$12,000 for plumbing work; financing options

[Ruth P.]

Hi BiggerPockets:  Can anyone tell me if $12K is a decent deal for the following?:

"Remove house trap and replace sewer main from house trap end to street.  Repave driveway and replace concrete floor removed for new sewer line in basement.  Replace two (2) existing 1/" valves and replace existing failed thermal expansion tank with one (1) new Amtrol ST12 thermal expansion tank.  All materials and labor to complete installation included."

Also, the financing rate would be 7.99% - 12.99% over 10 years with a payment between $145-$178 per month.  Is that a decent rate or should I try getting a personal loan from some place like Lending Tree?  My credit is good.  Or just pay in full (which I could do if I wanted to)?

Thanks for your help!  I appreciate the BiggerPockets community!

[John Leake]

I would be interested in using equity from the property for this repair expense, If you have it available. A loan secured by the property should be lower than the rate they are offering. You may be able refinance your entire loan to a lower rate depending on when you put financing in place originally. If that isn't appealing I would be tempted to pay out of pocket unless you have an investment you can spend the same money and get a better return on your money.

[Joe Splitrock]

Quote from @Ruth P.:

Hi BiggerPockets:  Can anyone tell me if $12K is a decent deal for the following?:

"Remove house trap and replace sewer main from house trap end to street.  Repave driveway and replace concrete floor removed for new sewer line in basement.  Replace two (2) existing 1/" valves and replace existing failed thermal expansion tank with one (1) new Amtrol ST12 thermal expansion tank.  All materials and labor to complete installation included."

Also, the financing rate would be 7.99% - 12.99% over 10 years with a payment between $145-$178 per month.  Is that a decent rate or should I try getting a personal loan from some place like Lending Tree?  My credit is good.  Or just pay in full (which I could do if I wanted to)?

Thanks for your help!  I appreciate the BiggerPockets community!

For the digging and repair work involved that may be about right, but get a second quote. What is the nature of the problem? There may be an option to line the drain instead of digging, which could be half the cost. Just depends on if the pipe is fully collapsed or open enough to be lined. 

[Tom S.]

@Ruth P. As posted above, if your credit is good, use a HELOC or just put it on a 0% credit card and pay if off during the intro offer (usually 12-18 months). Even better if you use an airline miles or cash back card.

And yes, the price seems reasonable but getting another quote would be smart.

[Ruth P.]

Thank you all!  You are very helpful!

[Ruth P.]

I am getting the work done through a big company that gives a one year guarantee and I feel I can trust them.  I am in an area where it is extremely hard to get another quote, and if I did, I would have to pay the pricey cost for the camera going through the sewer line.  Also, the line can not be just lined, a new line does actually have to be dug because there is a dent in the line and it does not go "downhill", causing a flood in the part where it is higher than it should be.

[Bruce Woodruff]

You didn't mention how many feet the run is, but for an average house-to-street run that actually sounds like a great price! Does that include permits?

[Dashawn Francis]

Sounds good looks like you have everything under control @Ruth P. Please let me know I am able to help you in anyway! Many funding options. Otherwise, all the best!😃

[Ruth P.]

I don't know how many feet, but our driveway can fit about three cars in it.  It includes permits, materials and everything.  Thanks for your input.