The Five Most Expensive Rental House Repairs
Hey everyone! Spencer Sutton here with gkhouses, and today I want to talk to you about the five most expensive rental house repairs. Whether you are a homeowner or an investor, you will experience these throughout your time owning property.
Some of these may not be a huge surprise. There will also be things you may not think about.
Repair number one: Roof
Repair number one is your roof. This depends a lot on where you live because roofs wear out differently in certain parts of the country.
I know in Birmingham, Alabama, our harsh summers really beat up a roof. Our climate change in the winter isn’t too terrible, but it is enough of a difference to really wear down a roof.
Our location in Denver experiences harsh winters that can have an affect. Also our team in Little Rock having dryer air conditions makes the roof react differently.
Your roof is most definitely going to be one of your most expensive items to replace. This is also dependent on how long you keep the house.
Repair number two: Heating and Air System
The next repair that is going to be very expensive is your furnace or heating and air system. So this also depends on where you live.
In Denver, a lot of people just have furnaces to heat their home, but in Birmingham, we pretty much only have heating and cooling air systems.
Typically these need to be replaced around the same time as your roof will. So, this could be a pricey time of your rental career. It is important to be aware that repairs can fall around the same time, and you need to prepare for that financially.
The furnace/air system is dependent on how often they get used, as well as how large the house is.
If you have a larger rental house, then obviously, your system is going to be larger. This makes it more expensive. In our experience, a larger property spends an average of $6,000 on this system.
Also take into account how long you plan on keeping the home. If you keep it for 20 years there will definitely be expensive repairs. Although, if you only plan on keeping it for a few years, you are less likely to replace something major.
Repair number three: Sewer Line
The one that people might not think about too often is the sewer line. This is a big issue in places where you have older homes. Especially when the older homes are now older rental houses.
We have a lot of them here in Birmingham that have terracotta piping. Roots growing through the piping causes all kinds of havoc. You can clean it out for a while, but essentially it will have to be replaced.
Anytime you have to have a tractor, or other big equipment, dig up the yard to replace sewer line is going to be expensive. You are talking several thousand dollars.
I had this happen to me personally around two years ago. It was very expensive and comes at an even greater cost because it doesn’t add value to the home. A new roof or new central air is marketable because people like to hear that.
Unfortunately, it is just one of those things you have to deal with.
Repair number four: Foundation
The fourth thing involves anything to do with foundation work.
Typically, if you’ve already owned the house or planning to buy the house, you should have it inspected. If you already own the house, you should know whether it has foundation issues or not.
This could include poor drainage or something starting to shift somehow in the foundation. If you have any type of foundation work done, it is going to be extremely expensive.
Repair number five: Mold Remediation
The fifth most expensive repair on a rental house is going to be mold remediation.
Now, in areas with dry air, you may not have this issue. Homes in the southeast experience more rain and moisture in the air. With this, water gets trapped and can seep through the foundation. You could end up having a lot of mold.
Hiring a Mold Remediation Company is going to be quite expensive. This is dependent on how much damage is done.
I have a friend here in Birmingham who owns a ServPro franchise. He is quoting anywhere from $2.50, $3.50 a square foot for mold remediation. With that being said, it depends on how big your house is and how much mold there is.
As an extra tip, I will give you one more expensive repair…tree removal.
We have all had to deal with tree removal. It can really add up when you have a big property. You always want to hire somebody that is licensed and insured.
We have employees who do maintenance and all of them are insured. We also have to outsource major repairs, for example, tree removal.
So those are five of the most expensive rental house repairs, with an added bonus number six.
If you ever have any questions, feel free to reach out to us. You can email me personally, firstname.lastname@example.org. Thanks so much. I’ll look forward to hearing from you.