As we get into the last months of the year, it is a good idea to
review your insurance for the biggest investment you have,
your home. Here are some expenses one can have as a
homeowner.
The Biggest Home Maintenance Expenses
1. Foundation Repair
A new foundation can cost the average homeowner $40,000 or more, so
fixing problems as they appear will help you save money in the long run.
Cracks and fractures on outside walls or in your basement, sagging floors,
buckling walls and moisture or mold could be signs of a larger foundation
problem. If you notice doors and windows are not closing properly, they
may be misaligned due to the foundation shifting. Tree roots and large
shrubs, erosion and extremely wet or dry conditions can also cause
problems for the base of your home. Even burrowing animals like moles
can damage your foundation by loosening the dirt around the house.
2. Roof Replacement
A new roof can cost you anywhere from $5,000 to $25,000 or potentially
more. Be sure to keep an eye on your roof for signs of damage. If your
roof is more than 20 years old, it’s likely you need a replacement. Watch
for leaks inside, as well as torn, cracked or missing shingles outside. A
roof is more likely to leak near the end of its lifespan, but keep in mind
that age isn’t the only thing that can damage your roof. In colder
climates, ice dams are caused by poorly-insulated roofs and can damage
the roof by expanding below shingles and into existing cracks. Ice dams
can form on old and new roofs, depending on the heat radiating through
the roof.
3. Leaking Hot Water Heater
The water heater is one of those appliances that most of us take for
granted until we end up stuck in an ice-cold shower. Repair or
replacement costs for a water heater could range from $500 to $1,000.
Damage from leaks and floods can really run up the tab. Water damage
remedies typically cost around $2,300 or more, depending on the size and
scope of the project. To prevent major issues, check the pressure valve
periodically and flush the tank once a year. If you notice loud or unusual
noises or any signs of a leak, call a plumber.
4. Termite Damage
Termites can do major damage to a home, so seek immediate treatment
when you notice the smallest sign of infestation. These signs could include
wings shed by the insects, tubes through the wood or any other
unexplained damage. Treatment costs an average of $541, but the
damage caused by termites typically costs around $7,000. Attics, crawl
spaces and anywhere with substantial woodwork are the most likely spots
you’ll find termites. Unfortunately, termite damage can often go unseen
for years as the insects weaken support beams, floor and ceiling joists,
posts and studs. To keep your home protected from termite damage,
arrange to have a licensed pest control company inspect and treat your
home on a regular basis.
5. HVAC Replacement
A heating, ventilation and air conditioning (HVAC) system controls the
heat, humidity and air flow inside a building. It acts like your home’s
respiratory system, regulating the temperature to keep the house cool in
summers and warm in winters, cleaning the air, and maintaining the right
amount of air moisture. Most HVAC systems have a lifespan of 10 to 15
years, and some can even last for 20. When they do need to be replaced,
they don’t come cheap. Installing a new system can be one of the most
costly repairs on a home, ranging anywhere from $6,000 to $12,000. Some
of the factors that contribute to the cost of an HVAC replacement include
the size and layout of your house, the reusability of the ductwork, the
system's energy efficiency and the complexity of the project.
6. Mold Removal
Just like termites, mold can do unseen damage to your home for years,
and the average cost of removal is $3,500. Beyond the financial concerns,
mold can threaten the health of those who live in your home, cause
respiratory problems and other health issues. Mold often grows behind
walls, drywall and wallpaper, or in spots where water has accumulated
over the years. The smell of mold or mildew may be the only sign that
something is wrong. If you see mold, act immediately. Even a small
amount of visible mold may be the result of large patches hidden behind
walls, the ceiling or under floors. Look for water stains or discoloration for
an idea of where the problem areas may be. Running dehumidifiers in the
basement or other damp areas can help prevent the formation and
spread of mold.
Keep Your Home Protected
Your home is likely to be your biggest investment. Review your insurance
coverage yearly to ensure you have the coverage you need.
Mary Cockburn
505-639-2090
MaryCockburn.Realtor@gmail.com
