Many people have the misconception that doing up your home is always a satisfying and worthwhile venture. Not when you’re renovating your home only for it to be sold.
Home repairs are costly not only for your patience but more importantly your wallet. In fact, US home center and hardware store sales reached a combined $293.7 billion in 2018.
Moreover, the average cost of home repairs range between $4000 – $19000.
How can you get around unexpected home repairs?
By selling your home for cash of course.
If you’re still not convinced home repairs are a costly endeavour, here’s our list of the most expensive home repairs you’ll make this year.
Roof RepairsUnfortunately, not all roofs are made equal. When repair time comes around, some roofs require much more than simply fixing a broken tile.
Spot leaks can be fixed for a few hundred dollars, but if the leaks have led to extensive damage like rotting, you’ll need to replace the entire roof.
Unfortunately, the average price of installing a roof is a whopping $7,800 to a US homeowner.
In terms of different types of home repairs, a leaky roof can take a huge chunk out of your final home sale profits
Water & sewage pipe repairsA burst pipe not only damages your sewage system, but can also damage other parts of your house. If not repaired quickly, leaking pipes can cause structural problems to you home by inflicting water damage to its foundations.
Like roof repairs, the extent of this issue can vary. If there’s solely one sewer line affected, the cost of repair ranges between $2,500 – $7,500.
However, should a plumber find problems with multiple pipes, this can lead to the full line being replaced, setting you back up to $30,000.
Water & sewage pipes can be major home repair costs that end deals to sell homes.
Electrical faultsYou may be thinking that electrical problems are hundred dollar fixes, not thousands. If you’re living in a relatively new property, you’re probably right.
However, if your property is more than 50 years old, expect the worst when it comes to your electrical circuits.
Many homes that are older than half a century require more than an electric facelift. Typically, an electrical rewire is necessary. And boy are th expensive. If your home needs rewiring, expect to shell out around $8,000 – $15,000.
Replacing a drivewayReplacing a driveway sounds like an unnecessary aesthetic extra that doesn’t require the seller to repair.
While this is true, a cracked or unmaintained driveway can sway a potential buyer for the worse when considering making an offer.
Think about it. The driveway is one of the first things they see when stepping onto your property. A poorly kept driveway suggests that other parts of the house are not cared for.
In some situations, a pressure washer will have a dirty driveway looking good as new again. Yet significant physical damage requires more than a clean. With this in mind, replacing your entire driveway drives the cost of selling your house right up.
So far up in fact, that it could cost you up to $6,200 to renovate.
Replacing house foundationsSaving the worst till last, your housing foundations aren’t instantly obvious as an expected repair cost before selling your home.
It might not be visibly clear that it’s necessary until a surveyor tells you to consult an expert.
Trust me, though. Repair your foundations repairs are the last words you want to hear from a property surveyor’s mouth.
This is by far and away, the most expensive home repair on the list.
Housing foundations can involve a number of specialists who charge high rates, like electricians, structural engineers and even architects. Given the human and physical capital required, raising your foundations for example can set you back up to an eye-watering $100,000.
The Bottom LineTo be straight, none of the following repairs are ideal for any motivated home owner. They can cost serious time and money, and ultimately make selling their home not financially worthwhile.
Before listing your property with a realtor, make sure you get it checked out by a surveyor or expert.
If problems with your house arise, remember that you can always sell your house quickly for cash without worry of repairs.