Homes come in many different shapes and sizes. From single-bedroom houses to multi-million dollar mansions. Yet, they all have one thing in common. Every home needs repairs from time to time.
Home repairs are necessary as your house ages. Just as vehicles, electronic gadgets, and even our bodies deteriorate with time, so to will your home. Thankfully, most home repairs can be easily done by a pro contractor. But this brings up the factor of cost. Hiring a contractor may be simple, but how much does a home repair cost?
Why Is Home Repair Important?
AS with anything in life, it’s important to weigh the cost gain ratio for home repair. After all, you don’t want to make repairs that aren’t worth it, right? So why is home repair important? There are several reasons.
Home repair protects a valuable asset. Your home is a big investment, and it should be well taken care of. Not only do home repairs keep your home from depreciating in value, certain changes can actually increase the value of your home!
Home repairs also allow you to tackle small projects as they come up. This is important because if “small problems” are neglected, they can very quickly become big issues.
What Is Included In Home Repair Costs?
The cost of home repair can include several different things. Depending on the size of your home, how many bedrooms you have, whether there’s a garage, backyard, etc, will all effect what can potentially be taken care of by a contractor. However, most contracting companies are able to handle the same basic repairs including:
- Lawn care
- Plumbing issues
- Old roof
- Cracked tiles
- Aged ceiling fans
- Unaligned doors
- Repainting walls
There are many other areas that some contractors may specialize in, but these are the general areas you can expect to be included in home repair costs.
What Factors Affect The Cost Of Home Repair?
Unfortunately, there are several factors that can affect the cost of home repair. Depending on the project, severity of the damage, and size of the job, your cost is likely to change. There are also a few other factors that affect the cost of home repair you may not be aware of.
The Location Of Your Home
The physical location of your home may impact the cost of a project depending on the job that needs to be done. Hills, water channels, flood plains, and other physical factors can cause potential problems during a home repair and should be discussed with your contractor prior to beginning the project.
The Condition Of Your Home
The condition of your home will affect the severity of the damage which could end up costing more for repairs. Poorly made homes, or those that have been improperly maintained, are more susceptible to damage and wear. This could cause a “routine maintenance job” to end up being a much bigger issues than expected.
The Age Of your Home
Unfortunately, there’s not much that can be done about this factor. As homes have changed over the years, so has the way they’ve been built. Older homes tend to have some outdated aspects that may need to be changed out with something more “modern”. A simple example would be how until the mid 1990’s, 3-prong dryer outlets were the standard. However, these are incompatible with most modern dryers as they are now made with 4-prong plugs.
Take time to discuss the age of your home with your contractor to help identify any potential issues that will need to be address as they will affect the cost of your home repairs.
How Much Should You Budget For Home Repair?
While it’s impossible to give an average cost of home repair since each project is different, it is possible to know how much you should budget for home repair. Looking at the averages of what people spend on home repair each year, you can determine how much you should set aside each month to be able to handle big or small projects as they come up.
A general rule of thumb is to save about 1% of your homes overall cost each year to go towards home repairs. This means that if you buy a $200,000 home, you should try to put aside $2000 annually, or $167 per month. While some projects cost more than this, many projects cost less. Some years you will spend over $2000, but other years you will make it up by spending far less.
Again, this is a general estimate that may not work for every home owner. Consider looking at the last year of your budget and determining how much you spent on home repairs to determine how much you should budget going forward.
If you have question about the cost of home repair, reach out to a contractor near you for advice on a particular project you have in mind. Ask for a quote to help you start saving sooner rather than later. It always better to be prepared!
Have A Project? We Can Help!
Fix Pros Construction is a local contracting company in Springfield, OR. We make it our mission to turn your project into a job well done. We pride ourselves on only using quality materials and providing top-notch service. If you have a project, we’d love to help you get it done! Contact us today for a free estimate!