Neglecting These Home Repairs Could End Up Draining the Life Out of Your Bank Account
By: Abdullah Idris
Tags: Home Repair, Bank Account, Home Repair Tips, Saving Money, Debt

Neglecting These Home Repairs Could End Up Draining the Life Out of Your Bank Account Abdullah Idris Follow Jun 8 · 5 min read

During one of her usual days as a mom, Becky Beach found that her walls weren’t as they once were. She wasn’t sure what the problem was but knew that this means trouble.

“I noticed cracks were developing in the walls so thought something had to be wrong”, said the homeowner in Texas.

She decided to contact her home warranty company — American Home Shield to assess the damage and fix it.

She was told that she needed foundation home repair.

“It was very severe! It ended up costing me $8k”, Becky said. “Luckily, I had savings so did not need to go into debt over it”.

Eventually, she decided to hire a contractor to fix the foundation.

According to the August NerdWallet Survey, about 61% of homeowners decided to take on home improvement projects into their own hands ever since the first week of March 2020. In September of that same year, more than half of American homeowners testified to their reluctance to permit home repair or improvement professionals into their homes due to their safety concerns about the pandemic.

A slightly over 40% of homeowners ignored their pressing home repair needs in 2020 which can lead to a bigger and even more expensive problem, says the Vice President of Personal and Property Insurance at Travelers — Angela Orbann.

“You need not postpone things that could lead to serious issues”, she said.

Here are home repairs you can’t afford to put off.

Cracks

Small, hairline cracks in walls or foundations are quite harmless as they’re caused by the concrete settling, but aren’t something to neglect. They can be fixed with Epoxy sealant.

“It’s pretty standard for concrete to crack”. “As soon as you notice cracks in foundations or walls that are wider than 3/16 of an inch, or starting to displace at a wider level, this signals that you’re having structural issues and need to have them inspected by a professional and repaired right away before it becomes worse,” says home inspector John Wanninger.

The best way to assess the damage and know if you’re in the code red status is if a standard pencil fits into the crack.

Be wary of the size of the cracks by monitoring the length of the damage from time to time and note any changes.

2. Water Leakage

One of the easiest things that result in problems in a home is water going where it’s not supposed to. Leaky roofs or drippy pipes could mean a water spot or stain in the wall or ceiling, which could eventually lead to costly and destructive damage to flooring and drywall. It could also lead to the growth of toxic mildew and mould.

“A stain is a direct sign that you could be having moisture leaking its way into your home and it needs to be addressed as soon as possible”. “Moisture in small amounts is harmless, but when left out, causes mould and damage to escalate which is why it’s important to address these issues as soon as they occur”, said Wanninger.

Running a toilet and a leaky faucet is also quite dangerous.

“The cost of allowing a leaky faucet in your home will attract higher bills over a month than it would if fixed right away”, he said.

3. Pests and Rodents

Rodents and insects have such uncanny abilities to cause huge damages to homes and of course, let’s not forget –they’re creepy and a huge pain in the ass.

“Termites are among the most destructive invaders as they can cause a huge amount of damage over some time”. If they are left unattended for an extended period, you’re looking at pretty heavy damage”.

Taking immediate action is important because it’s hard to know how long pests like termites have been burrowing through your home before you notice them.

It’s best to look for any signs of termites or anything they leave behind, like a sawdust, mud tubes or “termite subways”, as I like to call them, throughout your home’s foundation as well as the ceiling.

Rodents, on the other hand, can spread diseases by the waste they leave behind and can destroy insulation or baseboards.

As soon as you have the slightest suspicion that pests have invaded your lovely abode, take action by calling an exterminator immediately.

5. Electrical Overload or Anything Involving Electricity

Signs of electrical problems take many forms, such as:

a. GFI outlets that won’t reset.

b. Non-functioning outlets.

c. Flickering lights

d. Frequently blown breakers or fuses, etc.

“When it comes to electricity, a flickering light, for example, could be a problem as easy as a loose light bulb or as severe as a loose wire and any of these should not be taken lightly”, said Wanninger.

Prominent issues in homes between 1965 and 1974 were fires as a result of faulty electrical systems destroying well over 40,000 homes annually due to failing connections in some older aluminium wirings. Even so, no home is immune from such a disaster.

Sometimes, homeowners usually don’t update their wirings when renovating their homes and circuits can be overloaded.

It’s important to call an electrician as soon as you notice any of these signs. These are the kind of home repairs you shouldn’t attempt to do yourself as they are very dangerous and can lead to fires and personal injury.

5. Smoke Alarms

Are your smoke alarms working all the time, even in the middle of the night?

It’s important to replace batteries in carbon monoxide detectors and smoke alarms as soon as they start chirping.

“At 1 is the device starts chirping and you tell yourself you’ll replace it tomorrow but then it slips your mind”, says Wanninger.

Make sure you replace the batteries every year when you change your clocks and adjust the Daylight Time Savings.

Creating a room in your budget can help you find ways to cut costs and set aside a unique amount in the form of an emergency savings account which will ensure these home repairs become less painful.