Who hasn’t dreamed of owning their own home? Being a homeowner may be desirable to many, but that isn’t to say that it doesn’t come with its own set of responsibilities and worries. While the outright purchase of a home may often feel like the largest expense you’ll ever make. For example, you will have to consider your home maintenance and its cost. Also, you need to be aware of the possibilities of expensive home repairs that may come with it.
Let’s take a look at some of the possible expenses you may have to deal with at some point if you own your own home.
HVAC, which stands for heating, ventilation, and air conditioning, performs the seemingly simple function of keeping your home warm in the winter and cool in the summer. It also ensures that your home has good air circulation to prevent problems like dampness and mold.
You should expect to have to make a furnace replacement approximately every 15 to 20 years. However, their life span can be significantly shorter if you don’t take measures to keep them in good shape.
If you live in an old home, the wiring systems are often easily over-taxed by modern living’s over-reliance on electrical appliances. In many instances, a retrofit of the electrics in a house will make it safe to live in for a modern family.
However, many older homes still have knob and tube wiring, which are now considered a fire hazard. If your home happens to need complete rewiring, the cost will be significantly higher.
The average cost for foundation repair is between $1,800 to $6,500. The wide difference accounts for the extent of the damage. A cracked foundation could compromise the integrity of your entire home, so it’s not exactly something you can put off.
If you live in an area where the soil tends to swell in wet periods and contract in times of drought, it could put your home’s foundation at risk.
Your roof is an important part of your dwelling as it protects you from all of the elements. When it needs to be repaired, it should be done fast. The cost of a roof replacement will vary greatly depending on the size and the type of material used.
To prevent the cost of a roof replacement, hire professionals to inspect your roofing 10 years after installation and every three to five years thereafter.
Mold doesn’t form overnight, it takes months or years to form. If left untreated, it can lead to a whole plethora of health problems for the inhabitants of your home. Mold remediation on average costs about $2,300, but the real cost will depend on the size of your home.
The Bottom Line
Expensive home repairs can often be hard to spot, especially if it’s been years since you bought your property or had it checked by professionals for any potential problems. Generally, a homeowner’s insurance policy won’t pay for repairs down to wear and tear. Consequently, it’s important to have a sturdy emergency fund, should disaster strike. This will allow you to keep afloat if you’re unfortunate enough to have to deal with an expensive home repair.