Ignoring These 5 Home Repairs Will Cost You Thousands

At this point, it should go without saying that homeownership isn't cheap. When you take out a mortgage loan to buy a home, you will of course have mortgage payments that include the interest on your loan. And often, your mortgage lender will roll homeowners insurance and property tax costs into those payments, and keep the money safe in an escrow account until those bills come due.

But since you're responsible for the home itself, its care and maintenance will fall to you -- and your checking account. Here are five repair and maintenance issues you might encounter that you don't want to put off -- because the longer you wait, the more your costs to address them could be.

1. Plumbing issues

Is there a sound that strikes more fear into a homeowner's heart than water rushing from somewhere inside a house? Plumbing problems aren't always dramatic -- a long slow period of water leaking from the back of your washing machine and soaking into the floor can cause a lot of damage, just as a pipe suddenly bursting and flooding your basement can.

Plumbing issues can bring mold, ruined insulation, and warped floors, among other issues. And they can cost money in other ways -- if you have a toilet that's not working properly and runs constantly, you'll end up with higher water bills as a result.

2. Roof damage

Your home's roof is, quite literally, your shelter from the storm, so it's essential that this part of a house be solid and sound. Even something seemingly minor like missing or curling shingles can lead to problems down the road. Keep an eye on your gutters too; if you don't keep them cleaned out, you could end up with blockages that prevent water from draining off your roof, or even ice dams that form when water collects and freezes in the winter.

Roofs wear out over time. Angi reports that the price of a new roof will run you $5,000 all the way up to $45,000 (depending on type of roof, size, and what kind of home you have).

3. Pest invasion

Most people have likely had a pest issue or two at home -- often, it's a minor spring ant problem in your kitchen, or perhaps a mouse or two who came in from cold (may I recommend getting a cat?). But if you've got a termite problem or a roach infestation (or that mouse decided to start a family in your walls), you need to get professional help ASAP.

Extermination of a large-scale pest problem is not something you should attempt to handle by yourself, as you could put yourself and your family at risk. And if you neglect the problem, you'll only face more structural damage over time.

4. Foundation cracks

Just as your roof is a vital part of your home, so is your foundation. Over time, it's normal for a foundation to settle and cracks might result. Take a look at your foundation regularly, and note any new cracks you see. Angi reports that foundation repairs range in cost from $2,165 to $7,796, and it stands to reason that the sooner you act, the less you're likely to pay.

5. HVAC problems

The systems that heat and cool your home are of vital importance, and if one of them isn't working right, get a professional technician out for a look. If your air conditioner is on the fritz, you'll face not just discomfort, but higher humidity indoors that can lead to mold. And a broken or malfunctioning furnace can even lead to carbon monoxide leaks in your home -- and this can be deadly.

Don't neglect your home

It's best to stay on top of small issues and address them before they become big problems with price tags. If you don't take care of your home, it'll make it much harder to sell down the road and your home's value could be impacted.

Being aware of problems as they develop is easily your best protection. When you make an offer on a home and have it inspected during the buying process (do not skip this), walk around the house with the inspector, if you can. Taking the time to attend the home inspection will be worth it, as you'll be able to hear from an expert about what sorts of problems might be in your home's future.

It's not enough to just know about the issues, though -- you also need to budget for repairs. A common recommendation is to save 1% of your home's value per year for repair and maintenance costs, and this is a good starting point. But if your home is older, you should probably save more.

If you bought your home for $300,000 and stick to that 1% figure, you'd want $3,000 available in savings per year for home repair and maintenance expenses. If you only end up spending $1,500 one year, great! That leaves you $1,500 for a more expensive year in the future. Keep your emergency home maintenance fund in a high-yield savings account, where it will grow with interest and be ready when you need it.