Costly home repairs can threaten to ruin your finances when you own your home. Unlike an apartment, you don’t have a landlord who will take care of any home repair costs themselves. Owning a home is hard because you incur all of the costs of repairing issues around your house and must keep the place in top shape to avoid weather conditions from ruining your shelter.

This guide from Alabama Title Loans, Inc. will explain some of the home repair costs you must incur. We will also explain how to get homeowner repair financing through title pawns for home repairs with us.

8 Costly Home Repairs You May Need To Pay For

According to a report from Hippo, 78% of homeowners had to pay for costly home repairs in 2023. Recent studies have suggested that the average annual cost to maintain one home is over $10,000, which is an all-time high. Before explaining how home repair loans can help when urgent repairs arise, it’s vital to understand what type of house repairs you must take on.

The following are eight common home repair costs for homeowners:

1. Siding Repair

protects your home from weather conditions, infestation, and more. It also doesn’t last forever, as it can experience wear and tear that damages it and renders it useless.

Some damage requires a minor fix (usually around $500), but long-neglected siding or siding highly damaged by weather will need to be replaced. That costs at least $10,000 but can go all the way up to $30,000 in some instances, making it one of the most expensive home repairs.

2. Replacing A Roof

As vital as siding, roofs can also experience an array of damage related to age or weather. While it can protect you from rain, snow, hail, and thunderstorms, all of these hitting the roof can cause damage that requires home repair costs. Depending on the extent of the damage and the type of roof materials you choose, roof replacement can cost as much as $10,000.

On the plus side, roofs generally last up to 30 years, so it’s an expensive house repair cost that pays off in the long run.

3. Water Damage

Water can have a major impact on your home, destroying walls, personal belongings, flooring, and ceilings. Water damage can rot wood and rust metal pipes. Dangerous mold can often result, caused by everything from a roof leak to a broken bathroom fixture. Basements are also commonly affected.

The average water damage repair will run you about $3,000, but it can go upwards from there to around $6,000 to $7,000. Another related expensive home repair: $1,000-$4,000 is often needed for mold removal.

4. HVAC Replacement

Properly maintained heating and cooling systems last around 15 years, but repairing them is complicated. Many homeowners find themselves forced to completely replace their HVAC units, which runs about $7,000 on average.

Thus, HVAC replacement has become one of the most costly home repairs over the past few decades. However, it is an important cost to incur, especially when you need heat for the winter and air conditioning for the summer.

5. Electrical Issues

If you have an older home, chances are the electrical wiring is either severely outdated or fraying. Such old-school wiring is a major fire hazard. Sometimes, the electrical wiring can be repaired, but a complete home rewiring is usually needed.

The cost of this expensive house repair depends on the size of your home, ranging from $1,000-$6,000 for homes up to 1,500 square feet to $6,000-$12,000 for homes up to 3,000 square feet.

6. Termite Damage

Termite damage is typically uncovered during a required home inspection when buying a home, but it can also develop quickly over time. It can affect the structure of your home, causing sagging floors and ceilings, broken door frames, and buckled walls. It can also lead to the paint on your walls to peel.

Taking care of such damage is essential to prevent wood weakening, and hiring a pest specialist to address the damage costs an average of $3,000.

7. Septic System Replacement

Homeowners rely on a septic system when public sewers do not service their property. Depending on the size and the issue, replacing it is quite an expensive house repair, usually between $3,000 and $9,500.

To add insult to injury, standing, smelly water on your property is a major warning sign of a faulty septic system, so you’ll want to address any issues very quickly. While the home repair costs can be high, it’s better to fix this issue to prevent the numerous issues it can cause to your water.

8. Foundation Repair

If you live in an area where rain often swells and contracts the soil, this type of climate can be harmful to your home foundation. Check out for symptoms of foundation corrosion, such as doors and windows that are hard to shut, cracks showing up around the house, and water gathering in your basement or around the edges of your house. The required repairs can get as costly as $11,000.

Foundation repairs, along with the other home repair costs we mentioned, can be hard to afford on your own, especially if you don’t have the time to save money. However, there are home improvement financing options available when you cannot afford essential repair costs.

Home Improvement Financing Options To Pay For Costly Home Repairs

Do you need fast cash for home repairs? There are home repair loans you can turn to afford the costs you cannot afford. Home equity loans, also known as second mortgages, allow you to borrow money based on the value of your property. You can receive a lump sum to pay for homeowner repair financing.

The government also offers grants for home repairs to afford expensive house repair costs. Single-family housing repair loans and grants in Alabama, known as the Section 504 Home Repair program, allow those who cannot get credit elsewhere to borrow between $10,000 and $40,000 for urgent home repairs. The loan term lasts 20 years, and interest rates are fixed at 1%.

If you would prefer financing major home repairs without a loan, you could try the DIY options. Rather than hiring professionals to fix your issues, you can buy your own materials and tools to fix issues around your home yourself. Remember, these repairs are vital to keeping your home in good condition, so only opt for DIY repairs if you know what you’re doing.

How To Get Money For Home Repairs With Title Pawns

If you cannot get approved for some of the above home repair loans, you could get an auto pawn for home repairs. Title pawns let you borrow money based on the value of your vehicle. You can borrow up to $15,000, which can help you pay for costly home repairs.

Your loan amount will depend on the age, make, model, condition, and mileage of your vehicle. What sets title pawns for home repairs apart from other home repair loans is you do not need to have good credit. We will not assess your credit score to determine your loan approval.

You get approved with bad credit or no credit the same day you apply. Title pawns allow you to get fast cash for home repairs to pay for urgent costs before your home suffers further damage. You can fill out our online form, speak to a loan representative over the phone, and get approved at one of our Alabama store locations today!

Apply Online Now For Title Pawns For Home Repairs – Borrow Up To $15,000 Today!

Do you want fast cash for home repairs today? Title pawns for home repairs from Alabama Title Loans, Inc. lets you borrow up to $15,000 in less than 30 minutes. Get approved today to pay for costly home repairs like electrical issues, damaged walls, and termite damage. Start the process today with our online inquiry form, and one of our loan reps will call you to guide you through the process.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.