Dealing with expensive home repairs, especially during times of job loss or tight income, is a stressful situation. Experts have estimated the average yearly cost of home maintenance to be at 1-2% of a homes value so a mid-range $375,000 home is looking at up to $7,500 in repairs per year (ouch).
Here are the top 9 most expensive home repairs I’ve seen in my 10 years of real estate experience:
1- HVAC Repairs: $100 – $1,100 (Up to $10,000 to replace)
The heating and air in your house is a pretty essential fix, especially if you live in a state with extremes in temperature. An HVAC unit will need repairs to either the electrical or piping components and the price tag can vary depending on the severity. If you’re needing to replace an HVAC unit you’re looking at up to $10,000 in replacement costs rather than repairs.
2- Water Heater Repairs: $100 – $1,400
The ease of access to hot water is not something to take for granted and you wont, especially if your water heater goes out and you’re facing freezing cold showers. Water heaters come as either gas or electric appliances and both have the same general lifespans and repair costs. Water heaters tend to last 10-15 years so if you’re having issues during that time it is good to get that repaired as soon as possible. If you’re on the tail end of the life expectancy you could be looking at a water heater replacement cost on average of $1,100 but that price can go up to $10,000 depending on your home and needs.
3- Electrical Replacements: $125 – $3,000
Electrical problems are generally not a DIY kind of solution so repair costs can get expensive. Your electrical issues could include lighting fixtures, electrical panels, wiring and switches , outlets, generators and fans. Thankfully minor repairs tend to be simple solutions and less money, but extensive electrical issues such as rewiring an entire house can run an average of $8,000.
4- Driveway Repairs: $300 – $4,500
A bad and majorly cracked driveway makes shoveling in the winter much more difficult and hurts your home curb appeal and create room for weeds to take over. If your asphalt driveway is nearing 20 years or your concrete or paver driveway is nearing 25 then it might be in need of a full replacement.
Overtime concrete and asphalt just starts to break down through exposure to the elements and smaller problems can often be patched up or repaired to help your driveway last longer. If you need to replace the entire driveway that can quickly become a very expensive home repair.
5- Roof Repairs: $150 – $5,000
Roof repairs are one of the most expensive home repairs. If you find a leak then you are also dealing with the added costs of fixing any damage the leak might have made on the inside of the house as well. If the roof is more than 20 years old or is badly damaged from a storm then you are looking at more extensive repairs that can cost anywhere from $5,000 to $25,000 depending on materials, the pitch and size of your roof.
6- Deck Repairs: $250 – $5,000
When a deck starts to get weathered the repairs could be as simple as a new coat of protective stain. When a wooden deck gets old enough boards can start rotting. The problem however can often be a lower cost fix with a simple trip to the hardware store to replace the damaged lumber. If your deck is large or made of non-wood materials then the cost and time for repairs can go up. Routinely check your deck for issues like mold, mildew and pests to stay on top of any problems and help extend the life of your deck.
7- Mold Removal: $400 – $6,000
If you’ve dealt with a water leak in your home, then you might be dealing with a mold problem. Mold loves warm, moist areas and can creep into your home in areas not always visible to the eye such as corners and closets in basements and under sinks. If you suspect mold or you’ve recently dealt with repairs due to water problems then you’ll want to consider having a professional test your home for signs of mold.
Mold can often be a small repair if it’s discovered quickly, but if left unchecked you could start to notice health problems from breathing in mold and your repairs to your home get much more expensive.
8- Foundation Repairs: $500 – $12,000
Foundation repairs are a homeowners worst nightmare. Nothing strikes fear quite like the knowledge that your home has a bad foundation. Not only do foundation repairs make it hard to sell your home, but it is unsafe to live in as well. Much like replacing a roof, fixing the foundation of your home is one of the most expensive home repairs. If you notice cracks in the walls or doors that don’t close properly, sinking floors or gaps around window frames you could have an issue with your foundation.
Taking care of foundation problems right away is key to stopping the damage from spreading and you’ll need to contact a professional to determine the risk, cost and repairs needed.
9- Siding Repairs: $100 – $16,000
Many homes today have siding as the outer shell of your home. Not only does siding protect the exterior of your home but it is also the visual look of your house. Siding is built of tough material, but like a roof, it takes a beating from the weather every single day. Siding can get dented, or split if it’s made of aluminum, or rot, warped and split if it’s made of wood.
If siding damage becomes extensive (usually due to a major storm) then you should consider making the necessary repairs, especially if you hope to sell your home someday.
What If I Can’t Afford To Repair My House?
Expensive home repairs can sneak up on a homeowner. If you’ve inherited a home, live in an older home or haven’t been able to stay on top of repairs due to financial struggle, then the cost might be more than you can afford. Unfortunately many house buyers are not interested in taking on a home with these types of major repairs. So what are you to do if you can’t afford to fix them but you can’t safely and comfortably stay in your home with these unresolved issues?
If you don’t have the capital to fix the roof yourself before listing the home you would want to consider a house buying company so you don’t have to sell the house for a loss. Companies that purchase houses in as-is condition are used to dealing with repairs, big and small, and can give you a fair offer on your home.
If you decide to sell your home with damage, reach out to a us. We are a non-traditional buyer and your top rated, local Utah house buying company! We will buy your house in any condition, saving you the fuss of making the home repairs yourself, while trusting you’ll get an honest and stress-free cash offer on your home.