Homeowners, Start Budgeting for These Major Expenses Now

Homeowners, Start Budgeting for These Major Expenses Now

Aug 13

Being a homeowner is a major financial commitment. Not only do you have to pay the mortgage, but you also have to keep up with all of the repairs and maintenance around the house. Even the best appliances don’t last forever, and preparing in advance for replacements is much less stressful than facing an unexpected expense.

Here are four replacements you should start budgeting for now:

HVAC System

A typical modern HVAC system lasts around 12 to 15 years, but your HVAC unit’s lifespan can vary depending on several factors, including whether or not it undergoes routine maintenance.

The average cost of replacing an entire HVAC system ranges from $5,000 to $10,000. This is one of the most costly home expenses, so if your HVAC unit is more than a few years old, you should start planning for it.

Water Heater

Gas water heaters usually live around eight to 12 years, and electric water heaters typically have a lifespan of 10 to 15 years. Classic signs of an old or broken water heater include brown or rusty water, gurgling sounds, and water leaks.

A traditional water heater costs around $800 to $1,500 to install, but tankless water heaters can cost up to $3,000. The exact cost varies depending on the type of heater, the size of the unit, and your location.

Sump Pump

Replacing a sump pump usually costs around $400 to $600. This is less expensive than many other home repairs because the drainage has already been installed. The average life expectancy of a sump pump is around seven to 10 years.

Some of the most common issues with an aging sump pump include ratting or grinding noises, wobbling or vibrating, rust, and irregular cycling. A broken sump pump can cause flooding and other problems, so it’s wise to replace it before it fails.

Sewer Line

Repairing a sewer line costs around $2,500 on average, but could cost upwards of $3,000 depending on the job’s scope and complexity. The piping material can make a big difference in the total cost of the replacement. For example, cast iron costs much more than PVC.

Fortunately, sewer lines have a long lifespan of about 50 years. PVC pipes can last 100 years or even longer in ideal conditions. The sewer line is a significant expense, but it is hopefully one that you’ll only have to pay for once or twice.

AAA Service Plumbing, Heating & Electric is a leading provider of plumbing, HVAC and electrical services in the Denver area. To schedule your appointment, call (303) 622-3449.