Are you in the process of buying a home? Are trying to determine how much work you want to put into a house? As a first time homeowner, it can be hard to estimate the cost of your new house, especially if there are repairs that need to be done. If you’re buying a house and there is work to be done, we recommend that you account for this in your budget.
Today, we want to talk about some of the most expensive home repairs out there. Not to scare, you, but to prepare you. By understanding some of the more expensive home repairs you could encounter, you have a better chance of preparing for your family’s future in your new home. We hope that this list helps you plan and make the best decision in the home buying process.
Signs that a home may need the foundation to be repaired.
Foundation settlement issues indicate structural issues with your home. But, the good news that just because your home has foundation issues doesn’t mean it can’t be repaired.
Foundation issues can be remedied, but it will be a costly fix. Most foundation repairs begin around $10,000. But, you should always speak with an expert before about how much they estimate your home to cost.
Signs that your home may need the roof to be repaired
Sometimes damage to the roof can be repaired in small sections. Flashing can be replaced to help prevent further water damage to your home. Just so, small patches of shingles can be replaced as well.
However, if there are too many layers of shingles on your roof, the shingles are old or badly damaged, or if the roof is in total disrepair, it may be necessary to replace the entire roof. If this is the case, we advise you to get an estimate from a local roofer before putting an offer on the home. Most roofing companies will come out and do a free estimate on your house. This will help you financially prepare for making an offer on the home or give you something to bargain with in your offer.
Signs that the exterior of your home may need to be replaced
The exterior of your home is an important asset that can often go ignored when you’re first starting to look at homes. If you’re putting an offer on a home, we highly advise that you listen to your inspector about the state of the home’s exterior. While some exterior damage is able to be patched and replaced, larger problems may call for the entire exterior to be replaced.
Signs that your septic may need to be replaced
Some homes come with a septic system, while other homes connect to a city water line. If your home comes with a septic system it is important to have this system evaluated. It’s also important that you understand the responsibilities that come with septic maintenance and be willing to properly upkeep it.
You can have your septic system inspected annually by a certified professional in order to ensure that it is being properly cared for. If the professional notices any ongoing issues, it may be necessary to pump the tank. In some cases, it is possible that the septic tank will need to be replaced entirely. If this is the case, the replacement could be expensive, ranging somewhere between $2,000-15,000. If you are looking to place an offer on a home with a septic system, we highly recommend that you have the tank evaluated beforehand.
Furnace and air conditioning units are essential to the comfort and ongoing maintenance of your home (especially in Michigan, where a broken furnace could lead to frozen pipes and water damage!). When you are putting an offer on a home, it’s important that you understand how old your furnace is. Older furnaces come with a more maintenance or the possibility of being replaced.
Replacing a furnace can be a major epense for your new home. If you’re putting an offer on a home with a very old furnace, it may be a good idea to budget for its replacement.
We hope this is list of expenisve home repairs helps preapre you more fully for your first home purchase. We never want you to purchase a home and feel like someone pulled a rug out from underneath you. It’s important that you be able to prepare properly for this next big step in life.
If you need help understanding the home buying process, we are here to help. Please feel free to contact us today with any questions you may home.
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