Buying a home is part of the American dream. And while grilling outdoors with your family may sound idyllic, there’s a dark side to homeownership: paying for home repairs yourself. And if you didn’t budget for repairs, you could end up ruining your finances.
Many people don’t know how expensive home repairs can get. So we compiled the 12 biggest potential problems you might face as a homeowner.
The foundation is the bedrock of your home, so if something goes wrong, you probably need to fix it right away. Unfortunately, foundation repairs can also be costly. You can spend as much as $20,000 to fix your foundation.
Plus, it can take a while to find a qualified expert. Don’t delay — foundation problems can spread and cause other issues in your home.
Even a well-built roof doesn’t last forever. And when it’s time to replace it, you might balk at the cost. The final cost will vary depending on the size of your house, materials used, the type of roof and more. You might find yourself spending about $10,000.
Thankfully, a good roof can last at least 20 years, so you shouldn’t have to do this very often. Just make sure to take care of any roof problems when they come up so they don’t necessitate a full replacement.
To fully remove termites, you’ll have to tent the house. That can run you about $2,500. But that’s not all. After you tent the home, you’ll have to fix any damage that they’ve done. The cost of that fix will vary significantly.
Large-scale damage could run you as much as $10,000. However,smaller issues may cost as little as $250. If you start to notice potential evidence of termites, it’s best to take care of it ASAP to prevent further issues.
If you’re buying an old house, one of the first things you should check for is knob-and-tube wiring. This is an old-school wiring system that can lead to house fires in rare cases. It’s best to get this wiring fixed and replaced if you can.
Unfortunately, doing so requires opening up your walls and can run you between $10 and $20 per square foot. So if you have a 2,000-square-foot home, it could cost you $40,000 to fix your wiring. Still, it’s better than dealing with a potential house fire.
A new HVAC system can be an important home investment. But you’ll have to fork out a whole lot of money to pay for it. A new HVAC can cost between $5,000 and $12,000.
If you have two AC units, then you might have to replace both of them. The good news is that you should only have to replace your HVAC every 10 to 20 years. Take care of your unit to ensure that it lasts as long as possible.
Water damage in your home can be especially expensive. That’s because water can damage your floors, walls and more. It can even affect your furniture or appliances, depending on the extent of the problem.
Repairing water damage can cost about $2,300 on average. However, you might have to pay more — up to $14,000 — if you have a large-scale issue.
If the siding on your home is damaged, you’ll have to repair or replace it. And those costs won’t be cheap. Siding repair can cost about $10,300 on average. The exact cost depends on the materials you use and how much siding needs to be replaced or repaired.
When you think about what can go wrong with your home, your driveway is probably the last place you think of. But a cracked driveway can become a huge eyesore. And depending on the materials, it can be an expensive fix. You can spend between $1,000 and $3,600 to repair your driveway.
There’s nothing worse than turning on the shower to discover there’s only cold water coming out. That means you might need a new water heater. Unfortunately, it’ll cost you.
A new water heater can run you more than $1,000, while repairs can cost about $500. Water heaters can last between six and 15 years if they’re taken care of properly. Make sure to flush yours on a regular interval to keep it running smoothly.
If your septic system starts to fail, you’ll probably need to replace it. And that’s when your issues may start. Repairing a sewer line can cost between $2,000 and $3,000. However, if you need an entirely new septic tank, then you’re looking at a total closer to $10,000.
Before buying a home, make sure to get your septic line inspected. If the inspection turns up tree roots or other issues in the line, see if you can get a credit to cover any needed repairs.
If you’ve never had to replace a window, you’re lucky. Nowadays, replacing even a few windows can cost thousands of dollars. Need to replace the windows in your whole house? You could be spending tens of thousands of dollars.
Costs vary depending on size and if you can buy standard windows or need to go custom. And while there are some rebates and credits available for energy-efficient windows, they aren’t enough to offset most of the cost.
If you discover mold in your home, you’ll want to get it fixed ASAP. Living with mold can cause a variety of health issues, especially for those who are already immunocompromised.
Unfortunately, mold remeditation — or removing the mold — can cost you a pretty penny, up to $7,000. Plus, once you identify the source of the mold, you may have to pay more to fix that as well. You may also have to address damage caused by the mold. Mold can be an insidious and can get into items you may not even realize.