Owning a home has many advantages. Not only is it a great way to build equity for your future, it also gives you the freedom to add your own personal touches to call it “home”.
Unfortunately, homeownership comes with a number of other responsibilities beyond just paying your mortgage and taxes. According to experts, the average homeowner can expect to spend an average of 5% of the home’s value to maintain a single family home that was built prior to 2010. This means maintenance (not including unexpected home repairs or replacements) can cost between $1,400-$2,300 per year. Let’s go over some of the most expensive home repairs. Roof Repairs The cost to repair a damaged or aging roof depends on a number of factors, including the slope of the roof, type of material, the location and size of the damaged area or the size of the entire roof, and the nature of the damage. Most homeowners can expect to spend between $379 and $1741 for roof repairs, while replacing the entire roof could run you somewhere between $5,000 and $10,000. Foundation Repairs One of the things homeowners fear most is finding out they have foundation issues. Not only can a cracked foundation lead to even bigger structural issues that need to be addressed right away, but it can cost several thousand dollars to repair, depending on the extent of the damage. According to HomeAdvisor, the national average for foundation repairs is between $2,159 and $7,754, and major ones costing upwards of $10,000. HVAC Repairs It’s never fun when the systems you rely on to keep your home comfortable break or malfunction, especially during extreme hot or cold seasons. If you’re lucky, you’ll be able to get your HVAC unit running smoothly again by simply replacing filters and fuses, or clearing clogged drain lines. Unfortunately, if you need more extensive repairs such as replacing malfunctioning components, you’re looking at an average of $2,000, while replacing an entire furnace can cost you close to $7,000. Mold Removal Mold can be hard to spot sometimes, often growing in places like basements, bathrooms, inside drywall, flooring, or insulation. Household mold is cause for serious concern, especially for people with an allergy, an existing respiratory problem, or a weakened immune system. Not only can it pose a threat to your family’s health and wellbeing, but it can also be very difficult (and expensive) to remove. On average, mold remediation costs between $1,125 and $3,420, with larger mold removal jobs costing $6,000 or more. Water / Sewer Line Repairs Homeowners are usually responsible for their own water/sewer lines until it reaches the public water/sewage systems. To clean out a sewer line, the average cost is between $184 and $523. Sewer line repairs on let’s say a 10’ stretch of pipelines, the cost may be around $1,500-$4,500. If the whole water/sewage system is damaged or outdated, replacement is necessary and can cost between $8,000 and $30,000, depending on the length and depth of the system. A Final Thought: It would be well worth setting aside a “home repair fund” each year to help you prepare for the unexpected. If you find yourself wanting to sell your home instead of breaking the bank to do the repairs, there is always the option of selling your home in as-is condition with no fees, no inspections, and no contingencies.
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AuthorEric Strung and Direct Property Buyer Team Archives
January 2024
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*Members of Direct Property Buyer have real estate licenses held by Spartan Residential.
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