1926 2 story with major foundation issues
I am hoping to purchase a house needing complete rehab. My main concern is the foundation. Realtor said quote from professional was 50k to shore and repair pier and beam foundation with brick chainwall. The house has cedar exterior and cracks in the interior plaster walls.
This seems really high. I was prepared to shore myself but wondering if this may be too much to take on.
Call your own contractor for estimate. 50K is not unreasonable depending on what needs to be done.
If realtor said 50K then it will probably run higher. I suppose the house could be totaled but not many people know that yet.
"Perfect information refers to the situation in which an agent has all the relevant information with which to make a decision. It has implications for several fields."
For sure, your realtor has better information than you do.
Perfect information has a value
"In decision theory, the expected value of perfect information (EVPI) is the price that one would be willing to pay in order to gain access to perfect information."
and it might be worth your while to get a consult from a Civil or Structural Engineer.
Anyway, using the search terms
$ foundation repair rehab pier beam cost
I get many pages and the Internet scuttlebutt says
but most of this is from just one forum.
Fortunately, they give many details with their prices
we need more details.
Otherwise $50K sounds high based just on these numbers and how far apart they are scattered.
Your move. :)
Get your own engineer to design the fix A/ $500 and get 3 qoutes for the work he designed and take it from there. If you just get quotes you will have 3 answers and you will still be confussed.
FWIW, $500 might cover a thorough foundation evaluation of an older home, but don't expect that figure to also include the cost of formulating a complete set of repair plans/specifications that can be used for bidding and rehabilitation purposes. Might have to add a zero to it, if the engineer is licensed and knows what he's/she's doing. Or if you want him/her to regularly monitor the work, such that you get what you will be paying (quite dearly) for.
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