When money’s tight, anything you can do to save a little bit of cash is a win. But in your haste to slash costs from your budget, don’t limit your essential household maintenance spending. You need to keep your home’s appliances in good repair.
While you might have to spend some money to maintain your appliances, consider it an investment. All your upkeep may prevent largescale breakdowns, damages, and replacements.
What Does a Major Household Appliance Cost to Replace?
The average appliance comes with a pretty big price tag.
- Dishwasher: This time-saving appliance can cost anywhere between $250 and $3,500.
- Fridge: While the cost of a new fridge depends on its size and door style, you can expect to spend between $1,500 and $8,000.
- HVAC System: A new furnace can range from $3,000 and $8,000, depending on the fuel type. Meanwhile, a new AC unit can cost between $2,500 and $7,900.
- Oven/Stove: An oven’s bells and whistles dictates its cost. However, most range between $350 and $3,500.
- Washer/Dryer: Whether you buy them as a set, combo machine, or individual, you can drop at least one thousand on these laundry room essentials.
- Water Heater: The appliance that keeps your water hot can be an easy $100 — or it can cost as much as $8,300 if you need a large tank for a big family.
How would you handle an unexpected $2,500 to install a new air conditioner? Or the $3,500 needed for a dishwasher?
Most people aren’t prepared to drop that much cash without any warning. Instead, they would have to put this urgent expense on a line of credit.
A line of credit is a helpful financial tool for homeowners, as it provides an emergency fund in these difficult situations. If you get a digital line of credit, you can expect online borrowing any time you need cash, and you have credit available.
What is the Cost of Repairing Your Major Appliances?
With timely maintenance, you might not have to dip into your online line of credit as much. While you might still have to invest money in an appliance’s upkeep or repairs, these chores almost always cost less than an outright replacement.
- Dishwasher: This time-saving appliance can cost anywhere between $250 and $3,500 to repair.
- Fridge: Repairing a fridge can cost between $135 and $300.
- HVAC System: Having a technician look at your HVAC system typically costs between $150 and $650, depending on the issue.
- Oven/Stove: Most people spend around $200 to get their ovens fixed by a professional.
- Washer/Dryer: You can fix a washer or dryer for under $500 in most cases.
- Water Heater: The average repair costs around $500, too.
While it’s impossible to anticipate the exact cost of a repair, you can look at these ballpark figures to understand the importance of maintenance. Compare the cost of a new furnace ($3,000, on the more conservative end) to a repair, which may cost just $150. That’s a cost savings of $2,850!
If any of these major appliances are still under warranty, your policy may even cover some or all of these repair costs.
Sometimes, You Have to Spend Money to Save Money
All appliances have a finite lifespan, so you might have to consider your appliance’s age to see if a repair is worth it. But for relatively new machines, your careful upkeep can prolong your appliance’s life — and delay an expensive replacement.