Owning a home can be a rewarding investment. You get to design, maintain and upgrade your home according to your needs and wants. Many homeowners underestimate the cost of maintaining their home and take out a loan to cover repairs. Fortunately, you can prepare for common home maintenance costs by establishing a budget. Here are four common home repairs that should be considered in your budget.
1. Repairing the Roof
While most roofs have a warranty around 20 to 30 years, it’s wise to save money now for repairs. There are roof repair Oakville ON companies that offer a variety of services including inspection, maintenance, repair and new installation. There are many factors that contribute to the overall cost of roof repairs; however, plan on spending thousands of dollars for a total replacement. Have an annual inspection done to prevent major leaks and problems.
2. Replacing Old Appliances
Home appliances can last from five to 15 years, depending on use and typical life expectancy. Microwaves and dishwashers generally max out around nine years and gas ranges are among the longest life expectancy at 15 years. Appliances aren’t cheap, generally thousands of dollars, so it’s wise to budget for replacements.
3. Installing a New Water Heater
Water heaters are notorious for leaking or breaking with no notice. Fortunately, a new water heater won’t cost you thousands of dollars. Typical replacement costs range from $300 to $900 depending on type and size. If you don’t plan on installing the new one on your own, plan on spending extra money to cover the labor costs of a plumber.
4. Maintaining HVAC System
Your heating and cooling system is an essential part of your home. Keeping you warm in the winter and cool in the summer, you definitely don’t want to go without this system for long. Maintaining your HVAC system is necessary to prevent major problems. Plan on budgeting some money for yearly maintenance costs.
Establish how much money you want to save each month for emergency home repairs. Consequently, you won’t have to disrupt your regular budget when it comes time to repair your roof or install a new water heater.