What Are The Top Most Expensive Home Repairs for Home Owners?
It’s no secret that owning a home can get expensive. Big ticket home repairs can put a dent in your pocketbook. The regular maintenance alone can add up quite quickly. Between landscaping and replacing old furniture, fixing that leaky sink in the bathroom, and routine gutter cleanings. These are all costs that homeowners come to expect over the years. Experts state that the annual cost of home maintenance is typically anywhere from 1% to 4% of a home’s total value. If your house is worth $300,000 this means you could end up spending between $6,000-$12,000 annually.
Here are The Top 7 Home Repairs That Could Prove Costly.
More often than not the costs of repairing a home to selling condition far outweigh the homeowner’s profits. In these situations, enlisting the help of a cash buyer is the best-valued option.
While leaky sinks and gutter cleanings can be inconvenient, luckily they are on the lower end of the spectrum when it comes to cost. There are many home repairs that can be quite expensive and many homeowners find themselves surprised when they pop up. Here are the 7 most expensive home repairs.
Are You Looking for an idea of the most expensive home projects?
Below you will find some of the most important home repairs on the market and some people don’t want to be bothered with them. They prefer to sell their home for cash to cash buyers network for the sake of not coming out of pocket.
#1 Fixing Problems with Your Home’s Foundation
If your home has foundation issues, this can easily be the most expensive repair there is. Whether your foundation is cracked, buckling, or starting to crumble, it poses a significant danger as this is the base that supports your entire home. Problems with a house’s foundation are often caused by water and floods, as well as simple old age.
The average cost of fixing a home’s foundation can range anywhere from a few thousand dollars to upwards of $100k, depending on the age of the home and the work that needs to be done.
#2 Roof Replacement
Replacing your home’s roof can easily cost upwards of $10k, and the price is determined based on the area of space your roof covers, as
well as the roofing materials you’re working with. Luckily, the average lifespan of a roof is approximately 20-25 years. While smaller repairs are sometimes necessary, the cost is much more manageable. On average, a homeowner spends $8,000 to replace a full roof.
#3 Siding Repairs and Replacement
Like your home’s roof, the cost of repairing and replacing the siding will depend on how large of an area you’re covering and the materials being used. However, it’s not uncommon for costs to run as high as $15k if you’re having your house re-done. For this reason, if you’re renovating take durability and longevity into consideration. It may be well worth it to spend more upfront than have to continue replacing siding more frequently down the line. If your siding is made from materials such as stone, brick, or wood, you could be facing between $25k and $125k, according to Home Advisor.
#4 Mold or Asbestos Removal
Mold or asbestos removal is not only an expensive home repair, but it’s also a matter of safety. Your home may not be safe to live in if there is mold present, and removal can cost several thousand dollars. Many people assume that it’s only older houses that experience mold problems, yet this is not the case. Newer homes that do not receive proper temperature control or ventilation, particularly those in hot humid climates, are susceptible as well.
#5 Septic Tank Repairs
If you’ve ever had a septic tank back up in your yard, you know that it can be a nightmare. Not only does it pose a health risk, but it stinks and it can make many other appliances in your homes unusable such as your bathrooms and sinks. Septic tank repairs can cost up to $5k depending on the issue.
#6 Burst Pipes
When a pipe bursts in your home it’s likely that repairing the broken parts will not be your only cost. You will also likely need to replace materials around the site of the burst. This may include drywall, flooring, electrical components, and personal property that gets damaged as a result. These costs can add up fast, making burst pipes one of the most expensive home repairs.
#7 Driveway Repairs and Renovations
Depending on how long your driveway is, needing to replace it may be one of the more costly renovations you ever have to do. All driveways have a lifespan, no matter what material they are made from. Extreme temperatures and water can cause cracks in the pavement, floods can wash away gravel and stone, and paver can become dislodged causing other slabs to shift. If you have a long driveway, it can definitely hurt your pockets.
How to pay for expensive home repairs?
Home repairs are unavoidable. Eventually, things will break, and items need to be replaced. However, there are things that you can do to protect your home and ensure that you get the most out of each part. The most important thing to remember is that preventative maintenance is key.
It is easier and less expensive to fix a smaller problem when you notice it than to fix a bigger problem later on. Moisture is often a home’s worst nightmare, so be wary of flooding, leaks, and standing water near your home.
If you know that a major appliance or element of your home is nearing the end of its average lifespan, look into having it replaced preemptively before something goes wrong and more expensive damage is done.