For most people, the idea of the American Dream revolves around property ownership. There are, of course, significant costs associated with achieving that dream and the reality is that it’s also expensive to maintain it. In fact, research shows us that homeowners spend an average of $9,390 each year on costs associated with property ownership and maintenance.
Expenses include property taxes, insurance, utilities, and regular maintenance/repair. The latter comes to an average of $3,067 each year alone. On top of all this, there are also occasions when larger home repairs are required (often when you can least afford them). The cost of home repairs can skyrocket when issues like foundation repair and roof replacement arise.
In this blog post, we will highlight 5 expensive home repairs that will empty your bank account. As we will see, depending on the circumstances, selling the property may be the most practical solution. Let’s get started.
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Sinking Foundation
Fans of The Simpsons may recall an episode where the family was beset by sinking foundations at their property. After Homer’s “approach to foundation repair” was unsuccessful, the family had to cough up $8,500 for professional repairs. That is probably a pretty good estimate for the cost of resolving to sink or settling foundations, with the average price somewhere between $4,000 and $10,000.
A property’s foundation is crucial to the overall structural soundness of the house. Damaged foundations can have a knock-on effect on many different parts of the house, including uneven floors and jammed doors. As you can imagine, foundation repair is quite complicated, hence the high cost.
Signs that you may have foundation issues include:
- Sloping floors
- Cracks appearing around the house
- Windows and doors don’t properly fit into their frames
- Water starting to pool in the basement.
While minor cracks are a more affordable fix, major foundation repair that requires hydraulic piers can set you back upwards of $10,000.
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Roof Replacement
The average lifespan for a roof is around 30 years. Depending on the material used, your roof can last from anywhere between 15 to 70 years. Roofs help to improve our home’s energy efficiency, protect air quality, and serve as a barrier against the elements.
If your roof is damaged or nearing the end of its lifespan, you’ll likely start noticing issues. A damaged or aging roof can result in:
- Water leaks
- Poor ventilation
- Rotting due to ice buildup
- Paint peeling and fading
- Damage to walls and ceilings
- Higher utility bills
The cost of roof replacement varies depending on the size of the property, the material being used, and whether it is a partial or complete roof repair. A good cost estimate is around $5,000 to $10,000, though this could rise to upwards of $40,000 depending on the circumstances.
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Termite Damage
There are few pests that homeowners dread more than termites, given the damage they can cause to their properties. It’s estimated that termites cause upwards of $5 billion in damage to properties in the United States each year. Termites love eating the cellulose found in wood as well as other materials like books, drywall, fabrics, and wallpaper.
A termite infestation can be hugely expensive to deal with, both in terms of treatment and repairing any damage. While the cost will differ from home to home, the estimated cost of home repairs in this instance is around $3,000 and it could be much higher.
Warning signs that you have termites in your house include:
- Crumbling wood
- Hollow-sounding wood
- Peeling paint
- Mildew or mold smell
- Termite droppings or bodies
- Mud tubes
The longer the issue goes unchecked, the greater the cost of repairs will likely be.
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Electrical Rewiring
If your property is old, its electrical system could be a danger to you and your family. Older electrical systems can become overtaxed, which can lead to fires. In these cases, either a partial or full retrofit may be required to bring your home’s electrical system up to scratch.
Warming signs that your home’s electrical system is overtaxed include:
- Breakers blowing frequently
- Visible damage to wires
- The burning scent in your home
- Flickering lights
- Appliances shock users
As you can imagine, electrical rewiring comes with a lofty price tag. The cost of rewiring depends on factors like the size of your house, but a full rewiring could be anywhere between $4,000 and $12,000.
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HVAC Replacement
HVAC systems are essential in our homes, helping to keep them warm in the winter and cool in the summer. They also have a tendency to break down at just the worst time. Replacing your home’s HVAC system comes with a cost, which could be upwards of $7,000 to $10,000.
Oftentimes, the best solution can be to sell the property and avoid having to pour potential 10s of thousands of dollars in repairs. For those considering selling their house fast in Chicago, there are real benefits. Check it out here.
The Cost of Home Repairs Are Not Always Worth It
The cost of home repairs can be substantial for any of the above issues. Many homeowners are simply unable to countenance the possibility of paying for them. Not only are issues such as roof replacement and termite damage costly, but they also require time and effort to resolve.
Selling your house may be the most practical option, rather than facing the cost of major home repairs. In this scenario, you will avoid both the costs and hassle of overseeing repairs and be able to start a new chapter of your life somewhere else.
Like this blog post on the average cost of home repairs? Be sure to check out our other interesting articles on the rest of our blog today.
