8 Of The Most Expensive Home Repairs (And How To Pay For It!)
Being a homeowner requires knowing what the most expensive home repairs are and how to fix them. The average homeowner in America spends about $7,500 a year on home improvement and even more on remodeling. It costs between $15,000 and $200,000 to remodel or renovate a home, depending on the projects and home size.
Yes, being a homeowner is not easy or cheap. An expensive house repair can greatly improve the value of a home and its livability but can make a serious dent in your wallet at the same time. In this post, you’ll find some of the most expensive home repairs — and how you can pay for them.
8 Insanely Expensive Home Repairs for Homeowners
1. Siding Repair
The exterior of your home isn’t just supposed to be visually appealing. Siding protects your home from weather conditions, infestation, and more. It also doesn’t last forever. Every year, siding experiences wear and tear.
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. Depending on the extent of the damage and the type of roof materials you chose, 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 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 is often the 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
Heating and cooling systems that are properly maintained last around 15 years but repairing them is complicated. Many homeowners find themselves forced to completely replace their HVAC unit, and that runs about $7,000 on average, giving HVAC replacement the distinction of being one of the most expensive home repairs over the past few decades.
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 usually, a complete home rewiring is 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 up to $6,000-$12,000 for 3,000 square feet.
6. Termite Damage
When buying a home, termite damage is typically uncovered during a required home inspection, but it can also develop quickly over time. Taking care of such damage is essential to prevent wood weakening and hiring a pest specialist to address the damage costs $3,0000 on average.
7. Septic System Replacement
Homeowners rely on a septic system when their property is not serviced by a public sewer. Depending on how big the septic system is and the issue, replacing it is quite an expensive house repair, usually somewhere between $3,000 and $9,500.
To add insult to injury, a major warning sign of a faulty septic system is standing, smelly water on your property, so you’ll want to address any issues very quickly.
8. Foundation Repair
If you live in an area where rains often swell and contract 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, water gathering in your basement or around the edges of your house. The required repairs can get as costly as $11,000.
How An Auto Pawn Can Help You With Expensive Home Repairs
The good news is that there’s always an option for detailing the most expensive home repairs you will encounter as a homeowner. An auto pawn uses your vehicle’s title as collateral in exchange for a loan to help with any type of financial emergency, including vital home repairs. At Alabama Title Loans, Inc., you may qualify for an Alabama title pawn of up to $15,000 in as little as 30 minutes.
The first step is simply going online. Fill out the short auto pawn inquiry form on our website, and a pawn representative will be in touch shortly to discuss the required items and the next steps to qualify for an auto pawn.
Following an examination of the few required items and a quick inspection, if you qualify and are approved, you will get the money you need the same day or the very next business day. You also keep your car for the duration of the auto pawn.
Get Started Today
The most expensive home repairs are often the most vital for living safely. An auto pawn can help. Go online, give us a call, or visit one of the many Alabama Title Loans, Inc. locations near you today!
To learn more about handling emergency expenses, read our other financial emergency articles.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.