A plan for replacing appliances

As we know all too well, home appliances have a limited life expectancy and need to be repaired, maintained or replaced.

To get ahead of the game, homeowners might consider starting a roofing- and appliance-replacement savings account.

When the time comes to replace things around the home, they can tap into the account and not have to take out a second loan just to keep the home in operation.

It costs approximately $4,500 to remove and replace the shingles on a standard 1,500-square-foot home. That can be difficult for a homeowner who is living paycheck to paycheck.

A general rule of thumb to use for adding to your replacement account is to determine the useful life expectancy of some of the homes major appliances. Here are a few examples (average estimated costs do not include labor):

Garbage disposals. Life expectancy of five to 10 years, replacement cost $100 $250.

Refrigerator. Eight to 14 years, $550 $4,500.

Clothes washer. Seven to 10 years, $350 $1,200.

Clothes dryer. Seven to 10 years, $300 $800.

Microwaves. Approximately five years, $300 $500.

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A plan for replacing appliances