Whether you are a new homeowner or have been established for 10 years, the costs of owning a home never go away. Preparing for these costs can go a long way to avoiding consumer debt. Learn about home repair costs and how to start saving for them.
Saving for Major Home Repairs & Replacements
When saving for home repair costs, the first thing you need is to know the condition of your home. The more you know, the better you can prepare your finances. There are two important pieces of information: the range of time a product lasts and how far into that range it is now.
For example, a standard asphalt roof lasts around 20 give or take. If you know your roof was replaced 15 years ago, you should definitely be ready to replace it in the next several years. This concept applies to all the following repairs.
Try making a list or inventory of your potential home repair costs. Include when it was previously fixed or installed, the estimated time it has or has left, and how much it will cost moving forward. This way, you can prioritize your saving efforts. Set aside money every month toward a repair fund for these costs.
3 Home Repair Costs
As always, each home improvement job is unique. These are just estimates of what you may expect to pay. Now, here are three home repair costs to be aware of as you save for the future.
According to HomeAdvisor.com, there are several criteria that determine the cost to replace a roof. These include:
- Roof size
- Materials used
- Number of layers
- Where you live
- If you have a lot of skylights, chimneys, plumbing pipes or other adornments that need to be addressed during the installation
A new roof can range from $5,000-12,000. It’s also important to get a few quotes from different roofing companies. Luckily, this home improvement project has a long shelf life. Use it wisely to save for repairs and a new roof when the time comes.
Hot Water Heater Replacement
No one likes to take a cold shower. It can be a rude awakening that might not be well anticipated. While not as costly as a roof, it can set you back a couple thousand dollars.
Home Advisor suggests that the average cost is around $1,000. However, if you want a tankless system, expect to pay considerably more.
Driveway Home Repair Costs
Since it’s on the exterior, the driveway to your home can often be forgotten as you consider repairs. However, this home repair can cost a few thousand dollars.
Do some research into your driveway type and condition. Different materials have longer life spans but come with a bigger price tag. Some require more maintenance than others. These costs should come into play as well in your saving efforts.
Financial planning is a great way to help avoid personal credit card debt. Take time to evaluate your home or future home’s state to start taking steps toward saving.
If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today.