Estimating big or small home repairs like basement, electrical, plumbing, roofing, funance and air-conditioning is a necessary evil when becoming a homeowner.
Here’s a general budget guide for the big-ticket items; the ones you really need to think about when buying a property especially when they are older. Keep in mind that contractors can vary as much as 300% in quotes depending on quality of workmanship and material and in different economic conditions.
Basements can be very expensive to remedy if there are structural deficiencies in a home. They often uncover other issues in a house such as foundation problems. Obvious signs include cracks in the walls and floor, sagging beams or ceilings, moisture or mold, and many more things that a qualified home inspector should be able to identify before making an offers. The costs involved include underpinning, $250.00/lin.ft, lowering basement floor $200.00/lin.ft, recreation room reno $50.00/sq.ft + and termite prevention at about $1,800.00.
Electrical upgrades in older homes are very typical, and are often needed to be done for safety and insurance reasons. For upgrades of main services, expect about 100 amp to run $1,500 plus, 200 amp at $2,500 plus, and electrical permit are typically about $150.00
On average, to totally renovate or build a new home, electrical charges will be approximately $9,500.00 (not including fixtures).
Plumbing repairs and upgrades from older lead pipes or to upgrade for water pressure purposes are a great idea. New 1” water service will cost about $2,000.00 plus, changing drain lines $4,000.00 plus, changing water lines (whole house) $3,000 plus, and finally installation of sump pump $1,000.00 plus. On average, the total plumbing charges when renovating or building a new home, plumbing charges are approximately $12,000 to $15,000.
Roofing issues can get expensive, and quotes will vary greatly. In general flat roofs cost more, and last longer than sloped. Sloped roof asphalt shingles will cost about $2.50/sq. ft. compared to flat roof tar and gravel 4-ply which will run $8.00 - $10.00/sq.ft
An overall roof tune-up will cost approximately $300.00.
Heating & Cooling:
Last but not least, heating and cooling systems are definitely ones to budget for if the systems are old and inefficient. The money saved in heating and cooling costs with an efficient system are well worth it. High-efficiency gas furnace is about $3,700.00, mid-efficiency gas furnace $2,600.00, ductless A/C unit $4,500.00 and finally central A/C $3,200.00 on average.
Factoring in the costs before bidding on your dream home is well worth the time!