If you’re like many other homeowners, you use a monthly budget to manage recurring expenses such as utility bills, homeowner’s insurance, property taxes, and your mortgage. Planning ahead by adding home repairs to your budget can help you avoid the stress of facing unexpected costs when problems crop up with critically-important household systems your HVAC.
Start Planning With Repair Cost Research
Researching the potential costs of home repairs is important to help you judge how much to add to your budget. The cost of different repairs can vary significantly depending on the issue, but here are two HVAC-related examples as food for thought:
- The heat exchanger in your furnace develops cracks, or your heat pump’s compressor quits without warning. Replacing a major component like the furnace or investing in new matching cooling components can cost you several thousand dollars.
- Your A/C stops putting out cold air mid cooling season, and you’re advised that there’s a refrigerant leak. To find and fix the leak, and recharge the cooling system with refrigerant, you may have to pay a few hundred to a thousand dollars or more.
Home Repair-Specific Budgeting Advice
To plan ahead for home repairs, you need to set aside a certain amount each month and let it build up until it’s needed. To determine a reasonable yearly figure to divide by 12, start with an average of 1% of your property’s value and a dollar per square foot of finished living space. Finally, add on 15 percent of this average for each of the following that pertain to your situation:
- Property age. In general, newer homes require fewer repairs than older ones.
- Lifetime maintenance. Regardless of age, unexpected repairs won’t crop up as often with a home that’s maintained consistently.
- Local climate. Homes in Portland can sustain extra wear and damage from our wet weather and seasonal temperature fluctuations.
- Structure type. You’ll have to pay all of the upkeep on a single-family home compared to a condo where many repair costs are shared.
For more advice about adding HVAC repairs to your monthly budget, contact us at Roth Heating & Cooling.
Our goal is to help educate our customers in the Metro Portland, Oregon area about energy and home comfort issues (specific to HVAC systems).