Here’s something many Commerce Township real estate experts tell first-time homebuyers: Make sure you budget for repairs and replacements. This tip can save you a lot of headaches later on.
Here’s a breakdown, updated with life span estimates, 2024 replacement costs, and monthly savings goals:
✅ Roof
Life span: 20 years
Average replacement cost: $9,353
Savings plan: Save $20 – $40/month
✅ Washer and Dryer
Life span: 10-15 years
Average replacement cost: $1,000 to $2,300 per set
Savings plan: Save $10 – $50/month per appliance
✅ HVAC/Furnace
Life span: 15-20 years
Average replacement cost: $7,500 (replace both to save)
Savings plan: Save $10 – $30/month
✅ Wood Deck
Life span: 10-15 years
Average replacement cost: $4,100 – $11,700
Savings plan: Save $20 – $50/month
Pro tip: Putting your savings into a High-Yield Savings Account (HYSA) can give your funds a nice interest boost ( Think platforms like Revolut or Robinhood). Even if you can’t save for all of these at once, start with a general home repair fund.
