Whether you’re are a homeowner or a renter, something major can go wrong with your house. You can never avoid home repairs entirely. In 2019, the most common home repairs were plumbing systems, air conditioning, refrigerators, heating systems, and smoke detectors, in that order.
When things go wrong, it means you have to bear the costs of repairs. At times, these repairs can lead to astronomical out-of-pocket costs.
But do you have a budget for repairing your home? Experts at Money Guru reveal that most homeowners have no funds set aside for home repair costs.
So, as a diligent homeowner, what kind of home repairs should you expect and start saving money in advance. Here we discuss five of them.
1. Mold Remediation
When mold grows in your home, you should take immediate action to get rid of it. Mold not only destroys the appearance of your home but also leads to health complications for the inhabitants.
As such, this is a repair project that should not be subjected to unnecessary delays as the cost of remediation can shoot up to tens of thousands very fast.
2. Roof Repair
When your roof is damaged, the cost of repair becomes inevitable if you care about your home. Immediate roof repair is necessary for reducing the extent of roof damage and the costs involved.
The average cost of roof repair is $901, a considerable figure you should be prepared for in advance. Any delays in repairing the roof could necessitate roof replacement, costing you not less than $5,000.
A common cause of roof repair is storm damage. It can be in the form of strong winds, rains, or hail. Sometimes the signs of storm damage on your roof are obvious, but for others, you need a trained eye to detect damage.
However, the bottom line is, the sooner you handle the repairs, the lower the costs you’ll incur.
3. Foundation Repair
Foundation issues cost homeowners an average of $5,000 to repair. If the damage is extensive, the cost can climb to tens of thousands.
Is this a bill you want to incur out-of-pocket? It’s therefore prudent to start preparing for such repairs in advance to save your home from facing major structural problems.
4. Windows Replacement
High-quality windows could last well over a decade. But obviously, they won’t last forever. One day, you’ll wake up to a significant window replacement bill.
When windows warp, break, or the energy bill goes up, you’ve clear signs that windows replacement is necessary.
So, why is it necessary to save for window replacement costs? On average, it will cost you about $700 to replace a single window. Factor in the price of replacing multiple windows, and you’re facing a huge out-of-pocket bill if caught unaware.
5. Fire Restoration
Thousands of homes in the United States are affected by fires every year. If you’re one of the victims, how do you meet the costs of repair, which could even hit $100,000?
By saving for home repairs in advance, you can bounce back from such a disaster quickly.
Start Saving to Meet the Costs of Home Repairs Comfortably
To deal with costly home repairs, you need to do more than the $50 you save a month to cover emergencies. You need to develop a saving culture aimed at rescuing the situation when your home is at risk.
As you plan your new home repair budget, take time to go through our other posts to learn more about home improvement projects.