Top 10 most expensive home repairs

Owning a home is a major accomplishment in the life of many Americans. However, homeownership isn’t a one-time achievement. It’s a milestone that must be maintained over an extended period of time, if not, indefinitely. Property owners need to make a conscious effort to keep their properties clean, safe, and functional. The best way to stay on top of property maintenance is by planning and executing timely home repairs. 

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The average homeowner will spend 1-4% of their home’s property value on annual home improvements. Using these percentages, a homeowner with a home worth $500,000 could end up spending anywhere between $5,000-$20,000 to maintain their property. 

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Most homeowners prefer to keep their home repair costs on the lower end by taking on larger home improvement projects over an extended period of time. In 2022, homeowners spent an average of just $6,000 on annual home repairs and maintenance. In this article, we’ll discuss the top 10 most expensive home repairs, warning signs, and preventative measures.

Top 10 most expensive home repairs

Roof replacement ($5,000 to $110,150)

As the first line of defense against outside elements, your roof is one of the most important aspects of your home. While you don’t need to replace your roof often, most homeowners will need to replace it at least once throughout the course of their homeownership. 

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Your roof is one of the most important aspects of your property because it protects you from outside elements. While your roof doesn’t need to be replaced every year, most roofs will need to be replaced at least once in your lifetime as a homeowner. 

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The average roof replacement costs $9,117. However, a brand-new roof can cost anywhere between $5,000 to $110,150 depending on the size of your house, the kind of roof you choose, and the labor required to install it. Here’s a closer look at the cost of roof replacement based on roofing materials:

• Asphalt roofs last 15-30 years and cost $5,130–$18,360.
• Cedar shake roofs last 30–40 years and cost $18,000 to $28,500.
• Rubber roofs last 30–50 years and cost $6,000–$20,000. 
• Metal roofs last 40–70 years and cost $7,081 and $110,150.
• Clay tile roofs last 50–100 years and cost $20,000 to $55,000.
• Slate tile roofs last 75–200 years and cost $7,000 to $90,000.

Foundation repair ($200 to $52,500)

Equally as important as your roof is your foundation. A solid foundation keeps your home structurally sound, which protects you from damage and injury that could result from a natural disaster. A cracked foundation can cause jammed doors, sinking floors, and compromise other parts of the home. On average, foundation repairs cost $5,400 to complete. However, homeowners can spend as little as $200 or as much as $52,500, depending on the extent of damage sustained. 

Termite damage repair ($250 to $37,500)

Termites are tiny creatures that can cause major damage to a home’s wooden structures. When caught early, a termite infestation can be addressed with an efficient, one-time extermination. However, advanced termite infestations are a different story. They often require multiple exterminations, drywall repairs, and floorboard replacement. In extreme cases, termites can cause foundation damage.

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On average, homeowners spend about $3,000 on termite repairs. However, homeowners can spend as little as $250 or as much as $37,500 depending on when they discover the termite infestation, where it’s located, and the termite species. Common warning signs of termites are hollow wood, peeling paint, and moldy smells throughout the home. It's best to conduct a termite inspection as soon as possible to avoid extensive property damage.

Siding replacement ($3,600 to $45,500)

Similar to your home’s roof and foundation, your home’s siding supports the structural integrity of your home. Not only does it insulate and protect your property from outside elements, but it can also add to your home’s aesthetic appeal. 

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Most homes have vinyl siding which needs to be replaced every 10-20 years. However, other siding styles last much longer. Aluminum siding only needs to be replaced every 20-40 years and fiber cement siding can last 50 years or more when maintained properly. 

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Siding should be replaced when it’s visually damaged or hard to clean. This is commonly the case after a natural disaster such as a hurricane, hail storm, or tornado. Replacing your home’s siding can be an expensive repair. The average cost of a siding replacement project is $10,300. However, replacement costs vary depending on siding materials and the size of your home. 

Window replacement ($5,000 to $28,750)

Replacing outdated or damaged windows can also be an expensive home improvement project. Residential windows have a lifespan of 15-30 years depending on the window material and the location of your home. Windows installed in coastal city homes tend to age faster due to the increased likelihood of natural disasters and higher wind speeds. 

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However, homeowners don’t need to wait until their windows are destroyed to replace them. Installing energy-efficient windows onto your property is a good idea regardless of their condition or where your home is located. Not only do energy-efficient windows help insulate your property, but they also increase your property value. 

