One of the biggest downsides of being a homeowner is having to pay for all structural repairs out of your own pocket. While some of these repairs can be quite cheap, others can be seriously expensive.
This post rounds up ten of the most expensive home repairs, as well as some tips on how to reduce the cost of these repairs.
10. Termite Damage Repairs
Average cost: $3,000
Termite damage repair sits at number ten on our countdown of most expensive home repairs. These critters can quickly eat through doors, floorboards, walls and support beams. Depending on the amount of damage that the termites cause, repairs can cost anywhere from $1,000 to $10,000 – on average, costing homeowners about $3,000.
To stop termites from chewing through your money, it is best to take action against termites as soon as you notice them. By calling out pest control services to lay out bait or fumigate your home, you can eliminate any current infestation. Termite resistant polishes and paints can meanwhile be used to prevent future problems.
9. Water Damage Repairs
Average cost: $3,300
Water damage repair on average costs homeowners an eye-watering $3,300. Of course, it can cost a lot less or a lot more depending on the type of water damage – while small leaks may only cause minor damage, burst pipes and flooding can cause major structural issues that could cost well over $10,000.
To avoid splashing out too much cash on water damage repairs, tackle water damage early. Acting quickly could prevent water soaking into floorboards and walls and reduce the risk of timber rotting or brickwork spalling. It can also reduce the risk of mold growth and mold remediation. Making preventative plumbing repairs, patching up cracks and taking flood protection measures could meanwhile stop water damage occurring in the first place.
8. Replumbing
Average cost: $7,500
If you keep having to patch up plumbing leaks or are constantly experiencing pressure issues, it could be because your home’s entire plumbing needs to be replaced. This can be an expensive job – on average, homeowners spend $7,500 to replumb their home.
It is possible that not every pipe may need replacing in your home – a plumber may be able to simply focus on the sections that are worst and keep some of the old piping, which could reduce the overall cost. Some people use replumbing as a chance to relocate pipes and move water fixtures like sinks or bathtubs, but this will add to the overall cost. It is much cheaper to simply keep fixtures where they are.
7. Septic Tank Replacement
Average cost: $8,000
Got a septic tank? Sewage backup or slow draining could be signs that you need to get your septic tank fixed or potentially replaced. This is not a pleasant job. The price of replacing a septic tank stinks too – the average cost of replacing a septic tank is $8,000.
Septic tank replacement rates can vary so it is worth shopping around. However, the best way to reduce costs is carry out regular inspections of your septic tank and invest in repairs early before they become too major. Reducing the demand on your septic tank by conversing water can also prevent a septic tank becoming overloaded.
6. HVAC Replacement
Average cost: $8,800
If your HVAC system is old and experiencing frequent faults, it could be time to replace the whole system. The cost of doing this varies on the size of your home and the type of system your home has. On average, homeowners in the US spend $8,800 to replace their HVAC.
There is not too much you can do to reduce the cost of HVAC replacement. While there are cheaper HVAC systems that you can replace your current with, it is usually better to upgrade to a more efficient system that will save you money on energy bills in the long run. Annual HVAC inspections can also help spot problems early and allow you to get them repaired before they turn into major faults.
5. Roof Replacement
Average cost: $10,000
Roofs that keep experiencing leaks or issues often need to be fully replaced. The cost of replacing a roof can vary massively depending on the size of your roof and the type of roof material you choose. $10,000 is what the average homeowner spends – however, you could expect the lofty price of $30,000 for a larger roof or a roof made of a material like slate.
To reduce the cost of roof replacement, take the time to compare different roof quotes. Also choose your roofing material wisely. The cheapest materials are bitumen and felt, but they may only last a decade or two before needing to be replaced. Materials like metal and stone can last a lifetime, but are more expensive to install. Asphalt tends to be a good happy-medium option – it is relatively affordable and can last 30 years if well maintained.
4. Siding Replacement
Average cost: $17,200
Did you know that siding costs more on average to replace than roofing? Homeowners can spend anywhere from $5,000 to $100,000 depending on how much siding is replaced and the material chosen. The average cost to replace siding on all walls of a home is $17,200.
Vinyl is the most affordable siding option costing $4.50 to $8.20 per square foot, while natural stone siding is the most expensive option costing $30 to $48. When repairing your siding, consider whether all sides of your home need replacing or just one wall – replacing just one side could be a lot cheaper. As with roofing replacement, you can also reduce costs by making sure to shop around for quotes.
3. Rewiring
Average cost: $20,000
Old faulty wiring in a home could be a fire hazard. Therefore, rewiring a home could be necessary in some cases as a matter of safety. Unfortunately, rewiring a home is not cheap. In fact, the average cost to rewire a home is a shocking $20,000.
It depends largely on how large your property is and how much wiring there is. Small homes with only a few outlets may not actually cost too much to rewire. Large homes with lots of outlets can be much more expensive. Rewiring could be a chance to install new outlets or lights, however this will add to the total cost. To save money on this job, it is best to simply take your time to compare prices from lots of different electricians.
2. Fire Damage Repairs
Average cost: $20,000
The amount of damage a home fire can cause varies drastically. In some cases, only a small amount of repairs may be needed, while in other cases a whole home can need rebuilding. On average, homeowners have to burn through $20,000 to repair fire damage to their home.
How can you reduce the cost of fire damage? The most effective solution is to take out homeowners insurance. This will cover you for most of the cost of repairs if there is a fire. You can also take preventative measures to stop fires occurring or limit damage. This includes repairing old wiring, keeping flammable materials away from heat sources, not smoking indoors, limiting combustible materials like wood, and creating a five-foot fireproof buffer zone (for protecting your house against wildfires).
1. Underpinning
Average cost: $25,000
Finally, we reach the most expensive home repair cost – underpinning a house. This involves strengthening the foundations of a home if they are weak or damaged. Your home may need to be underpinned if you have started to notice cracks in walls, if floors are sinking or if doors are jamming/failing to latch. If you do not underpin a home with faulty foundations, your entire home could be at risk of collapsing. A home with faulty foundations will also sell for much less. Unfortunately, underpinning a home is very costly – homeowners on average spend $25,000.
Is there a way to reduce the cost of underpinning a house? Yes. There are numerous underpinning methods and some are much cheaper than others. The cheapest options tend to be mass concrete, bean and base or grout injection underpinning. If these methods are applicable to your home, consider choosing them to save yourself money.
