Hughes Realty Group Residential and Property Management

One thing I won't stop telling 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.
Roof
Life span: 20 years
Average replacement cost: $9,353
Savings plan: Save $20 - $40/month
HVAC/Furnace
Life span: 15-20 years
Average replacement cost: $7,500 (replace both at once to save)
Savings plan: Save $10 - $30/month
Smoke Detectors
Life span: 8 years
Average replacement cost: $20 - $50 each
Savings plans: Replace one detector each year.
Wood Deck
Life span: 10-15 years
Average replacement cost: $4,100 - $11,700
Savings plan: Save $20 - $50/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
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.

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