What’s the Real Cost of Repairing a Home?

House getting Repaired
Image Courtesy of Erin Easterling FLICKR

If you’re buying a home for the first time, don’t assume that the cost of the mortgage is the only cost you have to worry about. Home repairs can be pricey, and you have to consider regular repairs as part of the whole home package. Saving room in your budget for any possible home repairs is not only smart, is’t entirely necessary. Here’s a list of some of the common home fixes that you’ll have to make on a fairly regular basis.

Common Repairs

Roof: every 20 or so years.
Gutters: every 10 years (or longer).
Landscaping: every year
Appliances: every 10 years

Those are just the things that you will have to repair or replace on a regular basis. If you’ve found a home that you love but needs a ton of love, there are a lot of other costs to think about too.

Fixing Up a Home Costs

  • Ripping down/replacing wallpaper: around $300 per room (to remove paper and fix walls)
  • Electrical repairs: this can reach into the thousands, depending on the work needed.
  • Plumbing: again, this can be very expensive.
  • New wood floors: $800 – $1000 per room.
  • Painting: the cost of the paint and supplies if you are doing it yourself. If you’re hiring a painting crew, that number can reach into the thousands.
  • Windows: for a larger home, $2000 +
  • Foundation damage: this is one of the most expensive home repairs to make, and some foundations can cost as much as $10,000.
  • Water leakage issues: anywhere from 1,000+
  • Removing asbestos: $200-$400 per hour (typically)
  • Landscaping: $500+ depending on what you want to do.

As you can see, it costs a lot to repair a home that’s currently in shambles, so you’ll have to get a really good deal on the home cost if you want to go this route. What if you find a great old home with great old bones that you really love? You can move through each repair one step at a time. For example, you do need to get rid of any asbestos right away, but you don’t need to pait every room at one time. If you can move into a home and work on repairs while you are living there, you will be able to work with a budget.

What to Do First

One of the fastest ways to save money right away with an old home is to hire a home inspector to take a look at any cracks or leaks. If there are lots of cracks in windows, floors, and ceilings (and outdoor bricks), sealing those up right away will help save a lot of money when it comes to heating or cooling costs. Since you’ll have to heat or cool a home while you live there, making sure that these bills are affordable is a really good way to save some cash. You might also want to look into any government programs that reward homeowners for eco-friendly repairs or additions. If you can do it, look into instaling skylights and other solar-centered adjustments (you’ll save money on heating and cooling, and you might be able to get money back from the government as well).

The best time to purchase an old home in need of repair is during the spring months. This way, you can spend those warmer summer months making the necessary repairs, and work inside of a warmer home during the wintertime. Sure, it costs a ton of money to repair a home that needs some love, but it can be really worth the price and time if you wind up with a great old house that has been restored to its glory days – and the resale might not be bad either. In the end, it just takes some time and planning.

Moving Into Your New Home

When you find a home that you can’t imagine not living in, the repairs might be worth the cost and headaches! If you need to move into your new home, let us help you with one less headache by making your move a smooth one. Exodus Moving and Storage operates a full-service moving company that can help you with packing your bags, moving your stuff, and getting settled in your new home. Sometimes, you can’t imagine living anywhere else, and when that happens we’re here to help you out.

Call us today for a free moving estimate, to learn about our moving service options, to set up a time and date to move, or for any other details. We’re looking forward to working with you!