Common Home Repair Costs to Help Omaha Buyers Budget for the Cost of Ownership

No matter whether you purchase an older home or a brand new construction home or a custom build one from the ground up, it is smart for every Omaha home buyer to factor in the cost of being responsible for hone repairs into their monthly budget to help determine if the purchase of an Omaha home is truly affordable for them.

Last year research from  Angi's State of Home Spending Report found that the average American household spent around $3018 on routine home maintenance costs. The average household cost for emergency repairs was $2321. These are significant monetary costs that homeowners will want to factor into their housing budget. It is always a smart choice for a home buyer to set up a separate savings account to fund home maintenance and repairs.

Here are the most common home repairs and an estimate of their average cost to fix

Electrical problems

It is not uncommon to find a few wonky electrical issues in a home especially if you purchase a home where upgrades and renovations have been done by the previous homeowner.  This is also highly common in homes that are older and not up to code. When finding electrical issues you always want to make sure you have a professional electrician perform the work to make it right. Wrong electrical fixes can lead to fires.

Depending upon how large and extensive the issue is an electrical repair could be as little as $100 or could be as much as tens of thousands of dollars. A home that needs to be completely rewired will be on the higher end. The repair of a loose plug will hardly cost anything.

Roofing

The roof of the home takes a big hit when it comes to inclement weather. The roof has to stand up to a myriad of different things and takes up a huge portion of the exterior of your home. To help prevent major damage and repairs to your roof it is good to inspect it for problems once or twice every year depending upon how harsh the weather has been with seasonal change. A roof may need as little as a few shingles replaced or as much as a full roof replacement. This can cost anywhere from $950-$8000.

Water damage

Having water issues in the home is fairly common and can be a huge pain. Water damage can come from water getting in from the outside during harsh weather or it can come from burst pipes. You want to make sure to repair any water damage issues as soon as possible before mold begins to grow and causes an even bigger problem. The average cost to repair water damage is $2600.

HVAC systems

Heating and cooling units not only take up a majority of your utility bills to run they can also be quite costly when they need an emergency repair or replacement. Your HVAC system should be inspected and cleaned twice a year with major seasonal changes. Making sure that your system is running smoothly is the best way to prevent large emergency repairs. Though it is not uncommon to have a larger repair need every few years. Maintenance and repairs can cost anywhere between $350-$4500.

Pest issues

Our homes are so nice and comfy that the surrounding wildlife sometimes want to come in and get cozy too. One of the most common pest problems is termites and they can do a significant amount of damage to your home. Termites literally eat your house and when left unnoticed for a long time can cause structural damage. When caught early enough the cost to eliminate them is significant but not as high as complete home tenting and repairs. Termite damage can cost anywhere from $575 to well over several thousands of dollars.

Creating a savings fund for home repairs

Trying to predict everything that will go wrong in your home is impossible. But there is a way that you can save some money for home repairs to be better financially ready to take them on. Financial experts advise that creating a savings account where you set one percent of the value of your home aside for repairs and maintenance is a great method.

If you were to purchase a home at $500,000 this means it is a smart plan to put $5000 in savings a year to help cover upkeep and repair costs. This works out to around $416 a month. Another method is to save one dollar for every square foot of livable space in your home each year. For a 2500 square-foot home this can come to around $208 a month

When budgeting for the purchase of an Omaha area home it is always a good decision to factor in every cost of living within the home not just the mortgage payment requirements. You want to make sure you were able to pay off your mortgage but you also want to be able to pay for utilities and keep your home in great shape.

For more information on purchasing homes in the Omaha area please contact us anytime.