As homes age, things wear down. So, experts say that you should save 1% of the purchase price of your home to go towards future home repairs.
Unfortunately, some home repairs fall outside of that rule. The most expensive home repairs can destroy your budget if you let them.
5 Most Expensive Home Repairs in Reno
A house is a big investment, and you can expect to pay for some repairs. But, you should know when to sell a house that needs major repairs.
Keep reading to learn the 5 most expensive Reno repairs that can break your budget.
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Your house standing depends on the foundation it sits on. It could be made of concrete, brick, stone, or lumber.
Water can damage all of these materials. When it seeps into foundational cracks, it can weaken the foundation more and settle into the basement, causing dangerous mold growth.
Home repair of this nature can cost you anywhere from a few thousand to over $30,000. To prevent this, control the soil moisture around your home. Prevent and take care of plumbing leaks and slope the soil to keep water from settling against the foundation.
You can expect a roof to last about 20-30 years, depending on the material. Asphalt shingles fall to the lower end, while wood shake will last the longest.
If you maintain your roof over the years, small repairs will cost you under a thousand a pop. But, when you take on a full replacement, you can expect to pay over $5,000.
Major home repairs on the roof can be prevented by replacing shingles and cleaning the chimney and gutters regularly. Taking the time will save you a ton of money.
Electrical problems also fall into the category of major home improvements. This can cost you over $4,000, but, letting them go not only leaves you in the dark but puts you at risk for a major fire.
Watch for outlet cracks, sparks, or anything else that look like a fire hazard. Call an electrician, because of the real risk of electrocution when a repair goes wrong.
Heating, cooling, and ventilation repairs can get costly if you do not maintain the equipment. When properly taken care of, you can expect water heaters to last 10-20 years, central air units to last 15-20 years and furnaces to last up to 20 years.
These common home repairs can cost $2,500 and up to replace. To get the longest life expectancy from your units, clean the coils, remove debris, and change the filters regularly.
This is one of the most common home repairs and can get quite costly. You can expect to pay up to $2,000 for major plumbing issues.
Maintain your pipes by making smart decisions. Watch what you flush, avoid dumping grease into the sink, and do not hang anything from exposed pipes.
Salvage or Sell?
When facing your most expensive home repairs, you need to decide whether to salvage or sell the home. Even if you choose to sell, it may benefit you to fix what you can afford on your own.
We want to help you make the best real estate decisions with your Reno home. Check out our consumer advice!