There are certain home repairs that you can see coming, and it’s a good idea to plan ahead for them. But sometimes even the best forethought isn’t enough to cover the costs.
Here are the most common home repairs you’ll come across and the average cost of each so you can get a good 10-year savings plan in place.
One of the most popular home repair loans is for a new roof. That’s because this job is one of the biggest you can have done on your house, and one that will need to be done about once every 20 years. If the burden falls on you to get your roof replaced the price tag can be daunting depending on the size and style of your roof.
Common roof replacement jobs can run anywhere from $7000 – $30,000 or more. Since most of us don’t have this amount sitting in a roof fund it often means taking out a loan and paying it back over time. One way around that would be to establish a roof replacement savings fund, although for many on a tight budget this might not be a realistic solution.
Getting your windows replaced in your home can make a big difference in your heating and cooling bill, but many times the upfront cost of the job is too high to justify having it done.
At an average of $500 or more per window things can really add up quickly, so it’s important to set aside some money if you can see you’ll need new windows in the near future. Many people will need financing in order to get their windows done, and the monthly payments can be offset by the cost savings during the summer and winter months, but not by much.
Your home’s exterior paint will eventually wear out and need to be redone. Depending on the size of your home (and whether it is two stories or one) it can be a rather expensive job. A proper paint job can last around 10 years, so make sure you start saving now if you see that your paint hasn’t been done in several years and is starting to look shabby.
National averages for exterior paint jobs can run from $2,000 to $5,000 or more. You can also look into getting siding so that it will last longer than paint, but will also set you back thousands of dollars.
We all love our kitchens, and we want them to look their best. That’s why kitchen remodels are one of the most common home improvement projects around. The old adage of budgeting twice as much as you think it will cost is very apt when it comes to kitchen remodels.
There’s a lot that can go wrong because of the gas and water lines, and there’s always a temptation to splurge on high-end kitchen products since we use them everyday. Whether you’re spending $5,000 on the low end, or $25,000 or more for a deluxe remodel, it often means taking out a loan to cover the cost.
Now you’ll be ready for the four most common home repairs. Start saving for them today!