Hey everyone! My family and I have discovered some foundation problems with our house, which is about 13 years old. We had a repair company assess the situation, and they quoted us around $6,000 for the repairs, but we don't have that cash readily available. My mom thought about a home equity loan or even a payday loan, but I'm really against the payday option because they seem so predatory. I'm also worried about the home equity loan—mainly if she'll get approved and whether she can handle the repayments. We're already barely making ends meet. My brother found some DIY methods online for fixing parts of it, but we're running against the clock with winter approaching here in the USA. Any advice or suggestions?
2 Answers
I totally feel you! Foundation repair folks can be nearly like vampires when it comes to costs. From what I gather, it might be smart to have an engineer inspect your home first to pinpoint exactly what's wrong. Once you've clarified that, you could then hire a contractor—or even tackle parts of it yourself if you feel comfortable. Just avoid payday loans at all costs!
Before committing, it's a good idea to get at least three estimates from different companies to see what's reasonable. Construction companies often try to sell you unneeded work, so multiple opinions can save you a lot. Also, definitely consider hiring a structural engineer first. They can give you a solid assessment without the bias of profit-motivated companies.
Finding a residential structural engineer can be tricky. A good way to start is by checking local listings or asking for recommendations at hardware stores. Just make sure they’re experienced with residential properties!