3 Expensive Home Repairs
Updated: May 30, 2020
Whether you are looking to buy or sell a home, there are a few expensive repairs and replacements you should keep in mind. As a seller, it is important to remember that a savvy agent, home inspector, or buyer will take note of these items and the buyer will likely discount the price of the property or simply walk away. While it is true that you are unlikely to get all of the money spent on repairs back in the sale, these repairs do affect the sale price and sometimes it costs more to forgo repairs as any offers you receive might be low. As a buyer, you should really take the time to think about cost. If you come across a house that will be in need of some or all of these repairs in the near future, you will need to think about whether or not you have room in your budget.
HVAC. Heating and cooling systems tend to last around 15 years and homeowners should be prepared to spend 6K at a minimum to replace an HVAC system. Depending on the size of the home or if duct work is needed the cost could very easily be 10K or more. In fact, it is quite common to receive quotes for upwards of 10K to replace a unit even without duct work.
Roof. Replacing a roof is a notoriously expensive task. Asphalt shingles are the most common roofing material and typically last about 20 years. Asphalt shingles that are cupping and cracking are a giveaway that a roof has reached the end of its lifespan. Replacing an asphalt roof can cost anywhere from 4-12K for a townhome to 5-25K or more for a single-family home. Slate roofs tend to last much longer than asphalt, but will cost north of 25K to replace.
Hot Water Heater. This item is likely the least scary repair/replacement on this list, but since water heaters don’t last quite as long as other systems in the home, it is important to take a look at the unit. Hot water heaters typically last 8-12 years and though the cost of replacing them could be as low as $500.00, many homeowners shell out 1K-3K on a new hot water heater.