Home Repair Infographic – How Long Will It Last?
This infographic shows the average lifespan and replacement cost of a home's major systems.
For our final post on Exploring Sustainable Homeownership as a New Year’s Resolution, we take a look at the true costs of homeownership – beyond the mortgage payment.
Serving as your own landlord can give you and your family great benefits like housing stability, wealth generation potential and just plain pride of ownership. But there are also added financial responsibilities you need to plan for in order to keep your home over the long-term.
A couple years ago, the Center created an infographic showing the average lifespan and replacement costs of a home’s major systems such as the exterior paint or siding, roof and furnace. As you assess your potential readiness for homeownership, and maybe even consider a specific house with its own set of major systems at various ages, it’s crucial that you understand these needs and plan accordingly. The best plans include dedicated yearly savings of at least one percent of the home’s purchase price.
Here are just a few of the items called out in the infographic:
Roof – A house’s roof generally needs to be replaced every 15-25 years at a cost of $5,000-$15,000 depending on size and steepness. Putting off replacing a roof in poor condition can lead to significant interior damage and add significant repair costs.
Heating System – A house’s heating system generally needs to be replaced every 15-20 years at a cost of $2,500-$4,500. Note that this cost does NOT include replacement of central air conditioning units, which have similar cost and lifespan numbers.
Exterior Paint – If your house needs occasional painting, this is a significant cost to keep in mind as well. A paint job will generally last from 4-10 years, at a cost of between $2,000-$10,000 depending on the size of the house.
The full infographic is available here and includes everything from appliances to windows. We hope you find it helpful!