Noticing that your foundation has been damaged and is need of repairs is certainly a troubling realization. If you find yourself in this unfortunate situation, you may be wondering whether repairing your foundation is really worth the cost. To help you determine whether or not you should have your foundation repaired, we’ll take a look at a few important considerations you’ll want to keep in mind once you realize that your foundation has been damaged.
How Much Does Foundation Repair Cost?
It’s difficult to provide an average for how much foundation repair costs since every foundation repair project is unique and the cost of repair can vary dramatically depending on the extent of the damage. The good news is that your foundation repair specialists will be able to provide you with an accurate estimate once they have evaluated the damage. Without knowing the extent of the damage, though, it’s impossible to say just how much it will cost to repair it.
Keep in mind that foundation repair may entail some fairly dramatic measures such as the use of heavy equipment, removing the landscaping on your property, and/or tunneling underneath your home. While all of these things are expensive, it’s again important to keep in mind that every repair job is different, and you won’t know for sure what the repairs will require until a foundation repair expert has had the chance to evaluate the damage.
Foundation Damage Grows Worse Over Time
Issues with a foundation tend to become more and more severe as time goes on. Small cracks turn into large ones, gaps become more exaggerated, and settling foundations continue to settle. What’s worse is the fact that a damaged foundation can cause significant damage to other areas of your home as well if left unfixed. For example, you may experience cracks in your walls, misalignments with your doors and windows, flooding in your basement, pest infestations due to cracks that allow pests into your home, and more. Suffice it to say that foundation damage is a serious issue, and when you are weighing the cost of repairing your foundation against the consequences of leaving it unrepaired, it’s always important to consider the full impact that foundation damage can have.
Your Homeowner’s Insurance Likely Won’t Cover Foundation Repair
We hate to be the bearers of bad news, but the truth is that most home owner’s insurance policies do not cover foundation repair. With that said, there are instances where the repairs may be covered by your policy. For example, many home owner’s insurance policies will cover foundation repairs if the foundation damage was caused by other issues in the home such as flooding from broken plumbing. When you discover that your foundation has been damaged, it’s always a good idea to check with your insurance provider to see if they will cover the repairs. However, understand that, in most cases, foundation repairs are not covered.
Consider the Resale Value of Your Home
One important thing to keep in mind when considering the cost of foundation repair is the resale value of your home.
Many homeowners worry that having their foundation repaired will make it difficult to sell their home since they must disclose any repairs that have been made to the buyer. While this is an understandable concern, the truth is that having your foundation repaired may actually increase the value of your home. For example, if your home is built on poor soil, having piers installed in your foundation gives buyers the peace of mind that they shouldn’t experience any foundation problems.
If the damage to your foundation is noticeable, having it repaired will certainly increase the value of your home. Buyers will be much more likely to buy a home that has undergone foundation repairs than they would be to buy a home that has serious, unaddressed issues with its foundation.
If you have any intention to sell your home at any point in the future, it’s certainly a good idea to go ahead and have your foundation repaired.
No one wants to have to pay for costly foundation repairs. When weighed against the alternative, though, having your foundation repaired is always going to be the better option as opposed to leaving the damage unfixed. Foundation damage will only grow worse over time, until eventually it gets to the point that it is impossible to ignore any longer. In the end, repairing your foundation at the first sign of damage is always going to be more affordable than putting off the repairs until the damage becomes extreme. When you take into account the resale value of your home, repairing foundation issues becomes even more important.
If you’ve noticed signs that your foundation has been damaged and would like to get an estimate on the cost of repairs, we invite you to contact us today.