Owning a home is a full-time investment. Whether you live in it, renting it out, or are planning on selling. There are issues that can arise that may become costly. Sometimes these costs can exceed the rate of your monthly mortgage payment or your personal property tax amount. Here are a few painfully expensive repairs and their estimate from HomeAdvisor that can borderline empty out your wallet:
Roof Replacement/Repair
This is codependent on size and material, but this can cost anywhere from $1,000 to $10,000! With the ongoing supply shortage these prices are fluctuating upward dramatically. Replacing a roof will increase the value and typically last around 20 years so this will not be an ongoing problem.
Foundation Damage
Foundation repairs range from $4,500 to upwards of $10,000+. It is a pretty big gap in pricing, so the amount you might pay will depend on the extent of the damage. The smaller foundation fixes include fixing cracks in the foundation with epoxy injections. The larger more expensive foundation issues involve hydraulic piers and grading of the soil. Unfortunately, a cracked foundation could compromise the structure of your entire home, so it’s not a repair you can put off as this can cause your house to collapse or you could lose out a lot of money on trying to sell it with it cracked.
Mold Remediation
Mold is not something that happens overnight and can have accumulated well before you moved in. If it is left untreated, it can come with serious health consequences. The average cost for remediation is around $2,347 but this can fluctuate in either direction based on the size of your home and the amount of damage it has caused.
Water Damage
Water Damage in a home can lead to all of the other problems listed to occur if it is not addressed. The average cost of water damage repair is around $3,000. This again will depend on where the damage came from (broken pipe, sewage backup, clogged gutter, broken fixture, etc.)
HVAC Replacement
An HVAC system is what keeps your house cool during hot summers and warm during cold winters. It is definitely not something you want to break in the middle of either. It has a life expectancy of about 15 years and it can fail sooner than that if you don’t take care of it. The cost to replace the entire thing is around $8,000.
Electrical Rewiring
Depending on the age of your home, you may be looking at a full rewiring or just minimal modifications. Older homes tend to need knob, tube, or aluminum wiring replacement. The need for replacement is critical because these types of wiring can cause injury or fire. A full rewiring will be substantially higher, but you are looking at repairs starting around $4,000 and can increase to upwards of $12,000 for larger homes.
These are all things to keep in mind when you’re thinking of selling. Reasons such as these are why so many people are inclined to sell their property for cash. When selling to a traditional homeowner they will likely be using conventional financing which will require appraisals and inspections. If any one of the above listed items is an issue the conventional buyer will likely ask you to have the issues fixed or ask for a reduced sales price on the property during the closing process.