5 Costly Home Repairs and How to Identify Them

Written by Posted On Saturday, 03 May 2014 12:56

During the home search process, first time home buyers and real estate investors should keep an observant eye out for the signs of potentially costly home repairs. In fact, one of the following expensive home repairs can make the difference between a great deal and a loss. Oftentimes, prospective home buyers decide relatively quickly whether or not they want to buy a house. Whether it’s because of the great curb appeal or the huge closets, potential home buyers can hold on to the property’s great features while ignoring or downplaying the negatives. However, these snap or emotional decisions could cost the home buyer thousands upon thousands of dollars and hours of stress. In this article, the I Buy Austin Houses team gives Austin home buyers the information they need to avoid the most costly home repairs. Read on below to learn how to identify and avoid 5 costly home repairs.

Electrical Issues

Often found in older homes, potentially dangerous electrical system issues could be spread throughout the entire house. Additionally, major electrical issues can result in electrocution and even fire. Fire hazards occur when hot electric wiring is exposed to highly flammable materials like insulation. Yet older homes aren’t the only properties that are susceptible to electrical issues. Even in new constructions electricians can take shortcuts that could potentially put your home at risk. In some cases, these contractors are pressured to use cheap materials or work very fast in order to sell homes fast and cheap. This can lead to electrical systems that are not very safe. Watch out for flickering lights, poorly placed outlets and outlets that are hot to the touch. In cases where full home re-wiring is required, the cost could be upwards of $4,000. This cost could damage the profitability of your investment property - so make sure to check the house thoroughly.

HVAC Inefficiencies

HVAC problems can arise due to poor venting, outdated or broken equipment, and/or corrosion. These issues can spawn mold, cause fire, and lead to high energy bills. Due to the hefty cost of air conditioning and heating units, HVAC issues can become very costly. Replacing duct work can also be required which often leads to drywall demolition and subsequent replacement. Mold removal and cleanup is also costly and inconvenient – often leading to parts of your home being sectioned off during the extraction process.  Look for signs of water leaks, outdated equipment, and inconsistent temperatures across different rooms in the house. Repairs and new HVAC units start at $2500.

Roofing Problems

Completely replacing a roof is one of the most expensive home repairs possible. However, most homebuyers do not check for roofing issues. The issues that can result from a faulty or degraded roof include water damage, mold, mildew, electrical issues, insulation problems and more. If you notice water stains or leaks, broken or missing shingles, mold growth or roof dips, beware of roofing issues. Completely replacing a roof can cost more than $5000 but smaller repairs may only cost $150.

 Foundation Repair

The house’s foundation is one of its most important structural elements. Foundation shifts or cracks can lead to a whole home separating. Often, walls in homes with foundation issues will crack or different rooms of the house will be out of level. All these issues pose safety risks for all the occupants. Although foundation issues can be daunting, they are definitely fixable. Additionally, reputable companies can guarantee lasting repairs. However, it will cost you; be prepared to spend $10,000 to $30,000 on a major foundation repair job. Look for cracks in the house’s concrete slab, watch out for rooms not in level and check the exterior foundation for crumbling.

Plumbing Issues

Another potential costly home repair is plumbing repair. Plumbing issues include leaks, corrosion and clogs. These issues can increase your water bills and lead to more serious foundation and/or mold issues. Fixing these issues is often best left to professionals because one mistake can lead to other hidden leaks or flooding problems. Look for leaky pipes, dripping faucets, running toilets and water stains. If you detect plumbing issues, be prepared to pay $2000 and up for the most serious plumbing issues.

Be on the lookout for all of these issues when you are qualifying houses for your next purchase or Austin investment property. Also, consider soliciting a professional home inspection to uncover additional issues that you may have not spotted in your short time viewing the property. Even though some of these issues may seem alarming, they can all be fixed. In some cases a home with some of these issues could still be a good deal. The I Buy Austin Houses team has first-hand experience with all of these issues and has successfully found ways to fix and flip them. I Buy Austin Houses has bought ugly houses and houses in disrepair and repaired them to safety and functionality. However, you definitely need to consider all the costs and the time it will take you to bring the home back to a functional condition before purchasing a home with any of these issues. I Buy Austin Houses offers investors a list of pre-qualified investment properties with great potential. Learn more about our approach to identifying great values and contact us for more information about these wholesale real estate investing opportunities!

Rate this item
(5 votes)
Jerred Morris

When selling a home in Austin or surrounding areas, you need a professional home buyer that is knowledgeable, approachable, and communicates effectively. Jerred Morris, owner of Jerred Buys Austin Houses, consistently delivers results for local families. His skills and enthusiastic attitude have distinguished him as a trusted home buyer in Austin. The local Austin Real Estate market is continually changing, and placing your trust in a home buyer that is knowledgeable, honest and approachable, is imperative to making the right choice when it comes to selling your home.


Agent Resource

Limited time offer - 50% off - click here

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.