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Frequently Asked Questions
Financing Sewer Backup Solutions and Effects on Property
Value
Is the property value of my home affected by the sewer backup problem?
Yes. The property value of your home will likely fall by 20% or more if it is known that the City sewer backs up into your basement. You are legally required to disclose such information when you sell your home. The increase in property value should more than pay for the plumbing changes. For example, a $150,000 home may sell for $120,000 or less if it has a known basement-flooding problem. Any needed plumbing changes are well worth the cost.
How can I pay for the sump pump and the backwater valve or sewage ejector pump?
If you have equity in your home, your bank may be able to give you a variable rate equity loan. For this type of loan, you need only make the monthly interest payment. The principle can be paid back as you are able. For instance, if the plumbing improvements cost $3500 and the interest rate is 4%, the monthly interest payment will be $11.50 per month. You will need to see your bank to get the details as they apply to you and your home.
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