As the quality of home construction and major appliances increased, it’s hard to keep in mind that they eventually will need to be replaced. It’s important to put some money into the monthly budget to cover the replacement costs of the HVAC equipment, the water heater and the roof, a home’s three most vulnerable and costly systems.
With money in the bank to cover their costs, you won’t be:
- Stressed financially;
- Paying high interest rates; or
- Living without the convenience, comfort or necessity of the appliance.
Estimating Lifetimes and Costs
The assumptions about longevity include timely maintenance and repairs. Neglecting them will shorten their durable lives.
- An HVAC system costs upwards of $5,000, depending on the size and energy efficiency you choose. This cost does not include its installation. Air conditioners and heat pumps last up to 18 years with routine filter changes and annual professional maintenance.
- Water heater efficiency standards rose a few years ago, and as a consequence, so have the prices. A new water heater and its installation may cost over $1,000. A water heater’s lifetime ranges from eight to 12 years.
- Roofing costs vary based on roof type and size. To be safe, allocate at least $7,000 for a new shingle roof. A standard shingle roof will last from 18 to 20 years and you can expect a tile roof to last 50 years and more.
Setting Aside Money
Calculate how many more serviceable months the HVAC system, water heater, and roof will last and divide that into the purchase price. If your HVAC system has 50 months remaining at a cost of $5,000, you’d need to put aside $100 in the monthly budget. If your home is new, experts recommend setting aside one to two percent of its value for appliance and roof replacements.
It’s easier to face the repair and replacement costs when you set aside money in the monthly budget. To schedule routine maintenance, contact CCAC, providing trusted HVAC services for homeowners in the Coastal Bend region.
Our goal is to help educate our customers in Corpus Christi, Texas about energy and home comfort issues (specific to HVAC systems). For more information about your HVAC system, download our free Home Comfort Guide or call us at 361-678-2495.