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On average, homeowners spend $280 to replace a window in their home. The cost of installing a brand-new set of windows in your home will depend on the kind of windows you choose, how many windows your home has, and the cost of labor in your area. 

HVAC system replacement ($5,000 to $13,000)

Another popular, energy-saving home renovation is an HVAC system replacement. Similar to an energy-efficient window installation, an HVAC replacement helps maintain ideal indoor temperatures. While installing a new HVAC system can be expensive, it ultimately saves you money on your energy bills. According to the U.S. Department of Energy, upgrading your HVAC system could save you 20% on your utility bills every year. For most homeowners, this translates into $1,000 in annual savings. 

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The total cost of replacing an HVAC system will depend on the size of the system and the size of your home. A brand-new HVAC system has an average cost of $7,000 and a life expectancy of about 15 years. 

Electrical rewiring ($1,100 to $13,000)

Electrical panels usually need to be replaced every 25 to 40 years. An outdated electrical system can put your home at risk for fire damage. If your home was built before 1960, chances are you’ll need to rewire your entire home at least once in your time as a homeowner. Older homes tend to have knob and tube wiring or aluminum wiring, both of which are fire hazards. 

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In some homes, only a partial retrofit is necessary. Check your home's electrical system annually to make sure there are no issues. The total price of an electrical rewiring project will vary based on the damage that needs to be repaired. Take a closer look at the cost of electrical rewiring based on the square footage of your home:

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Cost of repair:

• 1,000-1,500 square foot home ($1,100-$6,000)
• 2,000-2,500 square foot home ($4,000-$10,000)
• 3,000 square foot home ($6,000-$13,000)

Water damage ($450 to $13,000)

Removing excess water within a home and addressing the damage left behind can be an expensive repair. It’s important to address water damage within 24 hours of being discovered, given that water can cause major damage to floors, walls, and electrical wiring. 

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Since the negative consequences of water damage can spread quickly, it’s best to avoid water damage whenever possible. Upgrading washing machine hoses, cleaning out gutters, and removing tree roots near utility pipes are some preventative measures to consider. The average cost to repair a home with water damage is $3,300. However, total costs will depend on the extent of the damage and how quickly water damage is addressed. 

Mold remediation ($2,500 to $12,500)

One of the reasons why water damage repairs are so expensive is because they can lead to mold and mildew growth. The creation of mold within the home poses significant health risks to its inhabitants. Not only does mold cause an unpleasant smell throughout the property, but it can also trigger respiratory issues and aggravate existing health conditions. 

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Mold removal costs vary depending on the size of the affected areas, how long the mold has persisted, and the kind of mold that has grown. However, most homeowners can expect to spend about $2,500 on mold remediation. 

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It can be difficult to spot mold issues within the home because mold grows in dark, moist areas. Pay close attention to dark spots and condensation within the home. Funky odors and sudden allergies are also signs that mold is present. 

Plumbing repairs ($125 to $4,080)

Lastly, repairs made to plumbing systems can cost homeowners a pretty penny. A home’s plumbing system is made up of a network of pipes that connect to water sources and sewage lines. As a result, many things can go wrong in your home’s plumbing system. 

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Minor repairs such as low water pressure are easy to fix. However, major repairs, such as problems with a home’s septic tank, can easily bump up the price of remediation. Here’s a list of common plumbing repairs and their prices:

• Fixing a toilet or leaky faucet ($125 to $350)
• Cleaning a sewer line ($150 to $800)
• Repairing a pipe leak ($500 to $800)
• Addressing issues with a septic tank ($500 to $2,700)
• Replacing a septic tank ($7,015 to $25,000)
• Installing a plumbing system ($4,080)

Final thoughts on expensive home repairs

Funding costly home repairs can be a daunting task, especially when these costly repairs come unannounced, or your homeowner's insurance doesn't cover the full cost of repairs. It’s best to get ahead of home repairs whenever possible to limit the amount of damage sustained to the property. 

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If you’d like to take on one of the renovation projects mentioned above but are unsure how to acquire funding for home repairs, consider Point’s Home Equity Investment (HEI). An HEI allows you to borrow up to $500,000 against your home’s equity to fund necessary home repairs. Learn more about how an HEI works here.