Despite home and property repairs frequently being included in personal budgets, they are never a welcomed occurrence. In the case of foundation issues, you can also expect further side effects like cracks in your ceiling and walls. In this situation, discovering how to pay for foundation repair early on can save you from compounding future costs.
How Much Does It Cost to Repair a Foundation?
What options are available to homeowners who discover that foundation repair is in order? In most cases, Houston foundation repair companies require several thousands of dollars to provide high-quality and lasting remediation for your home’s foundation.
Home foam foundation repairs in the Greater Houston area generally average around $5,000. Our residential concrete pile foundation repairs cost around $8,000.
For a more detailed estimate of your remediation costs, check out our foundation repair cost calculator today!
4 Examples of How to Pay for Foundation Repair
There are obvious ways to pay for needed repairs to your home’s foundation like credit cards, cash, check, money order, loans, etc. However, the average homeowner may not have thousands of dollars waiting in the wings to pay for an unexpected repair. And, though it’s necessary to maintain the value of your home, nobody wants to take on high-interest credit card debt or loans just to maintain their place of residence.
So, what other methods of paying for foundation repair are available that may not be obvious to homeowners?
1. Foundation Repair Warranties
If your home has had foundation repairs in the past, you may still be covered under a warranty. For example, here at URETEK Gulf Coast, we offer 10-year limited warranties on most home residential foundation repairs we complete. Our foundation repair warranty is transferrable, so if you’ve purchased a home within 10 years of a foundation repair completed by our team, you may still be covered. Other repair teams may offer similar transferable warranties, so it’s important to check with the previous owner about previous work.
Foundation repair warranties aren’t the only ones that may be active for your home. For custom homes less than 10 years old suffering from abnormal foundation settlement, we recommend reviewing your home warranty documents. Some builders buy what is called a 2-10 warranty to cover structural defects in new homes.
A 2-10 Home Buyer’s Warranty may have been a selling point during the purchase of your new home, meaning that you’re aware of the 2-10 HBW. However, if you’re unsure of whether your builder attached this type of warranty to your home, checking with them could save you thousands.
2. Insurance for Foundation Repair
A very common question we get is – does homeowner’s insurance cover foundation issues? The answer is normally no. However, if your foundation damage is from falling objects, aircraft, civil disturbances, vehicle damage, or vandalism there may be a higher likelihood that repairs will be covered. You’ll have to check your individual policy for details.
Foundation repair work could be covered by homeowner’s insurance if foundation settlement is caused by a plumbing leak or defect. This means that plumbing must be covered by your homeowner’s insurance policy. A similar scenario could apply if your insurance covers another risk, like a fire or explosion, that causes damage to your foundation.
3. Grants for Foundation Repair
In very limited cases, you may be able to access grants made available by the Rural Development leg of the USDA. Their program is called Section 504 Home Repair and can be used by qualifying individuals to make repairs that eliminate hazards to health and safety.
The program is need-based and very selective, so look closely at the criteria before pursuing this option.
4. Financing for Foundation Repair
The URETEK Gulf Coast team knows that home repairs are never convenient. We offer 12-month and 18-month no-interest foundation repair financing options on our home foundation repairs. Our financing process includes an easy application and you’re not penalized for early pay-off. We also offer traditional installment plans for homeowners that prefer that route.
Contact URETEK Gulf Coast for Effective Foundation Repair
Since 2000, URETEK Gulf Coast has been a trusted provider of foundation repair solutions in the Greater Houston area. We offer several types of solutions, and our team will never recommend a service that we’re not confident will help.
Contact us today for a free estimate from an experienced foundation repair technician!