Home Repairs

6 Home Repairs That Will Drain Your Bank Account

in Real Estate

Home repairs are rarely cheap. Sure, you can DIY some things, but most major repairs require the help of a professional. Some repairs will cost a few hundred dollars. Others will cost thousands.

Be careful, these six home repairs may drain your bank account:

1. Foundation Issues

A home’s foundation is one of its most important elements. Cracks and shifts – in extreme cases – can actually cause a home to separate.

Serious foundation issues can cause doors and windows to stick or not close properly.

While fixable, foundation problems can be complex and expensive to fix. Expect to spend $10,000-$30,000 on a major repair job.

A foundation engineer can tell you if your home has a foundation issue, and give you a ballpark estimate on the cost of repairs.

2. Sewer Repair

A home’s sewer system gets used every single day. When it stops working properly, things can get messy very quickly. Toilets can backup, pipes can clog, and expensive repairs will be needed.

If the pipe needs to be replaced, you’ll pay thousands to have the work done. If you’re also responsible for maintaining the connection to the city main, you will also need to pay to dig up the street. A job like this can cost upwards of $30,000 or more.

Trenchless technology can reduce these costs.

“Unlike traditional sewer pipe repair methods, there is no need to dig trenches or remove damaged pipes,” says Rooter Drain Experts. This means that repairs can be made by making small access holes. Conventional repair methods require trench digging, which can damage costly landscaping.

3. Roof Replacement

Roof replacement and repair can put a serious dent in your savings. Prevention and maintenance can go a long way in helping preserve the life of your roof. But eventually, every roof will need to be repaired and replaced.

Small repairs may cost $200 or less. Replacement can cost $10,000 or more, depending on the roofing material.

4. HVAC Problems

HVAC repairs can cost thousands of dollars. This is typically not a repair that you can put off, especially if it’s in the middle of winter.

HVAC problems can also lead to other costly issues, like fires and mold. They can also cause your energy bills to go through the roof.

5. Termite Damage

Termites are one of the biggest threats to your home as far as pests go. These critters will devour the wood in your home. If left unchecked, an out-of-control termite population can make a home structurally unsound.

The treatment itself isn’t too expensive (less than $1,000 in most cases). But repairing the cost of the damage can leave you bankrupt. On average, repairing termite damage costs more than $7,000.

6. Electric Rewiring

Electrical issues will affect every home at some point or another. Having to rewire the entire system, however, can prove to be very expensive.

On average, electrical repairs cost about $300. A complete rewiring can cost $15,000.

Signs of electrical issues include circuit breakers that trip regularly, flickering lights and appliances that shock you.

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