However, owning an older Houston home can bring along a few drawbacks as well. The most important one is that an older home often requires repairs that can add up. According to experts, the owner of an older home should save between 1% and 4% of the home’s current market value each year in order to cover the cost of regular maintenance as well as any home repairs that may arise suddenly. That means a homeowner need to save between $250 and $1,000 a month for a $300,000 home. But the amount you should set aside can vary greatly based on several individual factors, such as the overall condition of your home, the size and type of foundation you have, any repairs previously made, if there is a proper drainage system, and whether you intend to take on specific maintenance and repair tasks yourself or hire an experienced contractor for the job. Whatever you choose, remember that structural repairs, such as foundation repairs, are best left to the pros.
Since the foundation is one of the most important components of a building, creating a separate foundation maintenance and repair budget is imperative in order to make sure that you have enough money to complete any repairs required as soon as you identify specific foundation problems. Fixing foundation problems promptly is the only way to prevent damage from spreading to other parts of your home.
Things to Consider When Creating Your Foundation Repair Budget
When it comes to the foundation of a Houston home, many different problems can affect it. To set up a realistic foundation repair budget, you need to consider all the potential foundation problems that may arise and the associated costs. Here are the most important ones.
Cracks – Fixing cracks in your foundation may require you to address various underlying issues first. Foundation cracks can be the result of different problems, such as concrete spalling, differential settlement, heaving, or excess moisture underneath the foundation. Regardless of the reasons behind foundation cracks, homeowners can expect to pay anywhere between $2,000 and $7,000 for repairing their foundation, according to HomeAdvisor. However, fixing foundation damage can also run into several tens of thousands of dollars if extensive structural repairs are necessary. Sometimes, the drywall, stucco, siding, floor, and/or roof can also sustain some damage and need to be replaced, so make sure that you factor in those costs as well.
Water damage – Excessive moisture underneath your foundation can lead to water damage and mold growth in different areas of your home. Whether it’s the result of a leak or excess water accumulated in your crawlspace or underneath your foundation, fixing water damage may cost between $1,300 and $5,500, depending on the services required. If you also see mold in your home, make sure that you put aside around $2,000 or more for mold remediation. In that case, drywall, stucco, siding, floors, and pipes may also need to be replaced.
Pests – Besides the damage that a foundation crack or excess water could cause to the home itself, it can also let unwanted guests in. If you fail to take the remedial measures necessary as soon as you observe foundation damage, you may also need to call a pest control company in the near future. Getting rid of pests can result in an additional cost of up to $500 per visit, depending on how serious the infestation is.
If you’ve just noticed any foundation problems that need to be addressed as soon as possible, but you don’t have enough money to hire a contractor right away, there are at least two ways to cover the costs. First, your homeowners’ insurance policy may cover the cost of specific foundation repairs. If your insurance policy doesn’t cover the type of damage your foundation has sustained, there are different financing products you could opt for in order to fix foundation damage right now and pay later.
Since foundation problems can arise from different underlying issues, contacting an experienced contractor that serves the Houston-Galveston area and offers complimentary foundation inspections and estimates could help you better approximate your foundation’s repair cost. So, if you’re still in doubt about how much it may cost to repair your home’s foundation, contact Allied Foundation today for a free estimate!