Home repairs are just part of homeownership. But knowing the signs when a home repair is looming can help you act before the problem becomes more serious. And understanding the potential cost of repairs can help you be prepared when the time comes.

Quick tip: If an item is nearing the end of its average lifespan, be extra vigilant for signs of failure. And if you need to make frequent repairs on a particular item, it may be time to replace it.

A note about prices: Costs are estimates only. Actual prices depend on many factors, including the specific repair, features of the replacement item, local service costs and more.

HVAC (Heating, Ventilation, Air Conditioning)

Average lifespan: 12-15 years¹
Watch for: Leaky ductwork; uneven temperatures around your home; air not heating or cooling like it used to; higher utility costs without extra usage; system seems to never stop running
Repair costs: $75-$4,200²
Replacement costs: $3,000-$6,0002

23% of homeowners plan to upgrade their HVAC system during the next five years³

Roofing

Average lifespan: 15-30 years (asphalt shingle), 20-50 years (metal), 30 years (wood), 50 years (clay or slate tile)⁴
Watch for: Obvious leaks; ceiling stains that indicate leaks; shingles that are missing, peeling away, cracked or torn; large amounts of grit in the gutters; pieces of shingle falling; sagging between rafters
Repair costs: $200-$7,000⁵
Replacement costs: $5,727-$12,410⁵

18% of homeowners repaired their roof last year³

Plumbing

Average lifespan: 25-40 years (PVC), 70-80 years (copper), 80-100 years (brass, galvanized steel)⁶
Watch for: Leaky pipes or faucets; clogged or slow drains; wet spots on floors, walls or ceilings that indicate leaks from hidden pipes; low water pressure; discolored water; fixtures not working
Repair costs: $100-$7007
Replacement costs: up to $2,000 or more⁷

Water Heater

Average lifespan: 8-12 years (traditional), up to 20 years (tankless)⁸
Watch for: Cloudy, sandy or rusty water; lack of warm water or warm water doesn’t last as long; heater noises are louder; low water pressure; leaking around base of unit
Repair costs: $493-$600^1,7
Replacement costs: $1,400 (traditional)2 to $5,000 (tankless)⁷

Preparing Your Finances

Since repair and replacement costs vary, how can you financially prepare? You could choose from one of these three guidelines

• 10% — Every month, save 10% of your total monthly home expenses (mortgage, property and homeowners insurance)
• 1% — Every year, save 1% of your home’s value
• $1 — Every year, save $1 for every square foot of livable space in your home

Average annual home maintenance spending: $2,4673
Average home emergency spending: $1,9533

If you need to make a home repair before you’ve built up your savings, you could use a credit card for smaller expenses, while home equity or personal loans can help fill funding gaps for larger expenses. Leveraging your home equity in advance may also provide a financial safety net that’s ready to use when the need arises.

Learn more about home equity financing in this article. Or contact us to discuss your financing options. Visit us online or call 1-844-518-2360.

1. “What are the most common home repair costs?” Kristin Luna, SoFi, posted Aug. 23, 2022, https://www.sofi.com/learn/content/most-common-home-repair-costs, accessed March 20, 2023
2. “How much should you budget for home maintenance?” American Family Insurance, https://www.amfam.com/resources/articles/at-home/average-home-maintenance-costs, accessed March 20, 2023
3. “State of Home Spending in 2022,” Angi.com, https://www.angi.com/research/reports/spending/, accessed March 21, 2023
4. “How long does a roof last?” Samantha Hunter, Samantha Allen, Forbes, posted July 25, 2022, https://www.forbes.com/home-improvement/roofing/how-long-does-a-roof-last/, accessed March 20, 2023
5. “How much does a new roof or a roof replacement cost? [2023 Data],” Alison Kasch, Ami Feller, Angi.com, updated Nov. 21, 2022, https://www.angi.com/articles/how-much-does-roof-replacement-cost.htm, accessed March 20, 2023
6. “5 Signs It’s Time to Replace Your Plumbing,” Hi-Tech Plumbing & Air, posted April 27, 2018, https://www.hi-techplumbingandair.com/blog/2018/april/5-signs-its-time-to-replace-your-plumbing/, accessed March 20, 2023
7. “Here’s How Much Common Home Repairs Cost — and How to Budget for Them,” HomeServe, posted Oct. 29, 2022, https://www.homeserve.com/en-us/blog/cost-guide/home-repair-costs/, accessed March 20, 2023
8. “Solved! When to Replace a Water Heater, Explained,” Dan Casarella, BobVila.com, posted Jan. 26, 2023, https://www.bobvila.com/articles/when-to-replace-a-water-heater/, accessed March 20, 2023