sure that the issue is not covered under the homeowner policy. Sometimes, depending on the root cause, the repair maybe something that can be claimed as an insurance covered repair. Although home insurance policy typically don’t cover foundation repairs, for example, if the damage can be verified to be caused by an improper or substandard construction of the plumbing system, the insurance will most likely cover it. Always know your policy of check with the insurance agents for coverage details.
It the end, when it comes to foundation repairs, homeowners should not panic but try to move as expeditiously as possible.