Yahoo Finance I’m a Contractor: Here Are the Costs of Delaying Home Repairs
It’s not a good idea to put off your home repairs, but home maintenance is particularly expensive in 2024 due to ongoing material shortages, demand and inflation. While the high cost can be daunting if you’re on a budget, you run the risk of exacerbating any issues and facing an even more expensive bill later.
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For example, some small problems can quickly worsen — like shingle damage from a storm resulting in serious roofing damage if left unattended. And these repairs can be expensive. According to SoFi, during the peak of the pandemic, the average household spent upwards of $3,000 on maintenance and $2,000 on emergency repair costs.
These are some of the costs you may face if you delay important home repairs.
Also see whether common renovations help or hurt your home value.
Foundation
The costs for various repairs increase drastically if you wait and allow the situation to worsen. Minor foundation damage — something that can occur if you don’t regularly clean your gutters — might cost you $2,000 to $7,500, with larger homes and extensive damage ranging from $10,000 to $25,000.
According to This Old House, early signs of foundation damage are fractures or cracks. Small, vertical cracks are considered minor; they can be patched up and aren’t typically indicative of a larger issue. Conversely, you should have horizontal cracks examined by a professional.
Other signs are damp areas, pooling water, swelling and shifting soil. The interior can also indicate foundation damage in the form of gaps in the flooring or basement leaks. Ultimately, paying for a professional assessment can prevent high costs of more serious damage as time passes.
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Electrical
According to HomeServe, electrical costs can be high due in part to the risk of related electrical shock, burns and fire. This is because the electrician takes on a degree of risk that other professionals don’t.
Light switches, fixtures and outlets cost $50 to $225, while an entire rewiring costs $1,500 to $10,000. Replacing a circuit breaker or electrical panel can cost $850 to $2,500. Delaying electric repairs can present a fire hazard to the home and occupants, so this is another case where you definitely want to act as soon as possible.
Mold and Termites
Mold development presents a health risk, particularly for children. This can require costly mold remediation and may lead to high medical bills. Heavy mold development can cost over $2,000 to fix.
Repairing damage caused by termites also costs more based on how long you wait to address the problem. Costs can range from a few hundred to several thousand. According to Forbes, you should keep an eye out for hollow-sounding or crumbling wooden structures, small pinholes in drywall, swollen doors and windows, maze pattern-resembling mud tubes and peeling paint.
Other signs of termites include visible swarming — sometimes carpenter ants — or droppings (frass) that resemble small wood pellets. Contact a pest control company if you see any of these signs.
Roof
According to Forbes, roofing repairs range from $150 to $8,000 in 2024. Minor leaks, shingle damage or holes and punctures are on the lower end compared to more expensive issues like electrical or water-related damage, roof shrinking and roof replacement. Watch out for water stains on your ceiling and any of the following on your roof: missing or cracked shingles, rust, mold or moss growth or standing water.
Insurance Coverage Considerations
Beth Riczko, president of P&C Personal Lines for Nationwide, told The Motley Fool there’s a possibility your home insurance won’t cover your repairs if you wait too long. When a homeowner files a claim, the insurance investigation considers whether the homeowner followed the conditions of the policy. According to Riczko, shingle damage on your roof that ultimately causes interior damage might affect your coverage — forcing you to pay out of pocket.
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This article originally appeared on GOBankingRates.com: I’m a Contractor: Here Are the Costs of Delaying Home Repairs
