Home ownership comes with a lot of responsibilities, among which include regular maintenance and making any needed repairs. While many home repairs can be done on a budget, some can be quite costly. The following list highlights five of the most expensive home repairs, based on average cost. All homes are different, so be sure to get a personalized estimate if you’re thinking of having any of these repairs done.
1. Foundation Repair – Average Cost: $10,000 or more
Your home’s foundation is an important part of its structure. If it becomes damaged or if it was improperly made, you could end up with several costly problems. Bowed basement walls and tilted chimneys are a few big clues that your foundation is flawed.
Prevent these issues by making sure your home has proper drainage. Keep your gutters and downspouts well-maintained so the flow of water runs away from your home.
2. Mold – Average Cost: $3,000 per wall
Mold can occur within your home’s walls due to major water damage such as a flood, but could also be the result of hidden water damage, such as minor leaks in pipes or cracks in seals.
To prevent mold growth, check your home for leaks regularly. If you notice a sudden spike in your water bill, that could be a sign of a hidden leak. Be sure to repair leaks or water damage as soon as possible. Mold can grow rapidly, so the sooner you fix the leak, the better chance you have to avoid expensive repairs.
Here’s video on how mold is often detected during a home inspection:
3. Water Damage – Average Cost: $1,000 or more
In addition to mold, water damage can cause other costly problems, such as rot. It’s difficult to say just how expensive the repairs are, but homeowners could easily spend thousands of dollars – depending on the amount of material that must be replaced.
4. Bedbugs – Average Cost: $5,000
Bedbugs are small, parasitic insects that tend to be found in residential areas; however, they have been known to reside in office buildings, movie theatres and any area that is frequented by large numbers of people without. Because they thrive in common areas, it’s easy to unwittingly bring them home.
To prevent these little pests from making your home their home, avoid bringing used furniture or bedding. If you shop at a second-hand store or a yard sale, be sure to give everything a thorough cleaning as soon as you get home. Another tip – carefully inspect your hotel room (bedbugs are visible to the naked eye.)
Check out this video on how to inspect for bed bugs.
5. Sewer Problems – Average Cost: $5,000-$15,000
As a homeowner, you may be responsible for the portion of your sewer line that runs from your home into the city. If this portion becomes damaged, it will probably fall on you to arrange for the necessary repairs.
Have a professional come out and inspect your sewer lines if you start to notice problems such as slow, gurgling drains, frequent backups or sewage odors outside your home. Older neighborhoods are more prone to sewer line problems, so if you’re searching for a home, it might be a good idea to look into newly built developments.
You can avoid unpleasant “surprises” by staying proactive with your home care. Be sure to check major home structures regularly and don’t put off any repairs you know to be imminent.