Did you know that last year homeowners spent on average $4,000 more on home services than the previous year?
However, much of this pandemic home spending was focused on remodels and upgrades.
Unfortunately, most major home repairs aren't as fun as a kitchen or bathroom remodel. What's more, they tend to be urgent and come with a significant price tag.
Are you staring some expensive home repairs in the face?
If so, keep reading to find out which major home repairs are the most costly, how to prepare for them, and how to afford them.
Are you having electrical issues? If you need extensive electrical rewiring done, this can be a pricey undertaking.
However, it can also be an urgent one. Faulty wiring can cause electrical fires, shocks, etc.
While minor repairs will usually only cost a couple of hundred dollars, rewiring can run you in the vicinity of $2,000 to $6,000 for your home.
Replacing Plumbing Pipes
Plumbing issues are some of the most common home renovation jobs. According to survey results, 27.94% of respondents reported having to make plumbing repairs within one year.
Like electrical repairs, minor plumbing fixes are generally relatively cheap and should only cost you few hundred dollars.
On the other hand, if you need to start replacing water pipes or sewage pipes, the cost could be in the thousands. One of the most expensive pipes to replace is your sewer line, usually costing around $2,000.
Roof replacement is possibly one of the most major home repairs you can do.
Exact costs will depend on how big your roof is, and what roofing materials you use.
However, for a full roof replacement, you're probably looking at costs within the region of $5,000-$11,0000.
Fortunately, minor roof repairs and patches typically cost far less, usually between $300-$2,000.
Fixing Storm, Flood, Water, Smoke, or Fire Damage
Another set of major home repairs is fire, smoke, storm, water, and flood damage.
Fixing any of these issues can be a big job, and sometimes you might need to tackle a few of them all at once! If your home has been hit by a storm, it may have experienced both storm and water or flood damage.
On the other hand, if a fire broke out then it can cause both fire and smoke damage.
To give you an idea of the costs, water damage typically costs within a range of $1,000-$5,000 to rectify. However, if your home has experienced flood damage, the overall costs can be higher. This is because flood damage could require an entire flooring installation, electrical work, and more.
Fire and smoke damage costs can also vary widely, depending on the extent and severity of the damage. However, most homeowners can expect to pay $3,000-$5,000 to repair the damages of a small fire.
Damage from large fires can cost tens of thousands to fix.
Cracked, compromised foundations are another of the major home repairs that can eat a large hole in your pocket (or your savings).
Cracked foundations usually show up via other issues in your home. One of these is ill-fitting doors and windows. If some of the doors in your home aren't sitting properly in their frames, this might signal that you need foundation work done rather than just door replacement.
Another common signal of foundations issues is leaky basements and large cracks in your walls.
Depending on the extent of the issue, foundation repair can cost anywhere between $2,000-$7,000. In severe cases, costs can even run up to $40,000.
Septic System Replacement
Replacing a septic system isn't a glamorous upgrade, but it cost a pretty penny.
If you just need to have repairs done, you can expect to pay a ballpark figure of around $1,700.
However, if you need a total replacement, then you'll be looking at costs between $3,000-$9,500.
How to Cover Major Home Repairs
If you need to tackle any of these major home repairs, covering the costs can be a daunting prospect.
Here are a few tips for successfully paying for expensive home repairs.
Firstly, it's always a good idea to take out a comprehensive homeowners policy and create a renovation rainy-day fund for your home. If something is not covered under your policy, you'll be able to draw from this to cover the repair work.
But what if you don't have these financial backstops in place—or they aren't adequate to cover the costs you're looking at?
In this case, one avenue you can consider is taking out a personal loan. In some cases, you could also look at taking out a home equity loan.
Unfortunately, a lot of major home repairs can get worse or create extra damage and expense if left too long. Securing financing for them can be a wise move and help prevent more damage.
For instance, if your home has suffered storm damage, fixing things like a leaking roof will prevent further water damage from happening.
Besides this, you should also ensure that you vet out a good contractor to do the work. Hiring the wrong contractor can cost you thousands in additional unforeseen expenses.
For instance, if you take on a contractor who isn't bonded, you'll be financially liable for any damage they incur on your property or to third parties.
What's more, if their work is substandard, this can create more issues, both in the present and down the line.
Do You Need to Have Major Home Repairs Done?
Are you needing to have major home repairs done? If so, the first course of action is to secure quotes from reputable contractors in your area.
They will be able to professionally assess the damage and provide you with a more exact cost estimate.
If you're located in Brevard County Florida, we are here to help. As a full-service Florida Certified Building General Contractor, whether it's structural damage you're dealing with or cosmetic issues, we can handle it.
Why should you trust us with your major home repairs? We have an A+ rating from the Better Business Burea, as well as a 5-star rating with HomeAdvisor, and are passionate about providing the very best customer service.
Contact us today for a 'FREE Quote' to discuss your home renovation needs.