Budget for repairs and replacements!
Taking this advice early in homeownership can be a lifesaver down the road.
Have a look at some average life spans, replacement costs, and suggested savings goals:
- ROOF Life span: 20 years Average replacement cost: $9,353 Savings plan: Save $20 – $40/month
- HVAC/FURNACE Life span: 15-20 years Average replacement cost: $7,500 (replace both at once to save) Savings plan: Save $10 – $30/month
- SMOKE DETECTORS Life span: 8 years Average replacement cost: $20 – $50 each Savings plans: Replace one detector each year.
- WOOD DECK Life span: 10-15 years Average replacement cost: $4,100 – $11,700 Savings plan: Save $20 – $50/month
- WASHER/DRYER Life span: 10-15 years Average replacement cost: $1,000 to $2,300 per set Savings plan: Save $10 – $50/month per appliance
Stashing funds away in a High-Yield Savings Account each month can give your savings an extra interest boost. Some bank accounts or budget software will help you set up ‘buckets’ for each saving goal. Even if you can’t save for all of these at once, start a general home repair fund–it’s never too early! And I’ll never stop recommending it.
If you find you’re already needing to tackle some of these home maintenance projects, we have an extensive list of service providers. Get in touch with one of our agents today for recommendations.
