Did you know that the average American homeowner spends almost $5,000 on home maintenance and repair costs per year? However, foundation repair costs are some of the most expensive issues you’ll ever face as a homeowner.
With that being said, how can you reduce your expenses and keep your wallet safe when dealing with foundation problems? The truth is, with proper planning and early detection, you can reduce the overall financial burden associated with these intense repairs.
To ensure your wallet survives these costly repairs, keep reading to find everything you need to know about how to save on foundation repair costs!
Get a Structural Engineer’s Opinion
A structural engineer can assess the damage and recommend the best course of action. In some cases, house foundation repair may not be necessary. A structural engineer can also help you find a reputable contractor who can do the job correctly.
Do-It-Yourself Foundation Repair Methods
Home foundation repair costs can add up quickly, but there are ways to save. Doing the repairs yourself is an excellent money-saving option, however, it is important to make sure that you know what you are doing.
There are many resources available online and in libraries that can help you learn how to do foundation repairs. Just make sure the information you’re referencing is coming from a reliable source.
Financing Options for Foundation Repair Costs
Thinking about your financing options for your repair costs? Getting a home improvement loan or home equity line of credit is one way to cover the costs of the repairs. You could also use a credit card with a 0% intro APR offer or negotiate with the home foundation repair company for a reduced rate to finance the costs.
Tax Deductions for Foundation Repair Costs
If you are a homeowner, you may be able to deduct the cost of repairs from your federal income taxes. To deduct the cost of repairs, you must itemize your deductions on Schedule A of your tax return. For more information about claiming deductions for foundation repairs, you should speak to a tax professional.
Have the Repairs Done by a Professional Company
While it may cost a pretty penny to have a professional company do your foundation repair, they will be more knowledgeable about the different types of house foundations and be able to take care of the repairs faster and with less disruption to your home. In addition, a professional company will be able to offer a warranty on their work, which will protect you from having to pay for any further repairs that may be needed.
If you decide to go the professional route, get multiple quotes so that you can compare the prices and services each company has to offer.
Deal with Damages Immediately
If your foundation is showing signs of deterioration, it is important to have it fixed as soon as possible. But, money doesn’t grow on trees, and fixing your foundation can be pretty expensive. To save money on foundation repair costs, you can use one or a combination of the tips above to get the job done without breaking the bank.
If you found this article helpful, check out the rest of our blog site for more ideas and inspiration for your new home.