Never put off needed foundation repair in Georgia! Damaged foundations only get worse over time, so repairs get even costlier the longer they’re ignored. Additionally, a damaged foundation lets moisture into a home, risking wood rot and mold. A weak foundation also lowers property values!
However, many homeowners know that foundation fixes often cost a few thousand dollars at least. Also, homeowners’ insurance rarely covers this cost. In turn, they might wonder if foundation repair companies offer to finance. Note a few quick considerations to keep in mind when it comes to financing foundation repair in Georgia.
Be sure to always receive an assessment of your foundation prior to agreeing to pay any costs. This information is provided by our foundation repair company which regularly completes foundation inspections in Atlanta, GA.
First, note that foundation repair companies in Georgia are all different! In the same way that some stores offer credit cards while others don’t, some foundation companies might offer to finance. On the other hand, some companies might not.
Also, note that foundation companies don’t typically offer to finance themselves. Instead, they usually work with a financing company or lender that specializes in home improvement repairs. In turn, it’s not up to the contractor to decide if a homeowner qualifies for that financing. Instead, the lender decides on those qualifications themselves.
Additionally, those lenders decide on the terms of the financing. This includes the interest rate, minimum monthly payment, and so on. Consequently, a homeowner shouldn’t assume that they can negotiate these details with their contractor.
Moreover, never assume that financing offered by a foundation repair company is your best or only choice. In some cases, these lenders might charge a higher interest rate than other lenders. Additionally, they might not offer many options for paying back that loan. In turn, homeowners might still shop around for other financing options when scheduling foundation repairs.
If you can’t find a company offering financing for foundation repair, how do you afford these fixes? One choice is a home equity loan from your bank. Two, you might consider a low-interest credit card or line of credit. Your banker might even offer these credit options for needed home improvements in particular.
While these options can mean having funds needed for foundation repair, homeowners should ensure they know what they’re getting into! That means understanding their interest rates, the collateral used, and so on. A homeowner should also ensure they can afford those monthly payments. Your lender can explain those factors in more detail.
When shopping around your financing options, you might start wondering if foundation repair is worth the cost. The short answer is yes! Foundation cracks let in moisture that risks even costlier damage, as said. Your home can also settle, risking interior and exterior cracks, buckled floors, and more.
Also, while foundation repair might not improve home values, a damaged foundation is sure to reduce it! Real estate appraisers base property values on what buyers might pay for that property. Potential homebuyers are not likely to buy a home with a damaged foundation or will just lowball that offer. Consequently, it’s vital that homeowners schedule foundation repair in Georgia at the first sign of damage.