Whether you are looking at an investment property or considering buying a fixer-upper for yourself, certain home repairs are more expensive than others. Here are the top five most expensive home repairs plus a few cash-saving tips to help you out.
Foundation Repair Costs
Few things strike fear in the heart of an experienced homeowner like cracks in the foundation, concrete floor, and sheetrock. But there are less familiar signs as well. Indoors, you may notice that the doors stick. Look for cracks in the area where the ceiling meets the walls and cracks between floor or wall tiles. Other red flags are windows that do not open or close easily.
Unfortunately, foundation repair is not DIY-friendly. Only a structural engineer can tell you if foundation damage is repairable. Experts warn this may set you back $500–$700 per hour or $2000 for professionally drafted repair plans. In the worst-case scenario, you’ll need a new foundation, which has an average cost of $40,000.
Paint seems like an inexpensive investment. However, getting the job done properly can be pricey. According to many home valuation experts, it is the most expensive home repair cost with the greatest return on investment.
Pro tip: Choose neutral colors and keep them consistent throughout. This makes matching paint for touch-ups a breeze.
In Colorado Springs, expect to pay around $3.50 per square foot for interior work and $3.00 for exterior painting. A 2,300 square foot home may cost between $4,000 and $11,000.
Experts agree that the best way to save money on this expensive home repair cost is to shop around. Get bids from qualified and vetted painters. Be sure to nail down how many hours they expect the job to take. After checking references, but before making a deposit, seal the deal with a simple contract.
Roof Repair Costs
According to data from Home Advisor, the average cost to fix a leaky roof in the United States is $949. Roof replacement costs largely depend on the materials needed and the scope of your project. A total roof replacement costs an average of $5,000 to $30,000 in Colorado Springs.
Pro tip: Check out this roof repair calculator to get started.
Choosing a less expensive roofing material may help your budget. However, be sure to consider how long the roof will last. Finally, while it may be tempting to hire cheap labor, it is harder to ensure quality and satisfaction. In the long run, working with a vetted and experienced contractor is the way to go.
Termite Damage Repair Costs
Among the most expensive home repair costs is termite damage. Annually, termites cost American homeowners around $5 million in damage. The average cost for home repairs after a run-in with termites is around $5,000.
Mortgage companies require a termite bond. This is an agreement between a property owner and a pest control company to provide routine inspection and regular treatment in order to prevent a termite infestation. However, if you are buying an older property, there may have been no such agreement in place.
Pro tip: Prevention is key. Make sure your home is inspected for termite damage by a bonded pest control agency.
Water Damage Repair Costs
After wildfires, flash flooding ranks as the most common natural disaster in Colorado Springs. In El Paso county, flash floods occur from April to October. While these are catastrophic events, the most common cause of water damage in our area is busted pipes.
Most homeowners spend between $200 and $1,000 on repairing a busted pipe. That’s if it is located in an easy-to-reach area. Water cleanup costs from $3 to $7 per square foot. This price doesn’t include water damage repair. Repairing water damage ranges from $450 to $7,000, depending on the extent of the damage.
Pro tip: Cleaning up any standing water may reduce costs by up to 40%, according to some experts.
Mitigating the Most Expensive Home Repair Costs in Colorado Springs
Home maintenance and repair costs are a great unknown when buying homes in Colorado. Working with We Buy Houses Colorado Springs not only ensures that you are getting the best deal but also that you know what you are getting into from the start. Contact us to skip the process of repairing your home and sell your home as is.