8 Major House Expenses That Come Up Every Decade — And How To Afford Them

by EV Atlanta

Owning your home isn’t cheap. While typically a sound investment, it’s not one that allows you to sit back and do nothing while building equity.

“Homeownership comes with its pleasures and not so pleasant issues,” said Tammie Carter, a real estate advisor at Engel & Völkers Atlanta. “There are numerous items that you will need to plan for in the future to be replaced to preserve your assets.”

Being hit with a major home expense when you’re not prepared to foot the bill can quickly become a financial disaster. Therefore, it’s important to have an idea of common costs you may incur, so you’re not blindsided.

Taking care of your home is a big responsibility, so make sure you’re prepared to handle any expense that comes your way. Here’s a look at eight major house expenses identified by Carter, along with cost estimates sourced from HomeAdvisor.

Roof

National average roof replacement cost: $9,393

“Roofs typically last 20 to 30 years, some longer,” Carter said. “Have your roof inspected every decade or so and replace any damaged shingles, inspect the flashing and address any leaks to prolong the roof’s life.”

If your roof has already outlived its lifespan, is sagging, covered in moss or mold, or flashing, gutter guards or fascia have cracked or disappeared, consider this a sign a new roof is needed, according to Westfall Roofing.

HVAC System

National average HVAC system replacement cost: $7,000

“HVAC systems typically last around 10 to 20 years,” Carter said. “Regular maintenance can help extend the system’s life, but [it] will eventually need replacing.”

Getting ahead of an HVAC replacement can help you avoid having to avoid a seriously hot or cold house until it can be replaced. A few signs it’s time for a replacement include air flow out of the vents seeming a bit off, strange noises coming from the unit, leaks around the unit and an increase in your energy bill — for no apparent reason — according to Sears Home Services.