The one thing I always tell new homeowners? Budget for repairs and replacements!
Taking this advice early in homeownership can be a lifesaver down the road. Here are some notes I’ve shared with my buyers — I’ve updated it with life span estimates, 2024 replacement costs, and monthly savings goals.
| Life Span (Years) | Replacement Cost (Average) | Savings Plan | Details | |
|---|---|---|---|---|
| Roof | 20 | $6,800–$19,400 | $20 - $40/month | 1 |
| HVAC/Furnace | 15–20 | $7,500 | $10 - $30/month | 2 |
| Wood Deck | 10–15 | $4,100–$11,700 | $20 - $50/month | 3 |
| Washer/Dryer | 10–15 | $1,000–$2,300 (for set) | $20 - $50/month | 4 |
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, I've created a tracker that will help you manage it all. Just shoot me a message, and I’ll send over my Homeowner Maintenance Tracker.
Congratulations on your new home! Download a free copy of our Home Maintenance Tracker!
GET IN TOUCH!
If you’re a new homeowner and need help with home maintenance, don’t hesitate to reach out! I have connections with some of the best tradespeople in the area who can assist with all your home maintenance needs. Contact me today, and let’s ensure your home stays in top condition.
