How to budget realistically for home repairs | Features

Big home repairs often catch us by surprise, but maybe they shouldn’t. Every part of a house has a relatively predictable lifespan. Knowing when your furnace, roof, floors and even pipes will wear out can help you budget for their replacements. Start with online research to determine how long a given appliance or product typically lasts. Then, decide how much you’ll need to set aside to cover home repairs. An annual budget is a good idea. To keep your savings on track, you may consider a home warranty or a savings account dedicated to surprise home maintenance expenses.

If you’re a homeowner and haven’t faced a big repair bill yet, just wait. Even in the best-maintained homes, stuff will wear out or break.

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