Six Most Expensive Home Repairs
When people talk about how great owning a home is, they rarely mention the cost of home maintenance that can set you back thousands of dollars a year, and put you in a very tough financial position if you are not prepared for it. According to Fool.com, one should expect to spend between 1%-4% of the home’s value on yearly maintenance. On a $300,000 home, that’s up to $12,000 a year! We’ve listed some of the most expensive home repairs and their costs to help keep you informed.
RoofThe cost to replace a roof depends on the size and materials used, but generally speaking, an average shingle roof costs between $5,000-$10,000 to replace. The key to avoiding this costly repair is keeping an eye out for loose or missing shingles and performing regular maintenance on the roof. The other area to watch is the flashing (plastic or metal sheeting) around the chimney and vents. Checking the attic several times a year is a good first step in prevention as well.
MoldMold is like cockroaches, it lives in the deep dark places in your home and it’s hard to detect until it becomes a serious issue. Unfortunately, unlike roaches, you can’t get rid of it with a can of Raid. Not only is mold removal expensive, but it is a serious health risk for your family and anyone else living in the home, with infants and the elderly being most at risk for health-related issues due to mold. Because mold generally requires the help of a professional, and includes replacing materials (wood, carpet, drywall, etc.) this dirty little fungus can easily set you back $5,000.
SepticIf the grass is greener on your side of the fence, you may have a septic problem. Older houses are at a higher risk for having septic problems such as broken pipes and draining failures. Simply having a full tank flushed is a simple fix costing only $200-$400, but if you need to replace the septic tank, it could run you as much as $15,000.
FoundationFew things make homeowners and home buyers cringe like foundation issues. The tell-tale signs of foundation issues are cracks in the walls, doors not closing and sloping floors. If you begin to notice any of these signs, it’s urgent that you get a licensed professional (such as a structural engineer) to assess the property and determine what needs repaired. Foundation problems could leave the house structurally unstable, and major foundation issues can cost the homeowner up to $40,000.
PlumbingReplacing some plumbing lines might not sound like a big deal, but given that most of them are underground or in the walls, it’s not exactly a DIY job. While the average leaking pipe costs around $150-$350 to repair, having a pipe burst inside the wall can cause serious water damage, increasing the repair cost to $1,000-$4,000.
ElectricalAlthough we wouldn’t recommend attempting any of these previously mentioned repairs without a licensed professional present, working with electricity is especially dangerous, which is why licensed electricians charge between $75-$100 an hour. Simple jobs such as repairing switches cost around $100, but if the house needs rewired or the electrical panel needs switched out, the total cost with labor can be $10,000 or more.
The key to minimizing these costs is proper maintenance and awareness. Fixing a problem before it becomes a disaster can save you thousands of dollars. If you are a homeowner and you haven’t yet spent money on one of these major repairs, it’s a good idea to start saving money now, because home maintenance and repairs are inevitable. Having a savings set aside for home repairs is essential to maintaining a good financial position.