What to Save for Common Homeowner Expenses

Being a homeowner is a rewarding experience. After all, you don’t have to answer to a landlord, you have a space to call your own, and you own an asset with equity. However, being a homeowner can also be expensive, especially if you have an unexpected repair. If you want your home to retain its value, as most homeowners do, you'll want to take care of problems as they arise rather or they may end up becoming big expenses. A good rule of thumb is to have a few months worth of expenses in the bank in case something happens, so you can take care of it right away. Here are a couple of expenses you can expect to come up when you own a home.

HVAC Repair

You can almost guarantee that at some point throughout your homeownership you'll have to replace your furnace or air conditioning unit. Those costs can run anywhere from $2,500 to $5,000 or more to replace a broken furnace or air conditioner. To prolong the life of your unit, you should schedule routine maintenance on each unit twice a year. A good technician can help keep your unit running longer with regular service and may also notice potential problems before they become major issues.

Roofing

One of the most important components of a home is the roof. If yours falls into disrepair, you may end up with leaks or structural damage to your home and the need for a whole roof replacement. Replacing a roof costs the average homeowner $10,000. The good news is that a well-built roof can last as long as 30 years. Check on your roof once a year to assess its condition and address and rips or cracks. This could save you unnecessary repair costs down the road.

Paint and Siding

Part of owning a home is keeping up with its exterior appearance. Painting a home is generally much cheaper than siding but will need to be done more often. Siding can cost over $10,000 but if it’s well maintained it can last the lifetime of your ownership. While some may think that painting and siding a home is for cosmetic purposes only, it can also help keep your home insulated and sealed off from insects that may otherwise burrow into your home’s structure and cause damage.

Windows

People often overlook the windows in their home, however, they are an important piece of your home to keep in good condition. A good set of windows can increase your home’s efficiency, lower your energy bills, and increase your home’s overall value, particularly because they can often run well over $10,000 to replace, depending on how many you have and what type of windows you want to have installed.

Hot Water Heater

Every home needs a working hot water heater, and the last thing you want is to have one break down or burst. Luckily you can get a good hot water heater for your home for well under $1,000, and they should last up to a decade or more. Luckily, there are several home repair service companies for all types of issues if you can’t fix something yourself.

Plumbing

If you’ve ever been in the middle of a shower and had a pipe burst or have been on the receiving end of a leaky toilet, you know the importance of having working plumbing in your home. Rusted out or leaky pipes, broken showerheads, and clogged sinks are a regular part of owning a home, and emergency plumbing calls are not always cheap. Having a stash of emergency money can help when the unexpected comes up and make shouldering the burden easier to bear. With some planning and routine maintenance around your home, you may also be able to get some more use out of these household necessities as well.