The primary home ownership expenses that you may think about include a mortgage payment, property taxes, property insurance and HOA dues. However, numerous unexpected expenses can crop up as well, and these expenses can throw your budget for a loop if you are not properly prepared to pay for them. While these expenses may be unexpected, they also are rather common. In fact, you may have to deal with many of these expenses multiple times over your years as a homeowner.


A New Hot Water Heater

Your hot water heater is a feature that you may not think much about until you are faced with taking a cold shower unexpectedly one morning. Hot water heaters have a useful life of approximately ten to 15 years, but there is considerable variation in this based on how well you maintain your unit, how hard or soft the water is in your area, how frequently or heavily you use it and more. The cost of a new unit can range from approximately $600 to more than $1,000. In addition to paying for a periodic hot water heater replacement, you may also have to pay for repairs and maintenance services.


HVAC Repairs

Most HVAC systems are sold with a manufacturer’s warranty, and this will help you to avoid paying for repair services for the first few years in most cases. However, because you may use this system heavily most days of the year, your system will require regular repair and maintenance work. The cost of HVAC repair work can range from a few hundred dollars to much more. Your HVAC system will also need to be replaced approximately every 20 to 25 years, and this may easily cost you between $5,000 to $10,000 or more.


Pipe Leak Repairs

Pipe leaks are one of the more common plumbing issues that you may face. These are most commonly associated with cold weather conditions, but factors such as the house settling, an earthquake or general age or wear can also result in leaks. The repair cost may only be a couple hundred dollars or less, but the water damage repair costs could potentially be thousands of dollars.


Roof Repairs

A typical roof may have a life span of 30 to 40 years, but this varies based on weather conditions in your area, the type of roof you have and how well you maintain the roof. During these years, the roof may be damaged by bad weather conditions, pests and rodents or many other factors. Some repairs may cost less than $100, but others may cost several hundred dollars or more. A full roof replacement may easily cost between $10,000 to $15,000 or more.


Window Replacements

Replacing broken or cracked windows is necessary from time to time. This damage can affect property security, energy efficiency, the safety of those in the home and more. Replacing a single window may cost between $500 to $1,000 in many cases. Keep in mind that all windows will need to be replaced after approximately 20 to 30 years as well, and this is a major home improvement project you should plan ahead for.


A Property Insurance Deductible

Many home repair issues are not significant enough to qualify for a home insurance claim, or the cost may not be worth filing a claim over. However, when you have severe damage to your property, such as from flooding, a wind storm or a fire, you may need to file a property insurance claim. The typical deductible for property insurance is one percent of the replacement value of your home, but some homeowners have set up their policy with a different deductible amount. Before you can repair the damage, you will have to pay the deductible amount out of your own pocket.


Savvy homeowners will regularly save money in a rainy day fund, and this money may be used to make repairs when needed. By taking this step, you can rest assured that you will always be able to afford the maintenance and repair work that your home needs.

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