It’s not cheap being a homeowner. Besides mortgage, you also pay for property taxes, insurance, and maintenance. While it’s easy to predict and budget for the first three things mentioned, it’s home maintenance that’s a bit tricky.
When it comes to the upkeep of a home, you can spend anywhere from as low as $50 and up to thousands of dollars. According to a report, homeowners spent an average of $3,018 for home maintenance in 2021. To add to that, homeowners spent over $10,000 on home improvements and $2,321 on home emergency spending. These numbers alone give you an idea of how painful it is for your pocket in case you’ll run into a problem with your home.
In this article, we’ll give you a rundown of the most expensive home repairs and what you can do to prevent them (hopefully saving you from breaking the bank).
Roof Repair (cost: $150 to $1,500 for minor repairs and $1,500 to $7,000)
Leaky roofs, damaged shingles, and severe weather are some of the most common reasons why homeowners call for roofing services. Luckily, there are things you can do to avoid costly roof repairs, such as proper maintenance.
Make it a habit to check the condition of your roof every once in a while, and look for signs of possible roofing problems like missing shingles, sagging gutters, and other types of damage. If you spot an issue, call in a professional right away to inspect your roof. Also, remember to clean your gutters and have them repaired if they’re starting to show signs of damage. (Here’s where I found gutter repair services near me)
Don’t make the wrong decision of delaying repairs because the problem seems minor – this could lead to an expensive fix!
Plumbing Issues (cost: $100 to $10,000)
Fixing a leaking pipe under the sink may be something a homeowner can deal with on their own; however, not all plumbing issues are as simple as this. Remember, some pipes can be difficult to access as they are underground or in the walls. Some plumbing problems could be lingering without you knowing, not until it blows up into a bigger problem.
To prevent a plumbing emergency and avoid draining your bank account, keep in mind these things:
- Careful what goes down the drain (don’t dump grease in it)
- Don’t use your toilet to dispose of waste
- Make sure to flush your drains regularly
- Use a non-corrosive drain cleaner every month
- Act immediately when you notice a problem – call your trusted plumber
Water Damage (cost: $450 to $12,500)
Another issue that you don’t want to encounter is water damage because restoration services could cause a dent in your budget.
Flood waters are the top cause of water damage in homes, but severe weather isn’t the only thing that could lead to this problem. Other examples that can cause water damage include a burst pipe, clogged gutter, and roof leak. Unfortunately, water damage isn’t something you should dismiss because it can lead to harmful mold build-up and worst, can weaken the structural integrity of your home.
The good thing is there are steps you can take so that you can prevent water intrusion in your home. Add a sump pump in your basement if you don’t have one, make sure to take care of your drains, check if you have damaged siding and have it fixed right away, and look out for other symptoms of water damage. A couple of warning signs of water damage are water stains on walls or ceilings, peeling or bubbling paint on the walls, unusually low water pressure, and skyrocketing water bills.
Sinking Foundation (cost $500 to $10,000)
The foundation plays a huge role because its main purpose is to hold your house up. The key to preventing an expensive repair is to catch it early on and have it fixed by a professional right away. Some red flags for a settling/sinking foundation are foundational cracks that grow bigger over time, cracked walls, fractures on window/door frames, jammed doors, and uneven floors.
Electrical Rewiring (cost $4,000-$12,000)
Most of the common electrical could be easily fixed by a professional electrician and will cost only a couple of dollars to repair; however, it’s a different story if you need to have your electrical system rewired.
There are two main reasons why electrical rewiring is necessary – first, the wiring of the house is already out of date, and second, if the wiring is already faulty. And just like the home repairs mentioned above, the best thing to do to avoid this is to call a licensed electrician right away if you identify something wrong with your electrical system (e.g. circuit breakers that are frequently tripping, dead electric outlets, flickering lights, etc.)