Besides from property taxes and mortgage payments, what other costs home owners should be prepared of? For those home owners who are planning to stay long enough on their home must be ready for additional extra costs of home ownership. There are some areas, appliances and home systems that eventually need to be fixed or replaced, such as the roof, furnace, hot water heater, etc. By having a budget set aside for this future replacement costs from the beginning, you will be able to pay for it when the time come that it does need to be replaced.The New York Times published an article that provides estimated costs and amount need to be saved by home owners for these extras that can come in home ownership.
Roof: You need to replace your roofs every 25 years, on average. Right now, average sized roofs may cost around $7,000 – $7,500 and to be able to pay for it home owners must start saving $25 per month from their budget.
Driveway: An asphalt covered driveway is recommended by some experts to replace it every three years. This will cost homeowners about $550, which mean a $15 savings is needed.
Trees: It is advisable to trim trees surrounding your house every five years that will cost you about $300 per tree. This future expense needs a $20 monthly savings from home owner’s budget.
Furnace: A furnace has an average service span of 18 years before it will need to be replaced. Replacement cost for this heating system is a bit expensive that will cost you nearly $3,800, so home owners need to be prepared for this future expense by starting to save $18 per month.
Hot water heater: A water heater with a tank will likely last for about 12 years before it needs to be replaced, which will cost you $1,200 that will need to have an $8 monthly savings. However, if you are using tankless water heaters with longer service span that can reach up to 20 years will cost you about $4,000.
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