5 Most Expensive Home Repairs
Over the course of a home’s life, you can expect to run into more than a few unexpected speed bumps when it comes to maintenance. While the common rule of thumb is to plan to spend an average 1% of a home’s value on maintenance per year, emergencies can often result in sky high repair costs.
These are five of the most potentially expensive home repairs you’ll have to face as a homeowner. Hopefully, with a little preparation, you can avoid spending big bucks.
Water damage
One of the most common problems Canadian homeowners face is water damage. Expensive home repairs due to water damage are especially common during the spring when snow melts and the sky pours rain. Thanks to the somewhat invisible nature of this problem, it’s often left unresolved until what would be a simple repair turns into widespread rot or even mould.
According to an Aviva study, not only has there been an increase in the amounts of water damage claims over the past 10 years, but the average cost per claim has gotten higher as well – going from $11,709 in 2004 to $16,070 in 2014.
Termites
For me, the word “termites” conjures up a the image of a vicious swarm of insects eating through wooden objects in a matter of seconds. Real world termites may not be quite so devastating, but they can still damage your home if left unchecked. Keep a close eye on the wood in your home. Look for any discoloured streaks or damaged paint.
If you do have an infection, termite treatments can run you about $3,500 according to the CBC.
Foundation
A fundamental part of a home’s structure, a problem with your foundation can lead to astronomical repair costs of over $10,000. Foundation problems are among the most expensive home repairs and can arise from the kind of soil the house is built on, as well as an improperly laid foundation or drainage issues. Foundation issues are mostly impossible to prevent on your own, but the one thing you can do is ensure proper drainage by maintaining eavestroughs and gutters. Additionally, research the grading of your property to make sure water runs away from the home.
Sewer repair
Unfortunately, the contents of your toilet aren’t magically transferred to an infinite pocket dimension. To get your stuff where it needs to be, every house has a main sewer line that connects their property to the main municipal line. Not everyone knows this, but taking care of that line is the responsibility of the property owner, since it’s technically on their property.
The sewer line can become damaged by tree roots or natural sagging after many years. You’ll quickly notice if something is wrong with the line if your drains start to run slow or the plumbing system frequently backs up. Of course, the biggest indicator would be the sweet aroma of sewage outside your home. Replacing a damaged pipe can run you $5,000 to $15,000. This is one of the most expensive home repairs, especially if a pipe breaks because then you have to deal with water damage as well.
Roofing
Over the years, roofs take quite a beating in Canada thanks to snow and rain. It’s not surprising that your roof will eventually need some TLC. Big roofing projects can cost you anywhere from $3,000 to $15,000 according to Sum-It Roofing Inc. The expense is determined by the roof size and materials used.
While the latter two problems may be covered by your home insurance policy, depending on the circumstances of the damage, most of this is just part of owning a home. Before you pull the trigger on your first home purchase, make sure you go into it knowing what to expect – and understand that you can avoid many expensive home repairs by taking good care of your home.
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