The average cost that a homeowner will pay for home repairs is $1,206.
While this may seem low, many homeowners are fortunate enough to not have major home repairs. If a major home repair is required, this number will be much higher.
So, what are the most expensive home repairs? Keep reading to learn more!
The Most Expensive Home Repairs and How to Avoid Them
Expensive home repairs can be a bit of a nightmare if you don’t have the money set aside for them.
Knowing what the most expensive repairs are will help you stay on top of maintenance work. Here are the most expensive repairs:
Repairs for Foundational Issues
Since the foundation of your home is what’s holding everything together, foundational repairs can get pricey.
Also, foundational issues can be complex and hard to pinpoint. Since there are so many potential problems when it comes to the foundation of your home, repairs can be anything from a few hundred dollars to over $10,000!
Signs of Foundational Issues
Luckily, if there are issues with your foundation, you can usually tell early on.
Signs of foundational issues include:
- Doors or windows that are hard to shut because they don’t fit well
- Floors beginning to slope
- Cracks appearing around the home
- Water starting to pool around the edges of your home
If you catch these problems early on, the cost of home repairs will be lower. If you wait and let them worsen, you’re going to end up with some expensive home repairs.
Preventing Foundational Issues
Along with discovering issues with the foundation before they worsen, there are plenty of ways to prevent them!
First of all, you’ll want to make sure that rain can properly drain away from your home. Make sure gutters are clear of any debris. If twigs, leaves, or other debris collects in your gutters, the water is going to pour over the edges of the gutter.
Gutters are designed to collect rainwater and pour it a safe distance from the foundation of your house. In addition to clearing gutters, make sure any basement windows have a proper cover. If there are gaps in the window that you’re not aware of, water can easily flood your basement.
Repairing the Roof
Following the foundation of your home, roof repairs are also one of the most expensive repairs.
Your roof is the most important part of your house when it comes to protecting the home from rain, snow, and other elements. Roof repairs can be anywhere from a little over $600, to well over $5,000, depending on what needs to be done. Luckily, roof repairs can be kept minor if you pay attention to the maintenance work.
Signs of Roof Damage
Spotting any weak spots in the roof before they worsen is essential for avoiding costly repairs.
Signs of roof damage include:
- Leaks in the house
- Shingles damaged or missing
- Soffit and fascia beginning to deteriorate
Replacing a couple of shingles is going to keep your repair costs much lower. If so many shingles become damaged to the point where the entire roof needs to be redone, you’ll end up paying thousands of dollars to replace it.
Preventing Roof Damage
The most important habit when it comes to preventing roof damage is keeping an eye on the roof.
It can be easy to assume your roof is in good condition and neglect it. Even in the colder months where the roof may be hidden by the snow, make an effort to give everything a quick look.
Also, keep an eye on your soffit and fascia. Soffit and fascia that is damaged can cause problems to your entire roof or attic.
Replace shingles one by one as needed to avoid one huge repair.
Damage from Termites
It’s going to cost much less to treat termites than to repair the damage they cause.
Termites are actually very common in neighborhoods or houses that are surrounded by trees. Hundreds of thousands of homes are impacted by termites each year. Treating termites typically costs a little over $500, while repairing damage caused by termites can be well over $5,000.
Signs of Termites in the Home
When it comes to termites, they should be treated as quickly as possible.
Termites can cause a lot of damage in a short amount of time, so keep an eye out for signs of them. Signs of termites include:
- Swarms of small, winged bugs
- Bug wings all over the floor in your basement
- Small mud tunnels formed on your exterior walls
Getting termites under control is going to save you a lot of money that you would otherwise have to spend on foundational repairs. While any pest in the home is inconvenient, termites are especially dangerous to the health of your home.
If you already have termites, you’ll want to hire a professional to get rid of them.
Additionally, the exterminator will need to check back every couple of months to make sure they’re truly gone. To do this, they’ll install termite monitors in the ground. In addition to monitoring the house for termites, you’ll want to keep mulch or wood away from the home if possible.
This will not only keep termites away but mosquitos and bees as well.
How to Pay for Expensive Home Repairs
If you weren’t able to prevent major repairs, you may be left scrambling for the money.
Don’t panic, because there are a few ways you can afford the repairs if you don’t have the money already saved. First of all, you can borrow against the equity of the home. This is known as HELOC (Home Equity Line of Credit).
Or, you can make a homeowner’s insurance claim. Make sure your particular repair is covered before making the claim.
Lastly, if the repair is related to a natural disaster, there are disaster relief programs that may help. Examples of these are Red Cross or FEMA (Funds for Emergency Disaster Repairs).
How Will You Prevent Expensive Home Repairs?
Understanding what the most expensive home repairs are will help you plan accordingly.
Being a homeowner can be stressful when it comes to avoiding major repairs, so to start, just keep an eye on the health of major components. To have your home inspected for potential major problems, reach out to us today!