Corrosion, mineral deposits on internal parts and damaged gaskets, o-rings or washers are common reasons for a leaking faucet. Fortunately, most leaking faucets can be repaired by homeowners with the correct equipment and some basic plumbing knowledge. Ignoring a leaking faucet may convert a $200 fix into a $1,000 plumbing replacement, so make sure you fix the drip as soon as you notice it. Furthermore, a leaky faucet wastes over a hundred gallons of water every month, driving your water bill up.