Mid 90's home so Roof and AC went after around 30 years, along with various appliances-the fridge and dishwasher were original and we used them over 5 years here. Various plumbing fixes along the way like new outdoor spigots and new garbage disposal and new toilet. Painting the exterior of the home and various DIY inside and outside. New carpets after 10 years here and not knowing their age even. Furnace was done in 2009 by previous homeowners and has been solid. Just sharing a data point – nothing along the way felt egregious or like we got ripped off. It just came to be and had to be done and it adds up.
Homeowner just did the math-spent $82K on home repairs in 12 years of ownership, appx 2.5% of purchase price every year. Would love to hear other data points.
byu/kcs777 inpersonalfinance
Posted by kcs777
5 Comments
> Mid 90’s home so Roof and AC went after around 30 years, along with various appliances-the fridge and dishwasher were original and we used them over 5 years here
Was the age of the roof, ac, and appliances reflected in the purchase price?
1-4% of a houses price is pretty standard rule of thumb for repairs and maintenance.
yeah 1%-4% per year is quoted a lot.
That’s pretty normal. After 30 years a bunch of stuff is either worn out or dated. But you won’t need most of that stuff again for 20+ years.
Siding and windows are another big ticket item that often needs done just because builders typically use the cheapest crap they can get when they build a house. But this is also a one time expense.
You’ll probably need a new water heater soon if you haven’t done it yet. I should probably change the anode in mine.
Here’s my math:
Bought for 410k – new build.
Required Stuff:
5k for A/C (builder wanted 10 – required per wife)
3k on basic landscaping
6k for new roof (hail claim, 6k deductible)
12k for carpet
5k for painting/trim work
Optional Stuff
30k for Deck/patio/firepit
30k for basement finish (before covid, would be 60+ now)
Home worth 750k now – also I would have to pay rent somewhere else, so I have no complaints.