When you discover that you have foundation problems, it can be a little stressful. Nobody wants to think about the cost of an expensive repair. Foundation problems are serious, and if you don’t repair them quickly, they can get worse fast.
Many other structural problems are caused by foundation problems that were not dealt with properly. Luckily, foundation repair costs aren’t as high as most people think. If you are nervous about the cost of foundation repair, consider the following.
Are Foundation Repairs Covered by Insurance?
In some cases, your home insurance may cover the cost of foundation repair. You should check your policy or contact your insurance company to determine what type of damage and repairs are included in your coverage. Most insurance policies do not cover the repair of minor cracks caused by settling. However, they will cover bigger problems. You might have to pay a deductible, as well. Most policies cover foundation repairs because insurance companies would rather cover a simple repair than a worse problem caused by the neglected foundation later on.
Are There Any Tax Benefits of Foundation Repair?
Since your foundation is the basis for your home’s structure, repairs are considered necessary. You can write off home repairs on your taxes if they are necessary and help your home maintain its value. Remember that repairs are different from renovations. Repairs are necessary, and renovations aren’t.
It’s important to save the receipts for foundation repair services. Your tax preparer might need to see them in order to help you get the appropriate credits. You might also need these records if you are audited.
Can Foundation Repair Increase My Home’s Value?
Foundation problems can greatly reduce the value of your home. They also can cause your home to fail inspections and prevent it from being sold or refinanced. Making foundation repairs can help increase the value of your home.
If you are planning on selling your home, you will need to disclose any foundation problems to the buyer. If the buyer chooses to have your home inspected, the inspector will find the problems. In addition, the buyer might decide that the damage is to too bad and back out of the purchase. Repairing your foundation problems will help you avoid a scenario like this.
How Much Do Foundations Repairs Usually Cost?
This depends on the severity of the problem. On average, you can expect to pay anywhere from $300 to $2,000 for repairs. The sooner you handle the problem, however, the more affordable it will be.
It is important to shop around and choose a company that not only is affordable but also can get the job done right the first time. You don’t want to have to pay to have someone come back to your home fix something that was missed the first time or that wasn’t done correctly.
If you are concerned about the prices, don’t be afraid to ask a company about it upfront.
Let an Experienced Company Handle Your Foundation Repairs
If your home needs foundation repairs, don’t put it off any longer. If you are worried about the cost, consider the facts above. In most cases, your insurance will cover the cost.
If you do have any out-of-pocket expenses, however, you might be able to write them off on your taxes. If you ignore your foundation problems, they will only get worse, and that could lead to more expensive repairs in the future. Hire a company that offers affordable repairs today
If you’re dealing with a foundation repair problem and what one of our experts to take a look, contact us today!