The cost of owning a house is so much more than your monthly mortgage payment. Improvements and repairs to your home can be costly and could take up a large amount of your budget yet they are vital to maintain your home and possibly increase the value.
Dan DiClerico, a HomeAdvisor expert, states the average homeowner spends close to $7,000 on home improvements throughout the year. As a result, he highly encourages homeowners keep a rainy day fund in their household budget….ideally 2 to 5 percent of the value of the home.
The experts at Realtor.com have identified the 5 most expensive repairs that homeowners should be aware of which I have summarized for you below.
- Foundation restoration/foundation wall repair – the best way to avoid a costly repair to a damaged foundation is to keep water away from the foundation walls. "Water is the biggest enemy of foundation walls, causing cracks, buckling, and other serious structural issues,” DiClerico says. "Maintain gutters, downspouts, and leader pipes so that they channel water away from the house.” Additionally, he says it’s important to ensure the ground around the foundation is properly graded so it slopes away from the house. Also, older homes, repairs may be inevitable.
- Replacing a furnace or central AC system – your heating and cooling system works hard to keep your home at a comfortable temperature. It can be agonizing when it gives out and costly to replace. "Neglect is one of the main killers of heating and cooling equipment, and for a system to reach its full life expectancy — usually up around 15 years — it needs to be properly maintained,” DiClerico says. Best advice is to have the cooling system serviced before summer and the heating equipment serviced before winter.
- Repairing water damaged ceiling and walls - Some of the most common causes of water leaks are burst water pipes and leaky roofs. Homeowners should routinely inspect and maintain appliance hoses and water pipes to guard against cracks and leaks, and to immediately replace damaged hoses and pipes.
- Replacing the lawn – having to replace a lawn can be very pricey. The biggest threats to your lawn and soil are poor conditions and pests. And if you have to rip out your entire lawn and replace it, it will be expensive. Having your soil tested can help avoid a costly replacement. Inexpensive test kits are sold at local hardware and home center stores.
- Removing a tree- if it’s a huge tree with a very deep root system, it can be quite costly to remove. Plus removing a stump will add more expense to your budget. The key to costly tree removal is to periodically monitor your trees and limbs. An arborist can assist you with determining which trees are diseased or susceptible to disease and help you avoid costly removals.
Pete Rebish, Realtor/Broker
- Office #843-363-4005
- Cell #843-290-0998
- Fax #843-363-4002