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3 Most Expensive Home Repairs

Performance Property Real Estate Question

Q: We are under contract to buy our first home. I want to make sure we have enough money for repairs and maintenance costs beyond our mortgage payments. What do you think? Edgar, Belleville, NJ

A: Home repairs and their associated costs will vary to some degree from local real estate market to market, however these are 3 of the most expensive home repairs I’ve found over the years:

  1. Foundation Repair: Foundation repairs are complicated and can get very expensive (potentially costing over $10K). You should always pay someone to check for foundation problems as part of the home inspection process when you buy a home–you then should look for potential foundation problems after you buy a home. Signs of a potential foundation problem include: A) Doors and windows that don’t fit their frames and are hard to close B) Visible cracks showing in a home C) Sloping floors D) Water pooling in a basement or around the edges of a home.
  2. Termite Damage: Termites can be a very expensive problem for homeowners especially if an infestation goes undetected for a long period of time. The cost of termite damage to a home can vary widely, but homeowners can expect to pay anywhere from a few hundred to several thousand dollars for repairs. Minor damage, like replacing floorboards, may cost hundreds of dollars, while more extensive damage, like replacing support beams, may cost thousands of dollars. If you find termites, it’s important to treat the problem as quickly as possible.
  3. Roof Repair: Depending on the extent of the damage and the type of repair needed, roof repairs will run in the hundreds to thousands of dollars. Minor repairs like fixing damaged shingles or minor leaks may cost less than $1,000, however, more extensive roof repairs will cost thousands of dollars. Like with an old car, at some point, you’ll need to decide when it makes sense to replace an old roof rather than continue to pay to repair it more frequently.

Thanks for your question, Edgar. For more real estate tips and information, visit my blog at geraldlucas.com.