5 Milestone Home Repairs to Budget For

Your family has made your house a true home. If moving elsewhere is not in the cards, upkeep is essential to ensuring your home remains functional for years to come. We’ve pulled together a list of home repairs to consider. These are big-ticket items, so carefully plan how you’ll pay for them.

Where to Obtain the Money for the Repairs

Savings

Begin saving with a purpose in mind. Let’s say you’re planning to replace your roof next summer before hurricane season. Try to set aside $500 a month. If you’re able to net $6,000, you’re well on your way to paying for the project with less financing.

Credit Card

Home repairs and savings don’t always align perfectly. Consider choosing a credit card that offers 0% on purchases for a specific timeframe and allows you to avoid paying interest on any balances paid off before the promotional period ends. Or perhaps you want to accumulate credit card reward points by charging a less expensive repair. Make sure you schedule paying off the balance as soon as you’re able, so you don’t add to the cost with interest.

Home Equity

If you’ve been in your home long enough to need repairs, chances are you’ve built equity. SouthState offers loan products using that equity that can help you pay for unexpected and expensive repairs or to help you pay for home improvements, like an update to your kitchen or bathroom.

Our revolving home equity lines of credit (HELOC) have flexible usage and payment options. Our home equity term loan (HELOAN) offers a fixed term and payment. Both offer competitive interest rates, and you may even qualify for 100% Bank-paid closing costs.

What Repairs Should I Anticipate My Home Needing?

Roof replacement

One of the biggest investments you’ll make as a homeowner is replacing your roof. Costs can range from $5,000 to $40,000. Maintaining your roof will prevent moisture and mold issues in the future.

How often do roofs need to be replaced?

Experts say the average lifespan of a roof is 15 to 20 years. Leaks appearing during a rainstorm, loose shingles or a leaky roof vent are all signs that a roof should be replaced soon.

How long do roofs last?

The type of material and weather are factors in determining how long a roof will last. Traditional asphalt shingles can last 20 years, while a metal roof can last upwards of 40 years.

Window replacement

The average home needs new windows every 15 to 30 years when the window seals become weak and the trim begins to show signs of wear. If you notice condensation building up between the panes or feel drafts, it may indicate it’s time to price a replacement.

What factors will affect the cost of replacing windows?

Factors going into the final project cost include number of windows, number of large, bay or picture windows, number of window panes, and trim material.

Why are high-efficiency windows important?

Efficiency is the name of the game when it comes to your windows. According to the Department of Energy, you could be losing 30% of heating and cooling if your windows are not efficient enough.

Foundation repair

Repairing something as significant as a foundation may feel daunting and according to This Old House, extensive repairs can run up to $30,000, though most projects fall in the $2,000-$7,000 range.

What causes foundation issues?

Foundation repairs become necessary after situations including poor drainage, invasive tree roots and shifting soil. You may notice cracks in the walls or ceiling due to settling or uneven floors.

Who can repair foundation issues and will insurance cover it?

If you need repairs due to circumstances outside of your control, such as drought or earthquake or construction errors, homeowners’ insurance may be able to cover the cost. It’s important to choose a specialized, reputable company; consider checking online reviews and even the Better Business Bureau for any red flags.

Flooring replacement

Installing new flooring not only brings new life into your home, but it also allows you to be creative. Will you choose a carpet refresh or update with hardwood?

What are affordable flooring options?

Vinyl flooring will offer you the most bang for your buck. Style options are plentiful, and you can get many years of use. Laminate, another cheaper option, is also durable and easy to install. Both vinyl and laminate should last 10 to 15 years.

What flooring will add the most value?

Hardwood flooring is considered the most durable and sought-after choice for flooring. If you are considering selling your home in the future or want to preserve its value for your family long-term, hardwood floors could be a worthy investment as they last several decades.

Plumbing replacement

Plumbing is typically designed to last, but those with older homes will want to plan for repairs or replacement.

When do pipes need replacing?

Signs of plumbing in need of replacing include frequent leaks, low water pressure or discolored water. If you’re doing other renovations, inspect your pipes and determine if repairs are needed. Cast iron and copper piping should last decades, but they are subject to faster corrosion if dampness is present.

How much to replace plumbing?

Plumbing repairs are often pricey even for a small project. Factors affecting the total cost include the size of your home, type of pipes and access to plumbing. Costs may average around $9,000 for a 2,000 sq. foot home.

Your family home is a valuable asset. Contact a banker to talk through ways SouthState can help you finance expensive repairs.