For most individuals and families, their home is the most expensive investment they will ever purchase. Therefore, it is important for everyone to take care of their home. Routine maintenance can prevent costly repairs from arising down the road.
It is important for homeowners to make sure they budget for home maintenance and repair costs. Even with a meticulous repair schedule, it is still possible that a major repair might be required. There are a few home repairs that are more expensive than others.
Damage To The Foundation Of The Home
One of the most expensive home repairs that might come up involves damage to the foundation. The foundation is the part of the home that supports the rest of the structure. Therefore, its strength is vital to the integrity of any building.
Depending on the exact nature of the project, repairing the foundation of a home may cost close to $100,00 if the building is large and the damage is severe. At a minimum, homeowners should expect to spend a few thousand dollars on a home foundation repair project.
Some of the most common reasons why a foundation might be damaged involve plumbing issues, clogged gutters, and flooding. Water can corrode the foundation and pool around the base, leading to damage. Therefore, the water system also needs to be addressed with any foundation repair.
A Roof Repair Can Be Costly
The roof is one of the most important barriers in the home. It separates the interior of the home from the dangers of the elements outside. Therefore, it is critical for the roof to remain intact. Roofs need to be inspected regularly.
If there is a problem with the roof, this may cost more than $10,000. Regularly inspecting the roof and making repairs and replacements as they come up can save a home’s budget.
Siding Repairs Are Expensive
Finally, water and wind can damage the siding of a home. Furthermore, insects and other pests can also lead to siding repairs. Repairing a single piece of siding isn’t costly; however, if the entire siding needs to be replaced, this may cost more than $15,000. The exact nature of the cost is going to depend on the materials chosen.
If you are in the market for a new home or interested in refinancing your current property, be sure to contact your trusted home mortgage professional.
Last week’s economic reporting included releases on inflation, retail sales, and consumer sentiment. Weekly readings on mortgage rates and first-time jobless claims were also released.
