Even with proper measures in place, sometimes, the best-designed homes can settle, inevitably resulting in foundation problems. These foundation issues are caused by a number of things such as expansive soils, seasonal weather changes, poor drainage, differential settlement, etc.
Unfortunately, foundation repairs can be expensive, but when you consider the implication of leaving the problem unaddressed, you’d see that the structural damage that will eventually be done to your home will ultimately come at a great price.
Of course, one of the things that bother homeowners dealing with foundation damage is the financing of the repair, especially when they can afford to finance it themselves. So, in this article, we answer your question of whether foundation repair companies offer to finance foundation repairs. This article is presented by our Lansing foundation repair company.
How much does foundation repair cost?
Foundation repair projects are not cheap and it only makes sense to first find out how much it would cost to fix whatever issues your foundation is having. The cost of repairing your foundation will largely depend on your foundation type, the kind of damage that happened to your foundation, and the solution that is to be proffered to restore the foundation to its proper state.
It would cost about a few thousand dollars to repair your foundation. In severe cases, you may be spending over $10,000 to restore the foundation. While you may think that foundation repair is expensive, it would do some good to think about the impact of foundation problems on the resale value of your home. Unless you can prove to a potential buyer that the foundation of your home is in good shape, your property’s value can be significantly reduced.
Do foundation repair companies offer to finance?
Considering the high costs involved, you may not be able to afford to pay for your foundation repair in full. The interesting thing is that you can find foundation repair companies who are willing to accept payments over an agreed timeframe. Usually, this will be done in partnership with a financial institution as a loan; just like the loan one gets from a car dealership. With this arrangement, you may not have to make any initial payment to get your foundation repaired.
Local foundation repair companies offer many different types of short-term loans, in which the loan can be paid off in installments over a couple of months or years, sometimes with no minimum monthly payments or interest. You shouldn’t have problems with this option as long as you pay within the agreed timeframe. In your search for options, you may also find loans that come will have to be repaid with interest.
What about grants?
Grants are a great way to finance your foundation repair project, especially if the equity in your property does not suffice for a loan. The Department of Housing and Urban Development offers loans to homeowners, specifically for home improvements. To qualify for these loans, your income is expected to range from low to moderate. These provisions are made under the Title 1 Property Improvement Loan Insurance program.
In some areas, the U.S Department of Agriculture offers the Single-Family Housing Repair loan or grant, specifically for low-income homeowners. To qualify for this, your family income has to be lower than 50% of the median income for the area in which your home is located. One of the benefits of getting this kind of grant is that the resale value of your home remains intact when you decide to put your home up for sale.
Other financing options
If the other financing options that have been mentioned above are not achievable for you, there are still some other options you can explore. You can consider getting a personal loan (also known as a signature loan) from your bank. If you have a credit card with zero or low interest, it can be another option worth considering.
Another way that homeowners finance their foundation repair is by using one of their valuable assets as collateral. You want to be careful when going for this option as you could be losing your asset if you fail to pay up the loan.
The foundation of your home can develop problems and manifest as cracks on the walls and floors, or your windows and doors become stiff and fail to close properly. It is important that you address all foundation problems as soon as they’re discovered to prevent further damage.
One viable option to explore for the financing of your foundation repair is to look for foundation repair companies that offer financing options that allow you to pay back in installments. Ensure that you only work with reputable foundation repair companies by checking out their rating on the Better Business Bureau. Even if the company doesn’t offer financing plans, they may be able to offer your advice on other financing options.