We recently learned that we have a crumbling foundation. We immediately requested an estimate from a highly recommended and reputable contractor. The estimate to fix our crumbling foundation is $328,000.
Let me put that in perspective. Tolland has assessed our structure at $299,800. In other words, it will cost more to fix the house than it is worth.
Our house is very well maintained. Because we are in the early stages of this disease, we have suffered only minor cracking and no real structural damage to the house itself.
If this were a car, an insurance company would simply write us a check for the assessed value and send the vehicle to the scrap yard. No financial institution could be expected to provide a loan for an amount greater than the value of the collateral. And even if we had no mortgage (which we do), we could not afford to carry a loan of this magnitude at this stage of our lives. Financially speaking, this is a no-win situation. It simply does not make financial sense to fix the problem. Yet we must still continue paying a mortgage or risk losing our credit and having no place to live.
As demand for reconstruction and restitution services increases, we can only expect to see prices increase, and more families will be put in this untenable situation where it simply makes no sense to sink any more funds into saving their homes.
Moreover, most estimates of the total impact of the crumbling foundation situation assume that it costs between $150,000 and $200,000 per property to resolve the problem. But if our experience is any indication of where remediation costs are headed, then the overall financial estimate of the impact of this disaster are significantly under-estimated. The human cost of forcing people to walk away from their properties is high enough. And when this happens, the ripple effects to the rest of the state will be extremely deep and long lasting.
- Homeowner, Tolland