5 Pricey Suprises for your Home

A home is one of the most valuable assets most people will ever own. Unfortunately, some major perils can befall a house and put a serious dent in the value of that asset. Many of these perils are much more insidious than a fire or natural disaster. Read on to learn about some of the most expensive damage that can occur in your home, how much it can cost and how to avoid it.

Foundation Issues

If you have bowed basement walls, cracks in walls or floors or a tilting chimney, you may be aware that these are signs of a problem foundation. But many people don’t realize that difficulty opening and closing doors and windows can also be early signs that your home is shifting. And whether you have a new home or an old one, foundation problems often require major repairs — and a big cash outlay. Causes of foundation problems include the type of soil the house is built on, an improperly laid foundation or drainage problems. Whatever the cause, a bad foundation is bad news and, depending on the severity of the problem, can cost the homeowner well over $10,000. 

Mold

Minor or hidden water damage in your home, perhaps from a defective water pipe, water heater or window seal, can cause just as much damage as a major issue like flooding — and you may not notice it right away. Similarly, if your home suffered through a flood in the past and did not adequately dry out, mold can thrive.  According to the Environmental Protection Agency, if the mold growth in your home is larger than 10 square feet or was caused by sewage or other contaminated water, it’s time to call in a professional. Although home insurance may cover some of the costs, depending on your policy, the cost of mold remediation is about $3,000 per wall, according to Environmental Solutions Group, an environmental-management company that inspects homes for mold. That price tag doesn’t include the cost of replacing any mold-infested materials such as drywall, carpet or ceiling tiles.

Water Damage

If your home isn’t watertight, this isn’t something you can ignore. Beyond the possibility of mold, long-term water damage can cause rot, which can lead to all kinds of expensive repairs to the structure of your home.  It’s difficult to estimate the cost of this type of repair, but it can easily run into the thousands, depending on how much wood must be replaced and how intrusive the repairs are.

Bedbugs

If you’re a homeowner rather than a renter, you may think you’re immune to this one. Not so.  According to Bloomberg, a recent nationwide infestation of bedbugs has seen the little blood-sucking critters popping up all over the place — including movie theaters, office buildings and hotels — making it easy for anyone to bring the infestation home. And because many of the most effective chemicals for killing bedbugs have been found to be dangerous, eliminating the spread is harder than ever.   The cost of eliminating a bedbug infestation can exceed $5,000.

Sewer-Line Problems

The portion of the sewer line that extends out from a home and onto city property is often the homeowners’ responsibility when it comes to repairs. Sewer-line problems are most common in older neighborhoods, where the line may have sagged or been damaged by tree roots.  If you have slow-running or gurgling drains, frequent backups in your plumbing system or sewage smells outside your home, these may be indications of a problem. Again, your home insurance policy may cover this cost. Expect this doozy to cost anywhere from $5,000 to $15,000 for a 100-foot sewer pipe.