How Much Should You Have In Your Emergency Fund?
Owning a home can be expensive. Not only do you have your monthly mortgage, taxes, and insurance, but every now and then you’ll have to tackle emergency repairs. Repairs may be simple, such as replacing a leaky faucet, or costly, such as a new roof.
So how much should you set aside? According to the one percent rule, you should set aside at least one percent of your home’s value every year for home maintenance. Another good formula is saving 10 percent of the total cost of your property taxes, mortgage, and insurance payments.
Repair or Replace a Leaky Faucet
Whether it’s in the bathroom or the kitchen, chances are at some point you’ll have to repair or replace a leaky faucet. While repairing a faucet may not cost you anything more than a little elbow grease and time, replacing a faucet may be a bit more costly.
Roof Repair or Replacement
Replacing a roof may be one of the most expensive repairs a homeowner can be forced to make. The cost can be based on a number of factors, including size, pitch, and materials used. While repairs will usually be cheaper than a full replacement, sometimes it’s better to just rip everything off and start from scratch.
Clogged Drains
It doesn’t matter if it’s a sink drain, the shower drain, or your home’s main sewer line, having a clogged drain is no joke. Domestic drain clearing products have the potential to do some serious damage to your whole plumbing system and sometimes it’s beyond the work of a standard plunger. Hire a professional and save yourself a world of hurt with this one.
Leaky Basement
Leaky basements are a common issue for homeowners, whether your home is old or new. Fixes for leaky basements may include fixing cracks in a home’s foundation, adding drains and gutters, and/or installing a sump pump and drain tile. Needless to say – costs on this one can vary.
Burst Pipes
While we’re on the subject of water, burst pipes may be one of the biggest headaches for homeowners. Not only will you have to deal with replacing the damaged pipe, but you may end up needing to replace drywall and flooring, depending on the severity of the flood and the resulting water damage.
Electrical Repair
Whether it’s fixing a dead outlet or installing wiring and electrical panels, the cost of electrical repairs can vary. This is another repair that we do not recommend you attempt on your own – not only is there the potential to seriously injure yourself, but you could accidentally set your house on fire.
Water Heater Repair or Replacement
A traditional tank-style water heater has an average lifespan of eight to 12 years – but things can go wrong. Regular maintenance can help extend the life of the unit and can help you avoid dreaded water heater leaks and the floods that can occur.
Replacing a Furnace or Central Air Conditioner
Your furnace and air conditioner work hard to keep your home and its occupants at the ideal temperature. Regular maintenance will help keep these fixtures running efficiently, but there will come a time when they need to be replaced. Some electronic components of newer machines are prohibitively expensive to repair or replace – something to keep in mind when selecting a new appliance.
Garage Door Repair
Replacing or repairing your garage door and its opener is often considered a top home improvement project in terms of ROI, according to The Home Depot. At some point, repairs may be needed for the door’s track, spring or the opener itself – an easy fix that can be taken care of in an afternoon in most cases.
Mould Removal
Having mould in your home will not only cause extensive damage to your home itself, it can also pose a range of serious health risks. Mould remediation may be expensive but it’s a problem you really cannot afford to avoid. It’s definitely best to hire a professional, and better sooner rather than later.
Tree Trimming or Removal
Tree trimming and removal can be a big job, especially when it comes to logistics such as avoiding structures and power lines. Not to mention that debris will need to be hauled away. It’s best to be proactive – the last thing you want to deal with is preventable storm damage. The cost of this project will be based on factors such as the size of the tree, scope of the project, the tree’s health and amount of clean-up required.
Fixing a Running Toilet
This is a common homeowner repair: Fixing a running toilet. This may be a simple, relatively easy and inexpensive fix— a few hardware store supplies. However, a plumber will be able to identify problems you don’t know to look for to prevent it from happening again – and isn’t the peace of mind worth the cost?
Appliance Repair
At some point as a homeowner, you’ll likely face the task of appliance repair. Whether it’s the refrigerator, stove, dishwasher or the washing machine, the cost of these repairs can vary greatly. Consider a Homeservice Club Worry-Free Warranty Plan to help avoid these unexpected expenses!
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