Unexpected home repairs always seem to happen at the wrong time, and you have to deal with them before they become more of a problem or impact the value of your home. Fortunately, you can take preventive steps to keep emergency home repairs to a minimum and protect your savings account.
Learn all about the most expensive emergency home repairs, how you can prevent them, and ways to pay for them below.
The 10 Most Expensive Home Repairs
While budgeting for home repairs is a good strategy, it's not always possible. If you can prevent them from happening in the first place, you can save as much money as possible.
Have a look at the most expensive home repairs and how to avoid them, from most expensive to least expensive:
1. Water Damage
Water damage can be catastrophic and result in replacing your walls and floors. Whether it's bad weather or broken pipes, you might look at between $150 to $100,000 for repairs or replacements. Have a plumber inspect your systems annually and manage minor repairs as soon as possible to prevent higher costs.
2. Fire Damage
Fire and smoke damage is expensive and requires professional repair. Depending on the extent of the damage, you may see repair costs of between $800 and $93,000.
Be sure to install smoke detectors throughout your home and test their batteries monthly. Also, keep a fire extinguisher handy in your kitchen, so you can access it easily if necessary.
3. Siding Repairs
Sidings provide your home with insulation and protection from the elements. Over time, moisture, hail, wildlife, and age can damage your home's sidings to the point of requiring expensive repairs — between $5,000 and $15,000 — depending on the materials. If you notice bubbled, cracked, or loose sidings, contact a professional immediately to have them inspected and repaired if necessary.
4. Storm Damage
Storm damage is challenging to predict. Weather can cause damage to any outer part of your home, especially if it's severe enough to knock down tree branches. The resulting repairs from harsh wind, storms, and snow could cost between $2,000 and $14,540.
While you can't prevent storms, you can try to protect your home from storm damage. Hire an expert to inspect and remove any trees around your property that may result in damage. Additionally, be sure to trim tree branches so there's less risk of them falling on your home.
5. Foundation Repairs
Your foundation supports the weight of your home, and a house with foundation damage may become unsafe. The longer you leave it unattended, the more expensive the repairs will be, so it's best to handle foundational issues as soon as you know about them for the best results.
Foundation problems come in all shapes and sizes, so there's no one way to estimate the cost of the damage. Depending on the size and scope of the project, foundation repairs could cost anywhere between $4,000 and $10,000.
Foundation repairs are only sometimes avoidable. Most foundation damage is caused by moisture, so keep water away from it as much as possible. Ensuring your home's gutters drain water properly is a crucial step here.
6. Heating and Cooling Equipment
Heating and cooling systems tend to break down at the hottest and coldest times of the year. While this is inconvenient, the repair price can be even more challenging.
Depending on your climate, you may need to repair your system immediately, which might set you back thousands of dollars. If your system is particularly complex or requires a lot of work, you may need to spend almost $10,000 to get it up and running again.
Preventive maintenance goes a long way to ensure your heating or cooling system lasts its total life expectancy. Hire a professional to inspect your systems annually, and contact an expert immediately when any issues arise.
7. Sewer Line Repair
Well-maintained sewer lines can last up to 100 years, but if your sewer lines need repairs, they may be expensive. Basic sewer line repairs range between $650 and $7,500.
The last thing you want is sewage backing up into your home and onto your property. Prevention can help your sewer lines last as long as possible. Avoid putting foreign substances down your drains, such as animal fat, grease, and oil. Watch for tree roots too close to your line, and hire a plumber to inspect your pipes every two years.
8. Roof Repairs
Your roof is an essential part of your home, so you'll want to repair it immediately to prevent damage to the interior of your home. Depending on the extent of the damage, a roof repair can cost $7,000 on average.
Prevention is better than repair for roof-related maintenance. Act quickly at the first signs of wear and tear and consult a professional if you have any concerns.
9. Driveway Repair
Your driveway will likely show signs of wear after many years of use and weather exposure. Although there are measures you can take to slow down the damage, repairing your driveway is inevitable. Asphalt driveway resurfacing costs between $1,800 and $4,700 on average.
10. Termite Damage
Termites can eat through wooden floors, rafters, and walls, costing thousands of dollars to replace. Termites can be challenging to spot, but if you see any holes, hollows, or damage on your wood, it may be time to call the exterminators.
Termite damage will require you to pay for the extermination or fumigation, which costs between $200 and $2,500. Once the termites are gone, you may have to cover expensive repairs to the walls, ceilings, and furniture.
How to Pay for Expensive Home Repairs
Paying for emergency home repairs can be a stressful financial undertaking. Consider the following options to finance home repairs when you need them the most:
- Home equity loans: You may have the option to borrow money against the equity in your property — the difference between the market value of your home and what you still owe on your mortgage. Instead of a single loan, you can draw money whenever you need it. Note that if you default on this loan, the lender can foreclose.
- Credit cards: Using a credit card to finance your home repair may be an option, particularly if you have a good credit score. However, if you don't pay off your credit card bill on time, the balance may turn into debt that can be tricky to manage.
- Consumer installment loans: A one-time consumer installment loan may be your best option. With this option, you'll have a reasonable amount of time to pay back your loan and improve your credit score simultaneously.
Finance Your Home Repair With Atlas Credit
If you need to pay for emergency home repairs, Atlas Credit is here to help. The application process is quick and easy — fill out an application form online, and one of our qualified staff members will contact you to confirm your details. Once you've signed all the documents, you can expect money in your bank account as soon as possible.
If you'd like to visit one of our professionals and talk through the process in person, visit one of our locations near you. Take the stress out of your home repairs with Atlas Credit today!
