Set Money Aside for Home Improvements

“Say what?!”

Sure, you scrimped and saved to purchase your home, and now you’re there – goal achieved, and dream realized.

So, no more need to keep setting money aside, right, other than for retirement, your kids’ educations, and so on? Uh, not so fast. You see, home may be where the heart is, but it’s also a place in steady and relentless need of upkeep.

Not much you can do about it – except, of course, to stash away some dough so you’re prepared for that next “uh-oh” moment. According to some experts, you’d be wise to set aside 1% of your home’s resale value to cover emergency repairs like these.

Roof Repair or Replacement. Roof replacement is one of the costlier home repairs, so it’s important to keep yours in good shape with routine maintenance. If yours is approaching the end of its expected lifespan, you can expect to spend $5,000 to $15,000, depending on size, pitch, and materials.

Electrical Repairs. Not all electrical repairs are emergencies. Some are routine and expected tasks, like adding an outlet, replacing a light fixture, or updating a panel. The cost of electrical update or repair services typically ranges from $130 to $4,000. If you don’t quite have enough money stashed away and the job is one of convenience, not necessity, it might be worth postponing the work.

Water Heater Repair or Replacement. The average tank-style water heater should last 10-12 years with routine maintenance. When it comes time to replace it, expect to pay around $1,200 depending on model, capacity, and energy efficiency.

Burst Pipes. One of the biggest headaches facing homeowners during an especially cold winter, a burst pipe can cause thousands of dollars’ worth of damage to your home and valuables in addition to the cost of replacing the pipe.

Tree Trimming and Removal. While many homeowners may not need to hire a pro to trim back a few overhanging branches, bigger jobs or those involving power lines will. Expect to pay around $500 for trimming and up to $3,000 for removal.

Furnace or Central Air Replacement. Regular maintenance can keep your home comfort systems running smoothly and efficiently for many years. But when utility bills spike, repairs become more frequent, and your home heating or cooling system is no longer adequately doing its job, replacement might be your best option. Plan on an expense of $7,000 and up.

Clearing Clogged Drains. Clogged drains are inevitable, even with the strictest of precautions. Clearing a sink or shower drain will cost you $100 to $250 depending on time and complexity, while clearing a main sewer line can set you but closer to $1,000 – and that’s only if the line doesn’t need to be repaired or replaced.

Pest Control. From carpenter ants and termites to mice, pests just love to make themselves comfortable in and around our homes. Treatment costs can vary widely depending on the degree of infestation. What’s more, you may need yearly maintenance to keep certain critters away for good.

We’re Pann Home Services, your friend in need for most home repair and improvement projects. We offer a complete range of heating, air conditioning, plumbing, remodeling, and handyman services. Contact us today and discover just how good we are to have around.