1 in 5 homeowners makes this mistake and it could ruin their finances

Personal Finance

Those repairs can run the gamut — and each one can take a chunk out of your wallet.

For instance, the national average cost of installing or replacing asphalt shingle roofing is $7,280, according to HomeAdvisor, a website that helps homeowners find contractors.

Fixing or replacing faucets, fixtures and pipes averages out to $304, HomeAdvisor found.

Failure to tackle those problems right away can lead to higher expenses.

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For instance, repairing a sewer line — the plumbing that carries waste water away from your home — runs an average cost of $2,556, according to HomeAdvisor.

Depending on the severity of the problem, you might have to hire contractors to excavate your lawn or driveway to replace the line. That cost can run anywhere from $3,000 to $25,000, HomeAdvisor found.

“I think you have to understand that things break, problems happen and, if you’ve owned a home for six months or longer, you know that,” said David Mendels, a certified financial planner and director of planning at Creative Financial Concepts in New York.

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