One thing we won’t stop telling new homeowners?
Budget for repairs and replacements.
Taking this advice early in homeownership can be a lifesaver down the road. Here are some notes we’ve shared with our buyers — we’ve updated it with life span estimates, 2024 replacement costs, and monthly savings goals.
Roof Life span: 20 years Average replacement cost: $17,000 Savings plan: Save $70 – $75/month
HVAC/Furnace Life span: 15-20 years Average replacement cost: $10,000 (replace both at once to save) Savings plan: Save $40-$60/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: $6,000-$13,000 Savings plan: Save $35-$100/month
Washer and Dryer Life span: 10-15 years Average replacement cost: $1,500-$3,500 Savings plan: Save $10-$20/month
Stashing funds away in a High-Yield Savings Account (HYSA) each month can give your savings an extra interest boost. Plus, platforms like Ally let you set up ‘buckets’ for each savings goal. Even if you can’t save for all of these at once, start a general home repair fund.
Plus, we’ve created a tracker that will help you manage it all. Just shoot us a message, and we’ll send over our Homeowner Maintenance Tracker.
“Bringing You Home to the Good Life”
Morrison Bifford Real Estate Group
Royal LePage Locations West Realty
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