Murphy’s Law says that if something can go wrong, it will.
Experts estimate that the average annual cost of home maintenance and repair is 2-4% percent of a home’s value. For a $200,000 home, that’s up to $8,000 in repairs per year, on average.
Here’s what you need to know about the real cost of the worst home repairs.
#1: Rotted Deck – $9,000
When it comes to annual home maintenance, it’s easy to forget about caring for a wooden deck. But moisture will always find a way into improperly sealed wood, causing invisible damage.
Eventually, a rotted deck must be completely torn down and rebuilt, which can easily set you back $7,000 to $10,000.
Upgrading to a completely new deck built of composite materials can triple your cost to $30,000 or more.
#2: Sewer Line Replacement – $20,000
Tree roots are the most common cause of sewer line failures. The more trees on your property, the greater your chances of having an expensive sewer line repair in your future.
Houses at least 40 years old are at the greatest risk, but even a new home could be connected to an older sewer line.
According to a recent survey, one in 30 homeowners is facing an upcoming sewer line replacement. Although trenchless repair options may be available, replacing a sewer line is often disruptive to your landscaping, and may require digging up a driveway or garage.
But the worst part is the price tag: replacing a sewer line can cost thousands of dollars, potentially $20,000 or more in a worst-case scenario.
#3: Leaky Roof – $11,000
The average cost of a new roof is highly variable, depending on the size, pitch, and type of roofing material used, and the area where you live.
The most popular (and least expensive) type of roofing material is asphalt shingle. Wood, metal, tile, or slate roofs can add considerably more cost.
Prices for a new roof can run from $5,000 on the low end up to $25,000 or more for large premium roofing projects. A 2014 survey showed that homeowners paid an average of $11,000 to remove and replace an old roof.
#4: Dead Furnace – $8,000
Malfunctioning furnaces can often be repaired year after year. The average furnace lasts quite a long time: 15 to 20 years.
But sooner or later, every furnace needs to be replaced. The total cost depends on the type of furnace chosen and the amount of duct work that needs to be completed.
On average, a new natural gas furnace typically costs between $2,500 and $14,000, while the price for a less-efficient oil furnace varies between $2,000 and $8,000.
Save Money by Catching Problems Early
Have these potential trouble spots checked annually by a professional. Regular maintenance can help you avoid costly repairs and keep your money in the bank.