Avoiding expensive home repairs
Buying a home is a major financial decision, so the last thing you want is to end up with “surprise” repairs that stretch your budget beyond its initial limit. We sat down with industry expert Lee Eckroth from Majordomo, a home repair estimate company, to gain an authentic perspective on the most expensive home repairs and how to avoid them. Let’s get started with some common home repairs most new homeowners face.
Common home repairs and their average price range
The fact is that it’s rare for new homeowners to buy a house without it requiring some level of home maintenance and repair expenses. If you’re purchasing a newer house, you will probably only spend up to five thousand on maintenance and repairs. But if the home is between 12-20 years old, you’re likely looking at about 13-20 thousand in accumulated repairs. Many common home repairs are low-cost, but it’s important to be mindful of how your budget can be affected.
Some of the most common home repairs include:
- Drywall cracks
- Outdated smoke detectors
- HVAC maintenance
- Overgrown landscaping
- Missing GFCI electrical outlets
- Slope grading towards the home
- Minor electrical repairs
- Updating hot water tank and plumbing fixtures
Home buyer red flags for costly repairs
A professional should always investigate the red flags below to avoid expensive home repairs. But in the meantime, having this information on hand can give you a baseline of knowledge when browsing the market for a house.
Red flags for costly home repairs:
- If you’re looking at an older home that has outdated appliances, it’s likely that the owner didn’t keep up with regular home maintenance or other necessary home updates. (Such as the plumbing and electrical work.)
- Finding water stains on the ceiling could be an indication that mold is present or there’s an issue with the roof or plumbing. Remember, water stains happen over time, so it’s not something to ignore.
- Have you ever seen a door in a home that has gaps around the frame or is difficult to close? While this is common with older homes and does not always indicate a structural concern, you could be dealing with a foundation issue. In rare and extreme cases, homeowners may even find a sinkhole on their property.
- Take time to look at the details of the homes you’re considering. If the yard is poorly maintained or the inside of the house isn’t tidy, you should be wary of taking on some hefty home repairs. Why? Because poor home maintenance leads to more extensive home repairs in the future.
The most expensive home repairs
When we talk about expensive home repairs, we’re not talking about trendy kitchen and bathroom renovations. We’re referring to the necessary repairs that aren’t on your radar and usually cost more than you’d expect. The roof of the home is often overlooked by homeowners until the damage presents itself. Replacing a simple gable roof may cost as low as eight thousand dollars, but a complicated roof replacement can go as high as 30 to 40 thousand dollars in some cases.
Another repair homeowners tend to neglect is replacing damaged siding or repainting the home’s exterior. Replacing the siding on a standard two-story home can range from 20 to 40 thousand dollars. Also, keep in mind that removing siding may uncover additional home maintenance issues. The majority of the cost for repainting your siding is the labor, so you’re looking at a fee between five thousand and 20 thousand dollars, where 80% of that cost is labor.
Lastly, foundation repairs can vary widely in cost. Patching a simple stress crack in the foundation wall may cost a few hundred dollars at the most. Still, a major structural repair can involve engineering reports, permits, and experienced professionals to get the job done right. Finding a major issue with the home’s foundation could significantly impact the home’s price depending on the levels of repairs needed. The national average cost for foundation repairs is about 45 hundred dollars. However, significant repairs to stabilize a structure can total above 25 thousand dollars. This is why getting a home inspection before you buy is so crucial.
Buying a new home vs. buying a previously-owned home
When trying to avoid excessive home repairs and renovations, you may wonder if buying a new home is the best call. Let’s weigh out the pros and cons of each scenario.
Buying a new home:
- Pro: The starting premise of the home is known
- Pro: Home repairs typically won’t be required for the first few years
- Con: Owners tend to neglect home maintenance because the home was built “new”
Buying a resale home:
- Pro: Usually has more design character and history
- Pro: Backyards are generally updated with additional amenities
- Pro: There’s a better chance the landscape is fully-grown
- Con: You take on any neglected areas/projects from the previous owner
Industry advice for new home buyers
As someone who works in the housing industry, Lee Eckroth had some advice for new homeowners. So if you’re in the market for a house or just recently purchased a home, grab a pen and paper to jot these tips down!
- Always work with industry professionals when looking for a home or making home repairs. Every real estate transaction has somewhere between 27-38 people involved. This includes the buyer, seller, spouses, contractors, inspectors, title people, etc. So put together a good team to enjoy the journey.
- Understand that there will be pitfalls no matter what phase you’re in, from buying to repairs and renovations. Being a homeowner is a lot of work, but it’s worth it.
- Remember, whenever you purchase a home, you make two purchases: a house and a loan. Be financially prepared for both.
- Don’t skip the home inspection.
- Maintaining a home can be overwhelming, so keep friends and family close by that you can lean on. Everybody loves a good DIY project!
- Your friends and neighbors likely already have the repair tools you need, and some tools are cost-effective to rent, so don’t buy them all from the store!
Catch the repairs early with Zoom Home Inspections
Whether you’re buying a new home, a fixer-upper, or something in between, getting a professional home inspection is an invaluable tool to inform you about the home’s maintenance history, and safety. To schedule an inspection with Zoom, click here or call us at (425) 301-2747 for more information.
