Many first-time home buyers are unprepared for the home repair costs that come with owning a house. Even after calculating your mortgage payment, insurance premiums, and taxes, you’ll face expenses that you may not have expected.
An Important Cost is the Home Inspection
While not a home repair cost, a home inspection is vital to your understanding of the home’s condition. Though it’s not required, it’s in your best interests to have a home inspection performed during the purchase process.
An inspection report identifies repairs that will need to be addressed once you’ve closed on the home. In some instances, you may be able to renegotiate the selling price to cover some of the home repair costs or have the seller fix them for you.
Foundation Issues are Home Repair Costs
It is difficult for a layperson to identify problems with the foundation, which is why a professional home inspection is important. Rain, humidity, and other environmental factors may cause the foundation to swell and crack. Alternatively, underground tree roots may expand and buckle the foundation. In either case, repairing the foundation can cost $10,000 or more.
Electrical Home Repairs Require a Professional
If you buy an older home, chances are that the electrical wiring has been there since the original construction. In addition to putting a drain on your energy usage, older wiring poses a fire hazard.
If the wiring in your home is frayed or exposed, you may need to have the entire house rewired. On average, rewiring will cost at least $200/square foot, so your repair costs can easily be in the thousands of dollars.
Home Repair Costs Include Roof Maintenance
One of the most common home repair costs is keeping your roof in good condition. Replace your roof shingles at the earliest signs of deterioration. Making small repairs as needed can prolong the lifespan of your roof. While the type of materials used and the size of the home affect roofing costs, expect to pay between $2000 – $10,000 or more for a full roof replacement.
Plan for the Cost of a New Water Heater
Water heaters last 8 to 12 years. As you are shopping for your first home, ask the seller when the water heater was replaced. If it has been more than six or seven years, plan for this expense. A good water heater will cost around $1,000 plus delivery and installation.
Examine the HVAC System for Repair Needs
The HVAC system maintains comfortable temperatures in your home. When you move into the home, hire an HVAC technician to perform preventative maintenance and to evaluate the condition of the system. Continue to have your HVAC serviced twice a year. Regular HVAC servicing will help you budget for unexpected home repair costs related to heat and air.
Home ownership is costly even under the best circumstances. Delaying repairs can lead to bigger problems in the future. Understand the expenses of home ownership so you can prepare for unexpected maintenance and repairs.
Morgan & Associates Inspection Services provides home maintenance inspections to Middle Georgia. Contact us to schedule an appointment to help you determine what components of your home need attention.