Your Major Home Appliances: When to Repair and When to Replace

The purchase of a major home appliance is an investment that you would like to pay off for years to come. You expect your major home appliances to work hard and to work well. However, all appliances need maintenance, and all will eventually reach their failure point. People often get frustrated by this fact. However, appliances are no different than a car that comes with its own expiration date after so many years.

When major appliances fail there are many steps you can take to revamp their lifespan. The lifespan of a major appliance will typically depend on the volume and frequency of its use. Typically, a well-made appliance should last anywhere from around 10 to 20 years. That number should apply to appliances like your home’s water heater, the HVAC system, laundry machine, and additional kitchen appliances.

Being prepared for a major appliance to fail starts with one simple thing: a budget. If a major appliance is expected to fail even after just 10 years, setting aside just $20 a month will leave you with $2,400 to put toward any major home appliance expense. Now for those of you on a tight budget like we are, this is something that is totally workable and can be implemented into the tightest of budgets. One less meal out a month and bam! Covered. That should easily cover most major home appliances and installation fees. It is recommended to set this aside in a savings account set up especially for this expense. When you have a savings account that is labeled for home appliance repairs or replacement, it engrains the importance of that account.

Major Home Appliances: When to Repair and When to Replace

If you’re unable to secure several thousand dollars in savings to cover the cost of replacing a major home appliance, you’re not alone. With that said, a lack of savings is not an excuse for being unprepared for the cost of a major appliance failure. Check options for a cash advance online or make sure you have a low balance credit card with at least $1000 worth of credit available. If neither of these options are feasible, earmark one or more possessions for selling or pawning. If you lack the ability to do any of the above, you will want to reconsider homeownership.

Most major appliances will have a label that contains the date that the appliance was built. It may be encoded into a longer serial code. It is important to ensure that you are doing proper maintenance throughout the years to extend the life of your appliances. This can mean something as simple as changing a valve or a hose. However, all major appliances will eventually need to be repaired.

The typical rule of thumb is that if any repair or repairs cost more than half the cost of a new appliance, it is time to replace it. For example, if a furnace repair cost totals more than half of the cost of completely replacing the furnace; it is likely a good idea to get a new one. If you don’t have the money at the time, simply begin saving your money and do what you can to just maintain the furnace until you either have the money saved or the winter season has passed.

Additionally, it is important to take into consideration the benefits of gaining a newer model of appliance in your home. When it comes to replacing the washer, whether it’s a dishwasher or a washing machine, you will gain great benefit due to the upgrades in technology that modern washers now feature. The average washing machine lifespan is about 11-14 years. Instead of pouring money into continually repairing an old washer, you can look at purchasing a new washer with the latest and greatest technology as an investment in making your life easier.

Whether your major appliance is simply on the fritz or is on its last legs, the decision to repair or replace is crucial. However, it is important to remember that maintenance throughout the years is essential to keep an appliance working properly and to avoid major repairs or a total replacement.

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