5 Expensive Home Repairs You Need to Prepare For

As an adult, one of your main goals in life is to have your own home. But the expenses of owning a house does not stop with the mortgage and bills. Things can break inside the house, and sometimes unexpected repairs can set you back financially. This is why it’s important to have a budget set aside for home repairs. This will help maintain or even increase the value of your home. Below are five expensive home repairs that you need to prepare for.

1. Foundation Repair

Your foundation holds your house above ground and provides insulation. You need to maintain your foundation to keep the structural integrity of your home. Repairing your foundation will cost you anywhere from $500 to $11,000.

If you find water pooling in your basement, or if your floors are sloping, the doors don’t fit the frames and are hard to shut, these can be signs of a foundation problem. The best way to prevent this type of problem from occurring is to keep water away from your foundation walls. Keep your gutters and leader pipes maintained so they do the jobs they were designed to do. And ensure there is proper drainage in your property (i.e. the ground around the foundation is sloping away from the house.)

2. Roof Repair

The roof protects you from the elements, so should your roof show signs of leakage or is missing shingles, it’s important to act fast. Roof repairs can cost you $650 up to $6,000.
A good preventive measure from having roof problems is to have professionals inspect your roof periodically. A good timeline for inspection is 10 years after your house was built and every 3-5 years thereafter. You can also do your own checking to see if there are any water stains on your ceiling which could mean a leaky roof.

3. Termite Damage

Having termites in your home could cause a lot of damage. Unaddressed termite problems can make your home an unsafe environment to live in. Getting rid of them can cost you around $500 on average but the damage termite colonies can incur could average around $7000.

If you see any bug wings around your basement, or mud-like tubes that line your walls in an irregular pattern, or hollow wood inside your house, this could mean you have termites. At the first sign of termite infestation, it is best to immediately call your local exterminators. To keep termites away from your home, remove any dead trees and any other deadwood around your house. Seal gaps around water and gas lines since these could serve as access points for termites. And try to reduce wood to ground contact wherever possible.

4. Water Damage

Water damage in your home could be very costly. Not only can it cause structural damage but could also cause health problems, since water damage can cause mold growth.
Repairing water damage can cost you around $2,000 on average. So if you see any signs of water damage like water stains and a musty odor, or worse, mold, you need to address the problem quickly. To prevent water damage to your house you’ll need to keep your gutters clean, and fix any leaks right away.

5. Septic Tank Repair

Your septic tank not working can be a big, stinky problem. The average cost of repair for this type of issue is around $1,500.

If your toilets and drains are clogged or backing up, drains are draining very slowly, or if you have smelly, standing water near the septic tank, you could have septic tank problems. The best thing to do is to call a professional. Don’t put repairing this problem off. And to prevent this problem from occurring, have your tank pumped every 3-5 years.

We’re All In This Together!

A message from Payment 1 Financial Corporate Office

The ongoing Covid-19 health crisis is having a dramatic impact on our communities, from the health of our friends and families to our schools and workplaces. 

During these challenging times, Payment 1 Financial is committed to taking action to help you and your family. We’re making every effort to keep our stores open, and our people are following a strict regimen of cleanliness and sanitation. We are standing by, ready to do whatever it takes to help you get through this. 

Payment 1 Financial is limiting our lobbies to two people at a time to help prevent the spread of the virus, but we are also delivering curbside service by appointment. All you have to do is call to schedule your visit—we bring the paperwork to you in your car! Click here to view our locations.

If you find yourself facing financial difficulties due to Covid-19, rest assured that we are here to help. Just contact your local Payment 1 Financial office, and let’s discuss ways that we can assist. 

SAFETY FIRST

  • Additional cleaning and sanitization at all locations

  • The health and well-being of our customers, staff, and families is our priority

  • Schedule curbside service by calling ahead for an appointment

For the latest information about Covid-19 and what you can do to protect yourself, visit the Centers for Disease Control online at www.cdc.gov