You have just received a phone estimate for foundation repair or a formal proposal from your In-Home Assessment. Let’s not sugarcoat this . . . it’s an amount that you wish you could spend on something more fun than an “invisible” home improvement project.
Foundation repair is one of those projects that doesn’t have a wow factor to impress your neighbors like a kitchen remodel would. When done right, there won’t be much outward evidence that any work has been done at all. Not exactly a reason to throw a party.
“As a foundation repairman, I get that this is not the first thing most homeowners want to spend money on. Our services, though critical to the stability and performance of your home, are not the most fun and enjoyable way to invest your hard-earned dollars.”Craig Tripp – Anchor Foundation Repair President, Owner, CEO, Foundation Repair Extraordinaire
It feels like a lot, we understand that this is a time when homeowners begin to worry about their budgets and stress about how to pay for this type of repair.
At Anchor Foundation Repair, we can assure you that people do find ways to make this work with their budget. With 35+ years of service to the community, we feel confident that there is an option available that will work for you.
We want to help you know the payment expectations and your financing options so that you can make the best choice for your budget and feel comfortable with your decision. You have questions and selections available to you that we will cover in this article as follows:
- What type of payments do you accept?
- Is there a payment plan/schedule that needs to be followed?
- Do you offer financing options and how would that work?
- Can I get a regular bank loan for this kind of repair?
- Do you have any recommendations for a local bank or credit union?
- Should I ask for or plan for more money than the estimate just in case?
Let’s see what we can do to help you find the payment options that work best for your situation.
1. What type of payments do you accept?
We accept checks or cashier’s checks payable to Anchor Foundation Repair and credit/debit card payments. Payments are normally requested via email from our project management system, called BuilderTrend, or are also available on your BuilderTrend account that is set up when you start a project with the Anchor Team for your foundation repair.
Card types accepted include Mastercard, Visa, Discover, and American Express. We will not accept cash payments for security reasons.
Are there any extra fees for different payment types or discounts for cash?
No, we do not charge extra fees for credit/debit card payments. We actually prefer this method of payment because it gets entered into our system and accounts automatically.
Since we do not accept cash payments, there is no discount for paying cash.
2. Is there a payment plan/schedule that needs to be followed?
We will ask for a deposit, usually 10% of the total cost, to get your home on our schedule. After the In-Home Assessment is completed, you will receive email communication from the office with your proposal. The payment of that deposit and acceptance of the proposal will activate the next steps.
Payment requests and updates will come by phone or via our Buildertrend project management system. The payment schedule usually goes something like this for a typical foundation repair job:
- 10% down payment to get on the schedule
- 25% payment on the job start date
- 40% payment after piers are poured
- 25% final payment upon job completion
We break up the payments to keep the percentage of work done through each phase approximately equivalent to the percentage that we are asking for in payment. This keeps things predictable for homeowners while also allowing for the ability to break up the payments into manageable portions.
There is some time between these payment deadlines, so you would certainly have days or sometimes weeks to gather funds before the next payment. You can also pay all at once if you like but that is certainly not expected and we would never ask for the full amount prior to any work being done.
The payment schedule for crawl space foundation repair is slightly different. If your job’s payment schedule will be different than described here, we will let you know this in the work proposal you receive after your In-Home Assessment visit.
3. Do you offer financing options and how would that work?
Through a partnership with Hearth, financing is available for Anchor Foundation Repair work. The Hearth company is a Better Business Bureau accredited business that defines itself as a “home improvement and repair financing” outlet.
Hearth promises to quickly get you personalized rates without affecting your credit score. Your acceptance of Hearth financing is determined only by your financial situation. Anchor does not play a part in determining your financing ability or terms.
If this is something you are interested in, please let us know as soon as possible and we can send you a customized Hearth link by email.
Our partnership with Hearth is strictly for your convenience, we do not benefit in any way from homeowners using that service through Anchor Foundation Repair. Well, other than the work getting paid for as usual . . . we receive no kickbacks, commissions, or compensation when our customers go through Hearth for their financing.
4. Can I get a regular bank loan for this kind of repair?
Homeowners are also free to find financing through their bank or means of credit, such as a home equity loan or other bank loans. Check first with any financial institutions with which you currently have active accounts.
Also, check with your current mortgage company to see if a cash-out refinance option might be available for you.
If you haven’t recently bought or refinanced already, and you plan to stay in your home for a while, a refinancing option could be a worthwhile option to look into. It could even get extra cash for other home projects, depending on the amount of equity built up in your home.
Getting a loan or refinancing is a bit of a process, so just to manage your expectations here, be prepared to do some work to get something like this to happen. Financial institutions will consider your credit score, the equity in your home, and even your work history or other savings you might have.
There are usually forms to fill out, home appraisals, and things of that nature to get through to do this. Each situation and loan type will vary based on your financial situation and the amount you are looking to gather.
5. Do you have any recommendations for a local bank or credit union?
Your first check should be with the bank or credit union where you normally do business. But we have visited with representatives at BB&T Bank and they are doing cash-out refinancing as well as signature loans for these kinds of repair purposes.
We do not have any special arrangements or kick-back compensations for referring you to this institution. Other banks might offer the same services, this is just one that we are aware of and spoke with about this type of financial need.
6. Should I ask for or plan for more money than the estimate just in case?
We provide proposals and contracts that commit to the scope of work and the price. Cost increases won’t come from delays or more crew-hours needed on the job. But there is a chance more repairs could be needed if we discover a previously unknown drain line problem during the project.
About 30 to 35% of the homes we work on for foundation repair end up having under-slab plumbing issues that were not presenting themselves before the repair process. We gain access to the repair area for your plumber through our tunneling services. If this comes up for you, the costs for tunneling and the plumbing repairs are separate and additional.
The best strategy here is to have access to extra funds if needed. This could be through a credit card or other quick loan, like a standing line of credit at your bank or a collateral-based loan using your current savings to back it up.
As far as an estimate of how much extra you should have access to on hand, that is different for every home. We can talk through a contingency amount that applies to your situation but can’t make a general rule on this.
Take your time to come up with a financial plan for your project.
Each repair is custom designed for the needs of your home, so the method that you use to pay for this foundation repair project should be tailored to meet your needs as a homeowner as well. Weigh the pros and cons of both the value of this project and the method that best manages the cost for you.
While you are working to find the best way to pay for this large home improvement project, remember that most foundation repair issues are not emergencies. Foundation problems have taken many years to form, so it’s okay to take the time you need to work through the best financial option for you.
If the Hearth financing option sounds like one you would like to look into, remember to request your customized Hearth link from our office through our Contact Form. Just check the “I just have a question” option and ask for your personalized Hearth financing link in the description box.