Houses are a great thing to have. Owning real estate property is one of the biggest and loftiest goals people have. In most cases, buying a house is the biggest investment any person can spend their hard-earned money on.
It is a huge part of the American Dream. It is one of the things people work hard to attain in life. And while it costs a lot, the upkeep is equally, if not more, costly.
Upkeep is Costly
Wear and tear naturally happens. Let’s say you were able to buy a newly-built house off the market, it will still manifest signs of wearing out. The walls will have paint chips. The roof might lose a few shingles. You will get clogged pipes. The shine and sheen will eventually fade and be dull.
A house will need maintenance. Repairs are inevitable, especially when it comes to equipment and hardware.
Even if you’re renting out your property, the chances of tenants doing damage to it are also high. Having a landlord insurance policy can help you finance the more expensive repairs that need to make it livable and up to the local building code.
Home Repairs That Will Cost You Plenty of Money
Home repairs roughly cost about 2% of the total purchase price of your property and continue to increase annually as the home gets older. If you’re a DIY-er and your experience is extensive, you might save some money on labor but when bigger equipment and machinery are needed, it is best to leave it to the pros.
Here are the most expensive home repairs that homeowners can encounter and need to prepare for:
1. Foundation Repairs
Foundation repairs will suck you dry. They are ruthless on the wallet so you need to make sure that either your foundation is rock solid or you take good care of your home, especially when it comes to flooding and moisture prevention.
Between cracks and leaks in the foundation to bowing basement walls and sinking foundations, you will need to cough up more than what you’re expecting.
Estimated Cost: $10,000 to $40,000
2. Roof Replacement and Repairs
Some roof repairs such as small holes and leaks that need to be sealed can be easily done by anyone. Minor roof repairs could cost you a few hundred dollars to have done. However, when it comes to larger and more extensive damages, it is going to cost you a pretty penny, Roofs, after all, are one of the weakest parts of a home (unless you have a concrete roof deck).
Depending on how big the project is, like taking out the old roof and installing a new one, expect it to go as high as 12 grand.
Estimated Cost: $3,000 to $12,000
3. Water and Sewer Line Repairs
Homeowners are responsible for their water and sewer lines until it gets to the public water and sewage system. If you own a septic tank, the pipe leading to and from it is still prone to breaking as time goes by.
Repairing water and sewer lines typically involve a lot of digging using excavation equipment, repairs and replacements, and trench refillings. All that work will cost a lot in manpower, materials, and equipment.
Estimated Cost: $1,500 to $4,500, $8,000 to $30,000 if the whole water and sewage system is outdated and needs to be replaced
4. HVAC Repairs
One of the reasons why preventive maintenance is emphasized is neglect can make things worse. Take for instance an HVAC system. On average, you only spend a max of a few hundred dollars quarterly. But if you neglect your HVAC system and fail to have it inspected regularly, if things go wrong with it, they will end up making a bigger mess. Worst case scenario, you will need to replace your unit which will cost you a fortune. So think of those quarterly maintenance fees as an investment and not an expense.
Estimated Cost: $1,000 to $8,000
Driveways inevitably wear down over the years. They are bombarded regularly with usage, weather, and the pressure of time. All of these things will eventually lead to cracks which, if left untreated, could lead to crumbling which costs more to fix. You wouldn’t want it to get to the point that you need to have a new driveway installed. That’s easy $5,000, depending on the length of the driveway.
Estimated Cost: $5,000
6. Mold Removal and Remediation
Nobody wants to see molds in their home. Other than they’re very unpleasant to look at, they also pose a serious threat to your health. It also lowers your property’s value so if you decide to sell, don’t expect to get the price you want if you have molds hanging around in different parts of your property.
If you’re working with a small amount of mold, like only a few square feet, you can DIY it and only spend about $50. But if you’re doing major mold remediation all over your home, expect to pay a few thousand dollars to get the job done.
Estimated Cost: $1,200 to $6,000
Proper maintenance and care will keep ya property in as best a shape as it can for as long as it can. But things will naturally break down and get outdated. For this reason, you need to make sure to set aside money regularly for upkeep so that your property’s value continues to do well in the market and leaves you with no regrets.