Homeownership is not cheap, and it comes with headaches, such as regular fixes and repairs. The average homeowner spends over $4,000 on emergency and routine repairs. Some repairs are not expensive, while others may cost you a fortune. Here is a list of the most expensive home repairs that any homeowner may have to deal with.
Foundation repair is considered one of the most expensive home repairs because it can cost between $10,000- $40,000. The worst thing about this repair is that you cannot ignore foundation issues because the foundation is the base of your home. It needs to be in solid condition to help your home remain structurally sound. One of the most common foundation issues is settling. Over time, the foundation of your house will settle, and you cannot prevent it. The best thing you can do is to notice the problem early and address it as soon as possible.
Roof replacement or repair can also be one of the most expensive home repairs. Oftentimes, severe weather conditions, such as wind, rain, or sun, can damage the roof prematurely, so you may need to repair or replace it sooner than you thought. If the damage is extensive, you should expect to pay somewhere between $2,000 and $12,000. Moreover, there are some additional expenses, including uninstalling the old roof and fixing the ceiling in your house.
The repair costs for ventilation, heating, and air-conditioning can also be high. If you never did any maintenance on your HVAC for many years, HVAC repairs can easily become one of your most expensive home repairs. The estimated cost to replace an HVAC system is $7,000. Therefore, if you want to avoid this expense, regular maintenance is a must.
If your home is old, its electrical system can become overtaxed. An overtaxed electrical system is dangerous because it can cause fires. You may need a full electrical rewiring, which is quite expensive. The cost depends on the size of the house and can vary from $1,000 to $12,000.
Mold is one of the most serious issues. First, it is dangerous to your health and can lead to various health issues, including throat, lung, and eye irritation. Second, since mold is difficult to remove, it significantly lowers the value of your home. In most cases, you will not be able to remove mold yourself, and you will have to hire a specialist. Depending on the size of your home, mold removal may cost you $1,100 to $3,500.
Sewer Line Repairs
Repairing a sewer line can cost you $1,500 to $4,500. It is expensive because it includes repairs on a ten foot stretch of pipelines with the use of special equipment. In some cases, if the whole water/sewage system is outdated or damaged, you may have to replace all of your pipes.This may cost you $7,000 to $30,000.
A wooden deck increases the value of your home. However, repairing or replacing it may be quite expensive. It may cost you $7,000 to $10,000 to replace it. The good news is that regular maintenance can help you keep it in a good condition for many years. It is recommended you conduct a full inspection for any sign of structural weakness or rot.
Sell Your Home to a Cash Buyer to Avoid Expensive Repairs
If your home needs major and expensive repairs, you will have to make them before listing your property for sale. Unfortunately, if you want to sell your home the traditional way, it must be impeccable to attract potential buyers.
However, as mentioned above, repairs can be quite expensive and not everyone can afford them. The good news is that there is an alternative method of selling a home: selling to a cash buyer or home investor. Home investors purchase all types of homes, and they always pay cash. The biggest advantage of working with a real estate investor is that they do not care about repairs and renovations. They buy properties as is.
If you own a home in Colorado Springs, CO, that you want to sell, but you do not want to invest money in expensive repairs, Purple Mountain Holdings is ready to help. Our company buys all types of properties regardless of their condition. Even if your house needs work, we will still purchase it and do it fast. All you need to do is to contact us to discuss your options. Feel free to give us a call, and we will answer all of your questions.