Whether you are a homeowner or an investor, you will be forced to make repairs at some point throughout your time owning a property. Some of these repairs may be simple, quick fixes such as replacing locks, adding a new coat of paint, or fixing a window blind. Others on the other hand may just put a nice dent in your pocket. To keep your property occupied long term, you must keep it in tip-top shape. That's why today we are going to discuss the 5 most expensive home repairs. Some of these may not be a huge surprise and hopefully, each one gives you an idea of things that would be good to think about before you even need to sink any money into repairs.
Repair #1: Roof Repair
Repair number one is your updating your roof. This depends a lot on where you live geographically. This is because roofs wear out differently in certain parts of the country. For instance, in Birmingham, Alabama, harsh summers really beat up a roof. Our climate change in the winter isn't too terrible, but it is enough of a difference to really wear down a roof. This differs greatly when compared to our properties in Denver. As a state, Colorado experiences harsh winters that can have an effect on a roof. Your roof is most definitely going to be one of your most expensive items to replace. Our encouragement is to be sure to plan accordingly on the front end and take into account the life span of your roof based on where you live.
Repair #2: Repair of Replace the Heating and Air System
The next repair that is going to be very expensive is your furnace or heating and air system. This is another expense that depends in large part on where you live. In Denver, a lot of people use furnaces to heat their homes, while in Birmingham, most people only have heating and cooling air systems. Typically these need to be replaced around the same time as your roof will. So, this could be a pricey time for your rental career. It is important to be aware that repairs can fall around the same time, and you need to prepare for that financially. The furnace/air system is dependent on how often they get used, as well as how large the house is. If you have a larger rental house, then obviously, your system is going to be larger making it more expensive. In our experience, a larger property spends an average of $6,000 on this system. Also, take into account how long you plan on keeping the home. If you keep it for 20 years there will definitely be expensive home repairs. Although, if you only plan on keeping it for a few years, you are less likely to replace something major.
Repair #3: Repair a Sewer Line
The one that people might not think about is the sewer line. This is a big issue in places where you have older homes. Especially when the older homes are now older rental houses. We have a lot of them here in Birmingham that have terracotta piping. Roots growing through the piping cause all kinds of havoc. You can clean it out for a while, but essentially it will have to be replaced. Anytime you have to have a tractor, or other big equipment, digging up the yard to replace the sewer line is going to be expensive. You are talking several thousand dollars. I had this happen to me personally around two years ago. It was very expensive and comes at an even greater cost because it doesn't add value to the home. A new roof or new central air is marketable because people like to hear that. Unfortunately, it is just one of those things you have to deal with.
Repair #4: Foundation Repair
The fourth thing involves anything to do with foundation work. Typically, if you've already owned the house or planning to buy the house, you should have it inspected. If you already own the house, you should know whether it has foundation issues or not. This could include poor drainage or something starting to shift somehow in the foundation. If you have any type of foundation work done, it is going to be extremely expensive.
Repair #5: Mold Removal
The fifth most expensive home repair on a rental house is going to be mold remediation. Now, in areas with dry air, you may not have this issue. Homes in the southeast experience more rain and moisture in the air. With this, water gets trapped and can seep through the foundation. You could end up having a lot of molds. Hiring a Mold Remediation Company is going to be quite expensive. This is dependent on how much damage is done. Here in Birmingham, I personally know someone who owns a ServPro franchise. He is quoting anywhere from $2.50, $3.50 a square foot for mold remediation. With that being said, it depends on how big your house is and how much mold there is.
BONUS Repair: Tree Removal
As an extra tip, I will give you one more expensive home repair...tree removal. We have all had to deal with tree removal. It can really add up when you have a big property. You always want to hire somebody that is licensed and insured. We have employees who do maintenance and all of them are insured. We also have to outsource major repairs, for example, tree removal.
In Closing
There you have it: the five of the most expensive rental house repairs, with a BONUS tip. It's important to prepare your property before renting out as it is one of the most important factors that tenants take a look at before renting a property. If you ever have any questions, feel free to reach out to our team here at Evernest or email me personally here.
