Foundation repair: "Only $98K"

After months of unanswered messages, we finally got quotes for the foundation work to be done if we save the existing house. The job will entail running steel beams the width of the house between the old support piers, jacking the house up a couple of feet, removing the old piers, driving pilings down to bedrock (using some form of the cable-lock system), pouring a new concrete foundation, backfilling the old basement, and pouring a slab for the new parking area and workshop under the house. The general contractor will take care of filling in the walls in the raised area.

This differs from the foundation work we had before the storm, because that repair only jacked up the subsided part of the house and filled in the gap on the old piers. At the time, we reasonably assumed the subsidence had taken place over the eighty year life of the house but that the piers were themselves sound. The sudden shifting of the house during the storm indicates the piers were in bad shape to begin with, and probably were not on pilings.

So, the estimates for the job range from $98K to $150K. We're hoping to get the house fixed for within the insurance payouts we're able to get (i.e, not throw good money after bad) so that would leave us with $100-150K for the new roof and the rest of the work to be done. I've got a volunteer crew coming in to help us gut the more badly damaged parts of the house. We think we can get away without gutting the living, dining, and family rooms.

I'm not ruling out the possibility that we might live in the house eventually, but it's just as likely we'll get it into salable condition and let it go. My insurance premiums for the upcoming year are close to $5K, and they're expected to go up around 25%. When I'm spending more on tax and insurance than I am on mortgage, something clearly has to give.