Essential Home Maintenance Tips: Budgeting for Repairs and Replacements for New Homeowners

Home Maintenance Tips for New Homeowners: Budgeting for Repairs and Replacements

At Team Stephens Orren Shepherd Real Estate, one piece of advice we always give new homeowners is to budget for future repairs and replacements. Taking this advice early in homeownership can be a lifesaver down the road. Here are some essential maintenance tips we’ve shared with our buyers, updated with the average life span and replacement costs.

Roof

• Life span: 20 years
• Average replacement cost: $15,000 - $30,000 depending on surface area

HVAC/Furnace

• Life span: 15-20 years
• Average replacement cost: $7,500 - $15,000 depending on brand and load size (consider replacing both at once to save on costs)

Water Heater

• Life span: 8-12 years
• Average replacement cost: $1,000 - $1,500 for the tank and labor (tankless water heaters are pricier)

Smoke Detectors

• Life span: 8 years
• Average replacement cost: $20 - $50 each

Wood Deck

• Life span: 10-15 years
• Average replacement cost: $4,100 - $25,000 depending on the size of the deck and material used

Washer and Dryer

• Life span: 10-15 years
• Average replacement cost: $1,000 to $3,000 per set

Savings Plan

Even if you can’t save for all these expenses at once, start a general home repair fund. Here’s a suggested approach:

• Set aside a monthly amount: Determine a feasible monthly savings goal based on your budget. Even $100 a month can accumulate into a significant fund over time.
• Prioritize high-cost items: Focus on saving for high-cost replacements first, such as the roof and HVAC system.
• Stay proactive: Regular maintenance can extend the life of these items, saving you money in the long run.

Starting a home repair fund now will help you manage unexpected costs and keep your home in top shape for years to come. If you have any questions or need further advice, don't hesitate to reach out to us at Team Stephens Orren Shepherd Real Estate.