Most Important Thing I Learned as a New Homeowner

One thing I won’t stop telling new homeowners?

Budget for repairs and replacements.

Taking this advice early in homeownership can be a lifesaver down the road. Here are some notes I’ve shared with my buyers — I’ve updated it with life span estimates, 2024 replacement costs, and monthly savings goals.

Roof

Life span: 20 years

Average replacement cost: $9,353

Savings plan: Save $20 – $40/month

HVAC/Furnace

Life span: 15-20 years

Average replacement cost: $7,500 (replace both at once to save)

Savings plan: Save $10 – $30/month

Smoke Detectors

Life span: 8 years

Average replacement cost: $20 – $50 each

Savings plans: Replace one detector each year.

Wood Deck

Life span: 10-15 years

Average replacement cost: $4,100 – $11,700

Savings plan: Save $20 – $50/month

Washer and Dryer

Life span: 10-15 years

Average replacement cost: $1,000 to $2,300 per set

Savings plan: Save $10 – $50/month per appliance

Stashing funds away in a High-Yield Savings Account (HYSA) each month can give your savings an extra interest boost. Plus, platforms like Ally let you set up ‘buckets’ for each savings goal. Even if you can’t save for all of these at once, start a general home repair fund.

Plus, I’ve created a tracker that will help you manage it all. Just shoot me a message, and I’ll send over my Homeowner Maintenance Tracker.

How Much Does Roof Replacement Cost in 2024? | Angi

Cost to Replace Furnace and Air Conditioning [2024 Data] | Angi

Deck Replacement and Repair Costs [2024 Data] | Angi

How Much Does a Washer and Dryer Cost? [2024 Prices]