Most homeowners are aware that one price of owning versus lending is no more management and maintenance to fix everything for you, and necessary repairs do not call ahead to schedule an appointment. In theory, this should inspire someone who owns their own home to keep some money in savings so any repair to the house does not destroy the financial balance of your life. In practice, homeowners operate under the same optimistic bias as most people, never believing the worst will happen until they are trying to find some way to fix it. For those that do want to save money to prevent catastrophe, it is best to plan for the worst, and so here are four of the most expensive home repairs to give a more defined picture of what the worst entails.
- The Foundation: The average cost for this is at least $10,000, depending on the manifestation of the problem. It can be bowed walls in the basement, chimneys at drastic angles. Damage occurs as a result of a home not having sufficient drainage that is functioning properly.
- Mold: It typically costs $3000 per wall to fix a mold problem. Mold only forms where there has been major water damage. An obvious event that could cause it is a flood, but there is a more subtle option.Slow leaks in the pipes would cause water damage and mold growth over an extended period and would not be noticeable to most people. Wise homeowners have the property inspected regularly for leaks.
- Bedbug Infestation: These little parasites cost around $5000 to clear out. Although they are most common in residential property, they are actually equal opportunity, living in offices, theatres or anywhere they can catch a meal. If you want to avoid these expensive uninvited guests, avoid used furniture and inspect any hotel room you visit.
- Sewer Repair: Fixing sewer damage can rack up between 5000 and $10000 in bills, even when trenchless technology is used. Hopefully, any pipe damage you experience, because no one is lucky to never have any problems, it will be minor and easily fixable. Stack plumbing, such as replacing the plumbing vent stack, would be a far cheaper option, but still a vital repair. Unfortunately, the plumbing vent stack is a different part of the plumbing circuit, and sewer repair is not simple or cheap.
Things in your house will break and you will need to pay for them, might as well plan ahead to avoid stress. Whether you have to have a wall treated for mold or replace the plumbing vent stack, you will be relieved then about your foresight now.