House Repairs - Paramount Equity®Home repair is essential for bringing your house up to code, to remodel a “fixer-upper” or prepare for a life style change. The average cost for home repairs depends upon the quality of materials used, project size and locality. Home repairs create a more healthy living environment and add great value.

“How much do home repairs cost?”

You should visit your local hardware or home improvement store to price various materials. Experienced carpenters will give you an estimate based upon the area or the project. You will need to know how much money you need for your home repair loan application.

When you are buying a home, you should also calculate how much home repairs will cost. Improve your living environment with a good home repair.

Here are the average costs for 5 common home/outdoor repairs and/or improvement projects:

1. “Painting”

A good coat of paint is essential for appearance and longevity. The average cost for home repairs depends upon the size of the area needing paint. An average-sized house will cost about $2,000 for painting the trim and $3,000 for painting the trim and walls.

2. “Roofing”

After a bad hail storm, your insurance company will pay for a new roof. You don’t want the roof over your head to leak. Conventional shingles cost $2 to $3 per square foot while cedar shingles cost $5 to $7 per square foot.

3. “Flooring”

Most apartments replace the carpet for new renters. Flooring collects a lot of dirt, grime and dust. A basic laminate wood floor is the cheapest at $1.50 to $3.50 per square foot. Carpets are twice as much at $3.50 to $7.00 per square foot. Ceramic tiles last the longest, but can cost up to $22.00 per square foot.

4. “Heating Ventilation Air Conditioning (HVAC)”

Breathe better, feel comfortable and save money with an upgraded HVAC system. Nothing beats a healthy living environment. Your family can upgrade a forced-air furnace for about $1,800 to $3,600. Installing an electric central air-conditioning system costs between $1,600 and $3,200.

5. “Yard Improvements”

When you have some extra money to burn, show off your success with a new outdoor landscaping project or deck. Plant some new trees or shrubs. Costs could run $100-$500 or more. Entertain in style with friends, family and associates on a classic deck overlooking your spacious backyard. You can install a deck for $12 to $25 per square foot. A new yard or deck adds great value when you try to resell your home.

The bottom line is it’s important to set aside funds for these types of repairs because you never know when they will come up. And they will come up; it’s just part of home ownership. If you don’t have a bank account or cash fund set up, be sure to have a low interest credit card at your disposal. Ensuring you have a fund will provide the peace of mind you need.