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.
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 money.
Here are the most expensive home repairs and how to avoid them, from most expensive to least expensive:
1. 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 between $550 and $23,000.
You can protect your foundation in a few ways. 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.
2. Roof Repairs or Replacement
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 about $1,150 on average, while major repairs could cost up to $8,000. A full roof replacement can range from $4,500 to $10,000 per thousand square feet.
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.
3. 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 cost thousands of dollars. If your system is particularly complex or requires a lot of work, you may spend up to $3,000 to get it up and running again. Heating and cooling systems are among the most common home repairs. A full replacement could cost up to $22,000.
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.
4. Siding Repairs
Siding provides your home with insulation and protection from the elements. Over time, moisture, hail, wildlife, and age can damage your home's siding to the point of requiring expensive repairs, between $5,600 and $18,000, depending on the materials. If you notice bubbled, cracked, or loose siding, contact a professional immediately to have it inspected and repaired if necessary.
5. 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. Once the termites are gone, you may have to cover expensive repairs to the walls, ceilings, and furniture. Overall, treatment and repairs may range from $1,000 to $10,000, with homeowners spending $3,000 on average.
6. Electrical Issues
Your electrical system is primarily located within the walls and is dangerous to work with, which can make repairs expensive. You may face several types of repairs, all with different costs. For example, replacing or upgrading an electrical panel costs about $850 to $2,500. A full rewiring could cost up to $10,000.
Reduce the chances of a costly electrical issue by getting regular system inspections from qualified electricians. Also, be mindful of dangers like water and overloaded outlets.
7. Mold Remediation
Mold can grow in your house because of issues such as water leaks, condensation, and poor ventilation. The cost to remove mold can range from $1,500 to $9,000. The price can vary based on the affected area's size, the mold type, and the home's location.
Several methods can help you control moisture and prevent mold. A few tips include:
- Cleaning up leaks or spills quickly.
- Maintaining low indoor humidity.
- Venting condensation outside during showering, cooking, and dishwashing.
- Increasing air movement with open windows or fans.
8. Water Damage
Water damage can be catastrophic and result in having to replace your walls and floors. Whether it's bad weather or broken pipes, you might look at between $1,400 and $6,300 for restoration. Have a plumber inspect your systems annually and manage minor repairs immediately to prevent higher costs.
9. Sewer Line Repair
Well-maintained sewer lines can last up to 100 years, but if your sewer lines need repairs, they may be expensive. Sewer line replacements range from about $1,400 to $5,300. On average, they cost about $3,300.
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.
10. Pipe Repair or Replacement
On average, pipe repairs could cost between $250 and $850. The price you pay may depend on various factors, such as the type of leak. Leaks caused by clogs are much easier to fix, while burst pipes are the most complex. Pipe replacement, whether due to leaks or aging pipes, could cost up to $2,000.
The best preventive measure involves maintenance. Also, address leaks promptly when you find one to avoid further damage. In colder climates, homeowners can help keep pipes from freezing by keeping water trickling through the pipes, insulating them, and maintaining consistent temperatures inside.
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 taking out a single loan, you can draw money whenever needed. 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 repay 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 quickly.
If you'd like to discuss the process with one of our professionals, visit one of our locations near you. Take the stress out of general home repair and maintenance with Atlas Credit today!
