Lifespan and budget of most big ticket items around the house

Lifespan and budget of most big ticket items around the house

Ever wonder about how long something will last? Should you start budgeting for that new furnace now, or does it still have a few good years left in it? If you do need to start planning, how much should you set aside? It can be difficult to plan and budget if you have never purchased these items  in the past. Below are some of the most common items around a house that will need to be replace, how long their average lifespan is, and how much to budget for. Please use these figures as a guideline as prices will change from city to city.


HVAC

FURNACES

Lifespan: 15 – 20 years
Replacement costs:  $3,000 – $5,500

Furnaces in Canada must be at least 92% AFUE (Annual Fuel Utilization Efficiency). This means that 92 cents from every dollar you spend in heating your home, actually heats your home and is not wasted. You may see 80 to 90% AFUE mid efficiency furnaces, but these are targeted towards the US market where the climate is milder. Higher efficiency furnaces with 95 to 96% AFUE may cost a few hundred dollars more, but are recommended and may qualify you for rebates. Speak with a licensed local HVAC contractor about any rebates you may qualify for before you purchase and install your furnace. Ultra high efficiency furnaces are in the 97 to 98.7% AFUE range and may cost $500 to $1000 more than the 92% AFUE range.

Costs for furnaces may run between $3000 and $5500 depending on size of home and level of efficiency. These costs include installation but may vary from city to city.

Ducts

Lifespan:  Indefinite
Installation costs:  $3,000 – $5,000

If you are converting from baseboard or boiler you may need to install ducts for forced air. These costs may vary depending on possible required renovations or repairs to facilitate their installation.

Air Conditioner

Lifespan: 15 – 20 years
Replacement costs:  $3,000 – $4,800

Air conditioners are a necessity during those hot summer days. Before you purchase a high efficiency AC unit, you better speak with a licensed HVAC installer to determine what size is required for your home. An AC that is too small will not be able to cool your home, while one that is too large will not be able to extract the humidity from your home.  In addition to the size of the AC, you will want to know the Seasonal Energy Efficiency Ratio (SEER). This number can be found on a sticker on the unit itself and range from 13 to over 20 SEER.

Costs for air conditioners range from $3,000 to $4,800 depending on size and brand, etc. These costs include installation but may vary from city to city.


Plumbing

Water Heater

Lifespan: 8 – 12 years
Replacement costs:        Storage Tank: $1,000 – $1,300
                                           Tankless: $2,000 – $4,500

Hot water heaters should be maintained frequently to extend their lifespan. Signs of a water heater on its way out are leaks, limited or no hot water, and a pilot light that refuses to stay lit. When the time comes to replace it, you should budget between $1,000 to $1,300 for a storage tank water heater. Tankless water heaters have come a far way and are quite popular and range from $2,000 to $4,500. These prices include installation and vary depending on your water volume requirements and brands. Prices may vary from city to city.

Dishwasher

Lifespan: 10 years
Replacement costs:        Dishwasher: $400 – $700
                                           Installation: $100 – $600

Dishwashers are typically broken into 3 levels, budget, mid, and luxury.  Budget dishwashers are typically under $500. Mid range lies between $500 and $1,000 while anything above that is luxury.  Despite these 3 ranges, the average spent on a dishwasher is between $400 and $700. Installation ranges from $100 to $600 depending on whether you use a retailer to purchase and install, or a local plumber. Prices for installation will vary from city to city as well.

Washer and Dryer

Lifespan: 10 years
Replacement costs:        Washer: $300 – < $2,000
                                           Dryer: $300 – > $2,000
                                           Installation: $100 +

You can find significant savings when you purchase a washer and dryer together as a pair, but you may need to replace just one or the other. A washer on its own may range from $300 to over $2,000 while a dryer may range from $300 to just under $2,000. This wide range of price is due to the size of the appliance, the capacity, efficiency, bells and whistles, and the brand. It has been noted that appliances under $500 tend to make more noise. If the hook ups for the appliances are already in place, installation may cost as little as $100. Cost will increase drastically if you require plumbing and electrical work as well. Installation with plumbing and electrical work may cost $2,000 depending on the scale of the project.


Kitchen

Refrigerator

Lifespan:  14 years
Replacement costs:  $1,000 – $2,000

Refrigerators price range varies depending on the style of fridge you chose, its size, efficiency, features, and brand. There is a big difference between entry level and luxury. There is no installation fee for entry level models since all it entails is plugging it in. Higher end models may require plumbing hook ups. In these models installation can range from $100 if hook ups are already present, and may range up to $2,000 depending on scope of project to relocate plumbing.

Oven

Lifespan: 10 years
Replacement costs:        $600 – $1,000+

Ovens like fridges range in price due to their size, efficiency, features, and brand. Installation can be as easy as plugging it in for an electric model, to having a certified gas technician install a gas stove. Installation fees can range from $100 if the hook ups are already in place, to $2,000 for relocation/installation.


Exterior

Roof

Lifespan:  15 – 30 years
Replacement costs:  $5,000 – $7,000

Roofs and the shingles used are usually guaranteed for 25 years but this is not the average lifespan they actually see. Not only the quality of the shingles affects the lifespan, the quality of the installation has a big impact as well. Asphalt shingles are the most commonly used due to their cost, and they have a lifespan from 15 to 30 years on average. Metal roofing can last 70 years or more. According to HomeStars (https://homestars.com/cost-guides/roofing-cost/), the national average spent on repairing a roof was $4,750.

Windows

Lifespan:  30 years
Replacement costs:  $400 – $900 per window

Windows are very difficult to find an average on since it is so dependent on size and quality. According to this article from HomeStars article published in 2019 (https://homestars.com/cost-guides/windows-doors-cost/) the average is between $400 to $900 per window. There are many more details on the page to help you determine a more accurate price.

Exterior Doors

Lifespan:  100+ years
Replacement costs:  $1,200 per door

Wooden or steel exterior doors have a lifespan over 100 years. According to this article from HomeStars article published in 2019 (https://homestars.com/cost-guides/windows-doors-cost/) the average per door is $1,200 and you will not have to replace again in your lifetime. There are many more details on the page to help you determine a more accurate price.

This covers the majority of items in the home, how long they should last on average, and what to budget for when you have to repair/replace. As mentioned, these prices are guidelines and will vary from city to city. If you have any questions or concerns about how these items can affect the value of your home, or influence the price of your next purchase of a house, please contact Ryan Ligeza. I look forward to hearing from you.

Leave a Reply