Six Ways To Pay For Foundation Repair
By: Neil Lemons
Repairing one's foundation is not typically an expense that is budgeted for, and often comes as a surprise. With most unexpected, but absolutely necessary expenses, consumers have to look for resources that weren't there before. One must be creative in finding ways to fix the foundation for most American's biggest investment, his/her home.
After you get a quote from any foundation company, you may ask yourself, "Where am I going to come up with an extra $5000- $12000?"
Borrow it - If you have adult children, ask them if you can borrow the an extra 5 - 10k while reminding them that they will be inheriting the house when you pass on.
So it's actually an investment in their future. If you have more than one child, and only one helps you out, guess who gets the house?
Finance it - Wells Fargo and Capital One both offer special loan programs with fixed interest rates specifically for repairing the foundation of your home. Call any local representative or get the contact from the foundation repair company you're doing business with.
Redirect funds - You might have the cash, but it's stocked away in 401k or IRA. If your house is worth a lot more than those retirement plans, it might be worth it to borrow a little. Make sure you pay it back though or you could get some stiff tax penalties.
Charge it - If you have good credit, you'll often find 0% interest credit promotional offers. Usually the 0% only last for six or nine months, but sometimes last for up to a year. Put your foundation expenses on a 0% interest credit card, then move the balance to another 0% interest card until you pay it off.
Find Equity - If you have been paying on your home for very long, you may have some equity from which your lender may let you borrow from. Since having noticeable cracks in your home, not to mention foundation problems, your home will depreciate in value at a rapid rate. It's worth it to keep your mortgage payments, home improvements, or damage control, in the same "bank" so to speak.
Pawn for it - If you own any other assets such as guitars, amps, televisions, computers, record collection, you may choose to pawn these items to start your foundation repair fund. Put the proceeds in a high interest online bank, then use a combination of the other ways to obtain your needed funds and you will be on your way.