A home is the biggest purchase you’ll make in your lifetime. Between the purchase price and the cost of maintenance, you can expect to spend a good chunk of your lifetime earnings on your home.
While you can and should take preventative steps to keep your home in tip top shape, there’s a good chance that you’ll have to deal with at least one of these four most expensive repairs at some point.
1. Roof Repairs
The roof is one of the most important parts of your home. It’s the only thing standing in the way of the elements and everything inside of your home (including the people living in it).
It’s easy to ignore a small leak here and there, and put off repairs until later. But delaying roof repairs can lead to more expensive repairs down the road.
Leaks and missing shingles are two signs that your roof needs some attention.
Partial repairs can cost more than $600, but a full roof replacement can cost $5,000 or more.
2. Sewer Line Replacement
Most homeowners take their sewer lines for granted – until there’s a problem. Because these pipes are buried several feet underground, there’s a chance that the roots from nearby trees may clog the line or cause damage.
The city may be responsible for any sewer line repairs on public streets, but once the line is under your lawn, repairs become your responsibility.
Whether your plumber uses conventional trenching or trenchless repair with pipe lining equipment, it will cost thousands of dollars to fix the issue.
Trenchless repair can cost between $6,000 and $12,000, while conventional trenching repair can cost between $4,000 and $13,000. With conventional repair methods, you also have to factor in the additional costs of restorative work, such as landscaping or driveway repair.
3. Foundation Repair
A home’s foundation is just as important as its roof, and repairs can be cost prohibitive. Some homes are more vulnerable to foundation issues than others. If you live in an area where the soil contracts during dry periods and expands when it rains, your home’s foundation is at greater risk of needing repair.
As you can imagine, the foundation’s location can make repairs very complicated and expensive.
Repairs can cost just a few hundred dollars or as much as $10,000 (maybe more).
If you see cracks in your foundation, sloping floors or water pooling around the edges of your home, you may have foundation issues that need your immediate attention.
4. Termite Damage
Wood is the food of choice for termites, which makes your home a gigantic buffet for these creatures. Termites can cause an extensive amount of damage to a home, and they can do it quickly if you don’t act fast.
Depending on the extent of the damage and infestation, restorative work and extermination can cost $7,000 or more.
If you see mud tunnels running up the exterior of your walls, hallowed out wood or piles of bug wings in the basement, you may have a termite infestation.