One of the benefits of homeownership is that it’s all yours. Your payments are going toward the house and not a landlord, and the world is your oyster when it comes to design.
However, there are also costs to owning a home. No calling the landlord when something goes wrong; it’s up to you (and your wallet) to fix it. These expenses also add up when selling a house, and that includes taking care of repairs before putting it on the market.
While a house doesn’t need to look brand new in order to get the most bang for your buck, having the house in good condition is best.
Here are some of the most expensive home repair projects you might encounter to get your house into top shape.
The foundation is probably something you don’t give too much thought to; we know it’s there, but it’s not until there’s a problem that we really pay attention. Considering that it supports the structure of the entire house, a healthy foundation is vital as a homeowner. Realtor.com shared that repairing a damaged wall or collapsed foundation can range anywhere from $4,000 to $100,000.
And it’s not a cost you can forgo — a damaged foundation is a hazard for everyone living in the house.
Roof repair and replacement
The foundation below us is important, and so is the roof above us. Depending on the materials used to install it, a roof can last decades. However, when they start to deteriorate or are due for a replacement, costs can add up quickly.
A repair runs up to $1,000, but of course the cost is going to depend on the type of material used, as well as how extensive the damage. The same can be said for a complete roof replacement. An asphalt shingle roof lasts about 20 years, while most expensive roofs like tile, copper or slate can last more than 50 years. On average, Angi.com estimates that a roof replacement will set a homeowner back $14,400.
Fire, smoke and water damage
Lots of things can go wrong in a house, whether by accident, natural disasters, or faulty appliances. When there’s a fire in the house, the damage can spread beyond the area where it started. The same goes for smoke damage that occurs during a fire. The more extensive the damage, the more costly it will be to repair. According to Angi.com, the typical range of repairing fire and smoke damage is $3,200 and $25,000.
The same goes for water damage, which can lead to not just mold and warped walls, but also issues with the electrical work in the house. A professional will need to come in to clean up the water and investigate what issues could arise from the incident. Angi.com estimates that the average cost of water damage repair is $2,900.
Since water damage can lead to mold buildup, it’s something that needs to be attended to right away. Otherwise, you’ll be looking at the cost of mold remediation, which can cost more than $2,000.
Driveways take a beating over time because of how often we use them, as well as the weather. Asphalt and concrete driveways last up to 20 years and resealing them every few years will help with the lifespan.
The cost of a driveway repair will depend on the type of material used. Gravel is the cheapest, and homeowners just need to lay down new gravel. However, cracks, potholes, and sinking in asphalt and concrete driveways are not only unsightly, but can lead to other problems, like drainage issues. On average, repairing a driveway costs about $1,700, according to HomeAdvisor.
When evaluating the condition of your driveway, it’s important to take into account the age of the driveway. If you’re looking at making repairs and the driveway is close to the 20-year mark, it might be worth it to do a replacement, since that will be needed soon anyway.
Air conditioning and heating
It’s safe to say most of us have had to endure a broken air conditioning unit in the middle of the summer, but even if you don’t live in the sweltering South or the frigid North, having a working central air system is important.
A furnace and central air conditioning system will last around 15 years before it needs to be replaced, but getting ahead of it is ideal. Have the furnace serviced at the beginning of winter and take a look at the condition of your air conditioning in the beginning of summer. You don’t want to be stuck without either of them when it’s mid-season, and your wallet will thank you for it, too. After all, it can cost up to $600 to repair, HomeAdvisor says, and thousands to replace.
Making upgrades to a house
Sometimes it’s not so much about making repairs to a house, but bringing it into the 21st century. According to Trulia, the two rooms that potential buyers are most interested in are the kitchen and the primary bathroom. During a walk through, interested buyers will be looking at the design of the kitchen. Think stainless steel appliances, sleek tile, modern cabinets, and contemporary light fixtures. The same goes with the main bathroom. Most buyers are not interested in a robin’s egg blue bathtub or aging grout.
If your kitchen and primary bath are both from the ‘90s, it’s not going to be cheap to upgrade them. New appliances can cost a pretty penny, and bathrooms are difficult to renovate due to the cost of plumbing and tilework. However, small changes can make a difference, such as putting in new faucets, towel racks, repainting cabinetry, or installing more contemporary light fixtures. It takes a careful balance to decide what is worth an upgrade when putting a house on the market.
How to avoid expensive home repairs
There are certain costs you can’t avoid when it comes to home repairs but keeping on top of the age of your appliances and utilities will help keep costs at a minimum. For example, during spring cleaning or between changing seasons, make the effort to check on the roof, water heater, air conditioning unit, and foundation. If needed, have a professional come out to inspect the different parts of your house so you can catch problems early — not when a pipe bursts and floods the kitchen.
Look into selling your house to a third-party buyer
If you are unable to afford or aren’t up for expensive home repairs before putting a property on the market, there are homebuying companies, like Meridian Trust, who are interested.
Meridian Trust can purchase properties in any condition — and we’ll cover the inspection and closing costs, too. With years of experience in multiple states, Meridian Trust has the knowledge and skill to handle properties in all kinds of conditions and homeowner situations.
To find out how much your property is worth or to learn more, call Meridian Trust at (954) 807-9087.
Note: This guide is for informational purposes only. Meridian Trust does not make any guarantees about the sufficiency of the content in or linked to from this blog post or that it is compliant with current law. The content within this blog post is not a substitute for legal advice or legal services. You should not rely on this information for any purpose without consulting a licensed lawyer in your area.
|cookielawinfo-checkbox-analytics||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".|
|cookielawinfo-checkbox-functional||11 months||The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".|
|cookielawinfo-checkbox-necessary||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".|
|cookielawinfo-checkbox-others||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.|
|cookielawinfo-checkbox-performance||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".|