Critical Repairs That Contractors Can Help Homeowners Budget For
September 3, 2021
New homeowners have a lot of numbers to consider — down payments, inspections, their mortgage loan interest rate. But there’s one figure that’s a bit more challenging to pin down: Repairs.
Necessary fixes hiding behind structures or waiting just down the road once those contracts are signed can be hard to map out. But by
helping homeowners financially prepare for these frequently forgotten (but common) fixes, you can spare them the headaches and the struggle of having to recover from unexpected costs.
Behind the Scenes Plumbing Issues
When buying a new home, some plumbing problems are immediately apparent. Poor water pressure or visible leaks are easily spotted, and prospective buyers can plan for fixes. But the plumbing issues that wreak the most havoc are the ones lurking behind the walls and underground, like leaking pipes, sump pump fails, and water main damage. They can not only cause the biggest problems (mold, water damage), but they’re also some of the more expensive repairs homeowners face, if left unchecked. While a routine plumbing fix may cost as little as $75 for a leaky faucet, more involved plumbing fixes (like water main repairs or replacements) could end up costing thousands of dollars.
You can help homeowners prepare for these “unforeseen” costs by making sure they understand the scope of plumbing maintenance and how it can help avoid potential problems. Regular maintenance and inspections of pipes and key plumbing fixtures (including the water main, water heater and filtration systems) can keep projects smaller and more manageable — both in size and budget.
Crossed Wires
Nothing is quite as shocking for new homeowners as the surprise of unexpected electrical work. It’s also unfortunately all too common. Whether it’s a busted switch or dated wiring that calls for a complete update, homeowners need to be prepared for the possibility of electrical repairs in their new home (especially older ones).
Most importantly, they need to know the potential costs. Smaller projects like lighting fixture installations could be as low as $100 to $400. But when you’re talking about rewiring, those numbers start to get into the range of $2,000 to $6,000 (and potentially much more). And keep in mind, this isn’t just a budget consideration for homeowners, it’s a serious safety issue if left unchecked.
Overlooked HVAC Maintenance
Most homeowners know their AC filter needs to be replaced periodically, but beyond that routine action item, HVAC systems are often neglected until something breaks down (like no air conditioning during a record-setting heat wave). Unfortunately, these kinds of emergencies often mean higher price tags for both the man hours and the parts needed (usually with a rushed delivery). home improvement financing.
And while quick fixes like replacing fuses, breakers, or thermostats are usually pretty affordable (under $300, on average), complete system replacements range from $3,000 to nearly $6,000. That’s why routine HVAC checks are so important and should be recommended to your clients and potential clients through marketing communications. And should the worst happen, you can help homeowners manage these unexpected expenses with flexible options, like those offered with Ally Lending's home improvement financing.
Hard-Learned Landscaping Lessons
Many homeowners understand the curb appeal aspect of landscaping. But when it comes to how it can impact potential repair work, there can be a bit of an uphill climb. Far too many homeowners (and amateur landscapers) have put style over function by installing beautiful plantings that drain directly into the foundation of a home or trees with roots too close for comfort. These seemingly small missteps can create big foundation problems for homes over time. It also happens a lot but may not be apparent during an initial home inspection.
Foundation work can be very costly. A small crack repair can come out to about $600, but larger foundation issues can reach $10,000 or more, with the average cost being around $4,600. Keeping homeowners up to speed on the importance of home-friendly landscaping and the signs of potential foundation issues down the road can ensure they’re not caught off guard by surprise damage and the connected costs.
Leave room for emergencies
Whether it’s a post-purchase round of repairs or ongoing maintenance, all too often new homeowners forget to factor in these costs when building their budget. By helping them better plan for these common expenses, you can not only curb extra costs, but also assist clients in budgeting for those dream renovation projects down the road.
Help your clients prepare for the unexpected home improvement and repair financing they need.
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