While you don’t typically think about it, a foundation that is in good condition is what keeps your home safe. When your foundation starts to crumble or becomes damaged, it puts your home at risk in many ways. One of the most important points is it supports the structure of your home. Without it, your house wouldn’t be stable enough to live in.
While that crack in your foundation doesn’t look like much, know that it can quickly become more extensive. The longer you put off the repair, the more it’s going to cost in the long run. Cracks in the foundation allow moisture to get inside, leading to water damage and other damage to your foundation. A repair that may cost five hundred dollars when first discovered could end up being thousands if you put it off too long.
There’s no argument that foundation repairs are expensive. In fact, most people are well aware of this; however, what people want to know is why they’re expensive. Various things are taken into consideration when determining the cost of the repair. What contributes the most to the price is how extensive the damage is and how difficult it is to repair. Below, we will explain why foundation repairs are expensive and essential.
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Signs Your Home Requires Foundation Repair
There are a few signs to watch for that lets you know your foundation may have an issue. A few of them are as follows:
- Exterior cracks
- Cracks in the wall or ceiling
- Crooked doors
- Rotten wood
- Floors that bounce
- Cracks in tile
If you notice any of these signs, you’ll want to have a qualified foundation inspector inspect your foundation and tell you the best way to make the repairs, so you don’t have to spend more in the long run.
Crack Repair & Costs
It’s normal for a foundation to settle and crack some, especially in the first 2-3 years, so small ones are expected and are simple and inexpensive fixes. Most professional foundation repair companies fill them with a flexible epoxy injection or polyurethane foam. Minor cracks are affordable and may cost as little as $250 to repair, while large ones can cost up to $800. Be sure to keep an eye on the foundation to make certain future cracks don’t appear. If they do, you want to keep an eye on them to ensure they don’t worsen.
House Leveling Repair and Costs
House leveling is precisely what it sounds like. It’s when professionals come in to repair your home’s foundation to make it level. This process restores your home to its original state and allows you to fix any further foundation issues that are discovered. As you would expect, this is more expensive than other repairs. However, the price first depends on how many piers you need to level your home. The national average cost per pier is between $1,300 and 1,500.
Several ways can be used when leveling a home, depending on the type of foundation. Another thing that determines how to best level the house is what types of issues the foundation has. For slab foundations, piers are placed under the home to raise and stabilize it. Many companies will use bracing rods or pilings for a crawl space as long as the damage isn’t too extensive.
Foundation Leak Repair and Costs
This one is pretty expensive and can cost anywhere between $2,500-$6,200. Smaller cracks in your foundation have grown and put pressure against the walls creating an interior crack. You can take some steps before the cracks reach the inner walls. Once they’re there, they have to be fixed.
To do this properly, the foundation needs to be sealed and waterproofed. This is done using concrete patching compounds for small holes and cement for large ones. If you have bigger cracks than a pencil lead, you need to have an inspector come out to look at it. It may mean that you have underlying foundation issues.
Does House Insurance Cover Foundation Repairs?
Very rarely does house insurance cover foundation repairs. Most insurance companies consider settling, cracking, shrinking, bulging, or expanding natural occurrences.
Are Foundation Repairs Worth the Cost?
The answer is yes; the foundation repairs are worth the cost. What you fix now will save you money down the road.
Can You Negotiate Foundation Repair Prices?
Typically the foundation repair company sets the price, but you can try and see if they’ll agree. The worst they can do is say no.
Our Financing Options Available?
Yes, there are many different financing options available for foundation repair. First and foremost, there are a few options available through the government. There’s a Freddie Mae CHOICE Renovation Mortgage primarily for real estate investors. Fannie Mae HomeStyle Renovation Mortgage. This program is flexible. You get to choose the contractor, plus you can also use the money to pay for related expenses. FHA 203 (k) Loan This is for homeowners with lower credit scores. If you qualify for this loan, you’ll have to pay higher interest rates.
Home equity loans are another way to get funds to have your foundation repaired. They vary in how much individuals can borrow, interest rates, and requirements for approval.
Credit cards are also an option. Many credit cards offer zero percent interest rates. Personal loans are also options if you have good credit. If you can’t get financing from the above options, you can also ask family and friends to help out.
Many times foundation repair companies will offer different types of financing options. They will work with a partner financial institution to allow you to get the repairs done. Talk to your foundation repair company to see if this is an option for you.
Don’t Let The Expense Stop You From Receiving Foundation Repair
A solid foundation is essential to preventing flooding and structural damage to your home. If action isn’t taken quickly, the damage worsens, causing the cost of repairs to increase rapidly. There are many options available so you can ensure your home is safe for you and your family.