Heads Up: The Fed continues to raise rates — up 3% this year — making credit card debt even costlier.
Pay it off today with a low fixed-rate personal loan. View your rate —>

What Are the Most Common Home Repair Costs?

By Kristin Luna · August 23, 2022 · 5 minute read

We’re here to help! First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. Read more We develop content that covers a variety of financial topics. Sometimes, that content may include information about products, features, or services that SoFi does not provide. We aim to break down complicated concepts, loop you in on the latest trends, and keep you up-to-date on the stuff you can use to help get your money right. Read less

What Are the Most Common Home Repair Costs?

Thanks to high demand, inflation, and labor and material shortages, home repairs costs are rising. Last year, the average household spent $3,018 on maintenance costs and $2,321 on emergency repairs, according to Angi’s State of Home Spending Report. Homeowners in states that experience extreme weather spend even more.

The most common home repairs include the usual suspects: electrical, plumbing, HVAC, water damage, and termite damage. Keep reading to learn more about these issues and the cost of repair or replacement, so you can be prepared when reality bites.

Estimated Costs of the Most Common Home Repairs

Low-cost preventive measures — like cleaning your gutters or using storm windows — can help keep common home repair costs down. But when a pipe bursts and floods the bathroom, you can be on the hook for thousands of dollars. By evaluating your home’s weak spots, you can plan ahead and include certain repairs in your budget.

Below is a roundup of the most common home repairs and their cost.

Recommended: How To Pay for Emergency Home Repairs

Foundation Repair

Foundation damage affects houses when the weather swells the water table and contracts with drought. These kinds of shifts put the foundation at risk, and the extra moisture potentially makes the wood support beams an enticing target for termites. Since the foundation is the footprint of your home, repairs can be complicated and expensive. Foundation damage is also a common home repair needed after home inspection and can cost north of $10,000.

Average cost of foundation repair: $2,000–$7,500; up to $25,000

Electrical Issues

While DIY home repairs are fun to watch on before-and-after shows, electrical issues and wiring are best left to professional electricians. After all, mistakes can lead to electrocution or fire. Depending on what kind of electrical issues you’re facing, your bill could be anywhere between a few hundred to thousands of dollars.

Average cost of electrical repairs: $100–$400 for minor work; $2,500 for electrical panel replacement

Roof Repair

When there’s a problem with your roof, you need to fix it fast — or risk eventual water damage to your home’s interior. Key signs of roof damage are ceiling stains, leaks, and missing shingles. If you suspect something is wrong with your roof, call an expert right away, and be prepared to pay thousands of dollars for repairs.

Recommended: How to Get Your Personal Loan Approved

Average cost of roof repairs: $950; $8,000 for full roof replacement

Repair or Replace a Water Heater

Due to mineral buildup and the routine breakdown of components, water heaters do not last forever. Depending on how extensive the repairs your water heater requires, you can be on the hook for a new unit entirely. And if you’ve ever taken a cold shower in the middle of winter, you know this is one repair that is essential to your quality of life.

Average cost of water heater repairs: $600; $1,700 to replace

Water Damage

Water damage is fairly common. It can result from the smallest crack in an old pipe or an unusually strong storm. Water damage restoration can involve replacing wallboard, flooring, ceilings, and more — and ensuring that no mold spores are left behind to spread once the repairs are complete. Two important factors influencing price are the square footage affected and the type of water.

Average cost to fix water damage: $2,600

Awarded Best Personal Loan of 2022 by NerdWallet.
Apply Online, Same Day Funding


Repair Pipes or Install New Pipes

Fixing older pipes is the kind of home repair often needed after a home inspection. Dated construction materials with a known problem in their manufacturing, ancient septic or sewage drain systems, and simple failures caused by the passage of time can all come into play. And because pipes run behind walls and underground, repair costs often include patching up interior holes and dug-up yards.

