Now that Spring has sprung and we have all wrapped up our Spring Cleaning (right?!), we wanted to delve into a more complex discussion: the cost of large home repairs & the longevity of housing components.
When considering projects such as new roofing, chimney repairs, deck construction etc, most home owners determine their budget and make materials decisions centered on staying within the allotted funds. While we absolutely recommend budgeting for repairs, we also suggest doing additional research into the life expectancies of the components. Making educated decisions upfront, can save you money (and time!) in the long run.
This graph, generated by Home Advisor, offers the projected “true-cost” for a roofing project. This helpful site provides area-specific costing guides for over 300 types of projects – a useful resource for any home improvers!
Inspired by our good friend Grant Alley at Progressive Title Company – we went searching for a reference guide that could provide a broad overview of the expected lifeline of popular housing components: Life_Expectancy_Table. Given the proven hefty cost of a project such a roof repair, this 13-pg guide by True Professionals Inc, gives you a broad expectation of the longevity of your investment. Most materials such as slate, bamboo, gypsum, etc do not come with a clearly stamped expiration date (but wouldn’t that be nice!), so it may require additional research on your end to ensure that you have an accurate expectation.
It is important to note that useful lives of the listed items is affected most strongly by the material’s initial quality, the extend of the usage AND by the level of maintenance over time. Depending on the location of the component, be sure to have the item inspected and maintained seasonally.
Here are a few fun facts we recently learned:
- Natural stone countertops can be expected to last a lifetime, while cultured marble countertops have a shorter life expectancy
- Faulty, damaged or overloaded electrical circuits or equipment are the leading cause of house fires – have them inspected regularly and do not put of needed repairs or updates!
- Thermostats may last up 35 years, but they are usually replaced before they fail due to technological improvements.
- Masonry is one of the most enduring household components, which means that fireplaces, chimneys and brick veneers can last the lifetime of a home.
Have a big projects or repairs coming up? We would love to hear what materials you chose and your reason for doing so!
As always, we are hear for all your real estate needs (and beyond)!