Selling a home can be a very extensive process that involves thousands of documents, showings, contingencies and, of course, repairs in order to obtain the approval in the inspections that happen before the closing.
Many of these repairs are mandatory for the sale to be approved by the buyer’s mortgage company, and the non-mandatory repairs may lead to credit requests or much lower offers towards the property.
Such repairs are not cheap. Below you will find the top 10 most expensive home repairs and how you can identify signs that show these damages exist:
- Foundation Repairs
If your home was built in as area where the soil tends to shift and move, which is definitely the case in many areas in Florida, those changes can put your foundation at risk. Foundation repairs are complicated and can get very expensive.
The expected cost to fix foundation problems can range anywhere from $500 to $40,000! Signs of the problem can include, but are not limited to: doors and/or windows that don’t really fit their frames and are hard to shut; cracks showing up around the house; slopping floors; water pooling in basement or around the edges of your house.
- Roof Repairs
Your roof is the most important part of your house for protecting everything else in it from the elements. When it needs repairs, it is important to do it fast. The cost for roof repairs may range from $700 to $15,000, and can even be higher, depending on the damage and what areas of the roof were compromised. It is possible to know you have roof problems when leaks are present, as well as areas where shingles are missing.
- Hot Water Heater Repairs/Replacement
The water heater is something very important and used every day, so much so we don’t even realize how important it is until it stops working. Water heater problems can lead to flooding and even more expensive problems, and the average repair cost may vary from $600 up to $1,500. Signs of problems can be loud or unusual noises and/or leaks (particularly if in rust-colored water).
- Termite Damage
Bugs in your home are an inconvenience, but termites can cause far more trouble than any other. If you find termites in your house, the best option is to treat the problem – and treat it fast!
The cost for a termite treatment depends on how big the problem is, usually varying between $500 and $2000, not considering fixing damages caused by the termites, that can be up to thousands of dollars.
Some signs that the problem exists are swarms or small flying bugs, or bug wings in the basement; hollowed out wood; mud tunnels about the width of a pencil leading up to exterior walls.
- Water Damage
Water can rot wood, cause mold growth, and make metals rust. Whether due to flooding, leak(s), or damage that happens little by little, water is one of the biggest culprits in costly home repairs. Water damage can vary greatly, but insurance claims for that average $11,000. Water damage signs can be shown in musty smells, leaks, fuzzy discolorations in walls or ceilings (mold or mildew), peeling paint.
- General Plumbing Repairs
Plumbing issues are another potentially enormous expense, as they’re generally located in spots that are hard to get to (underground and inside walls). Costs for this may also vary enormously, depending on how large was the damage. Usually, these costs will be somewhere between $500 and $5,000.
Plumbing problems can be noticed when leaks, rusty water, or discolored/flaking pipes are present.
- AC/ Heating Repairs
It is commonly known that AC/Heating systems need to be replaced from time to time, but they also tend to present problems when they are working the hardest – summer or winter. In order to avoid costly repairs, you won’t want to wait to get them fixed.
The average cost to fix HVAC damages start around $400, and, if a new system replacement is needed, this cost can be up to $7,000.
Signs that the system needs repair is when it’s not cooling or heating, or when the unit is leaking or making unusual noises.
- Mold Removal
Mold in your home can cause a number of health issues, particularly for those who have allergies. The cost to fix mold will vary depending on the size of the affected area, but it can add up to $2000!
Mold can be existent if you smell a musty odor, see discoloration in the walls or ceilings, or if symptoms of allergy start to worsen.
- Electrical Issues
Similar to plumbing, it’s not easy (or safe) for the average homeowner to access or attempt to fix electrical issues because the wiring is located inside the walls. However, if electrical doesn’t get fixed, not only you will have the inconvenience of your electricity bot working, but also it can lead to a much higher danger: the risk of electric shocks or even fire.
The average cost for electric repairs can start at a couple hundred dollars, to as much as $15,000 for rewiring.
Signs of the problem may include: circuit breakers trip regularly, appliances shock you, flickering lights, among others.
- Septic System Repairs
A septic tank not working properly can be a big messy problem. The cost for repairing it can go anywhere from $1,500 to $30,000! Signs of problem are: toilets that do not flush, slow drains, standing, smelly water in the yard.
If your plan is to sell your home but you do not want to or can’t afford to work on repairs, your best shot will be selling it to a cash home buyer. In many cases, they will skip inspections and will buy the house as is. If this is an option for you, keep in mind that Homeinc is your best route to go, as we are a team of experienced licensed real estate agents that will make the best offer for your home, and you won’t need to be concerned about commissions, inspections, showings, and, what’s best, will save time and money with repairs.