Average cost to install pipes: $600–$1,600 per fixture; $5,000 for a new sewer line

Septic System Repair

Replacing a septic system is far from glamorous work. Good plumbers deal with sewage on a regular basis, but it’s not their favorite home repair task. Expect to pay a premium for someone to do the dirty work of repairing your waste lines.

Average cost to repair a septic system: $1,750; $6,000 for new installation

Heating or Air Conditioning Repair or Installation

Whether running on gas, oil, or electric, a new heating or cooling unit is a costly but worthwhile investment, one that should last you 12 to 15 years. In the middle of a summer heatwave or winter coldsnap, this is one costly repair that you won’t want to put off until it fails completely.

The financial savings from having a newer, more energy-efficient AC unit are often worth the cost of replacement. Having the peace of mind that your family will remain comfortable in extreme conditions is also something to consider.

Average cost to fix a heating or air conditioning unit: $350 for AC repair; $4,500 for furnace installation

Mold Removal

Mold develops inside homes as a result of moisture and can lead to health problems. It’s potentially dangerous for all individuals, but especially for small children. If you discover mold in your home, you need to get it removed ASAP.

Removing minor mold growth can sometimes be achieved with a mold removal product, hot soapy water, or a bleach mixture. But if the growth is extensive, you’ll want to call in a professional.

Average cost of mold remediation: $2,350

Termite Damage

The problem with termites is that they literally eat your house. Figuratively, they can eat your money. According to Terminix, each year termites are responsible for $5 billion worth of damage in structures across the United States. An infestation can easily cause $3,000 of damage to your home.

The cost of treatment will depend on how long the pesky insects have been chewing away at your home’s structure. At the first sign of termite damage, you’ll want to call in a professional. It’s also wise to have a pest control expert take a look at your real estate before putting it on the market, to avert surprises at closing.

Average cost to repair termite damage: $575 for treatment; $3,000 to repair damage

Average Cost of Home Repairs

Even the experts say that trying to predict future home repairs is nigh impossible. However, there are several rules of thumb that can help homeowners:

•   The 1% Rule. Set aside at least 1% of your home’s value each year for maintenance and home-related emergencies. That means a $500,000 home requires $5K in savings annually or $416/month.

•   The Square Foot Rule. It makes sense that a larger home may cost more to maintain. Save $1 for every square foot of livable space each year. For instance, a 2,500-square-foot house requires a $2,500 repair budget or $208/month.

•   The 10% Rule. Budget an extra 10% of your monthly home expenses; that includes your mortgage, property taxes, and homeowners insurance. So a homeowner who has a $1,400 mortgage payment, $500 in prorated taxes, and $100 in prorated insurance should save $200/month.

If you’re still saving up when an emergency repair rears its head, you have options. You can borrow from friends and family, use a credit card or home equity line of credit (HELOC), or take out a personal loan. Home repairs and renovations are one of the most common uses of personal loans.

The Takeaway

It’s tough to predict the cost of home repairs. Different budgeting standards suggest putting aside 1% of your home’s value or $1 per square foot annually. Last year, the average household spent $3,018 on maintenance costs and $2,321 on emergency repairs — more in states experiencing extreme weather. Among the priciest home repairs are major foundation work (up to $7,500), roof replacement ($8,000), and new septic systems ($6,000).

Even expenses like fixing termite damage or replacing a broken water heater can all but consume your savings. Consider a SoFi Personal Loan to cover your repairs. Borrow from $5K to $100,000 at a low fixed rate, with no fees. Our Personal Loan Calculator can show you how much you qualify for. And you can finally stop worrying about having to cut corners or postpone an important repair.

Compared with high-interest credit cards, a SoFi Personal Loan is simply better debt.


SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SOPL0622003

All your finances.
All in one app.

SoFi QR code, Download now, scan this with your phone’s camera

All your finances.
All in one app.

App Store rating

SoFi iOS App, Download on the App Store
SoFi Android App, Get it on Google Play

TLS 1.2 Encrypted
Equal Housing Lender