When we were working with a fee only financial planner a few years ago to estimate if we were on track for saving for retirement, one of the things I did was to estimate how many times in our remaining lifetime we would have to replace appliances, a roof, cars and electronics. I made a table of every costly item that might need replacement, how old the current version was, the estimated life span of the item and projected replacement cost. Some things might have to be replaced many times and others only once in my remaining lifetime. The costs add up.
Here's some estimates I found on the internet. It could be helpful to use this information to consider your retirement plans. I know I'm wishing I still lived in the stucco house with the clay tile roof!
Replacing a Roof
Material
|
Life Span (years)
|
Replacement cost per 100 sq. ft.
|
Asphalt shingles
|
12 - 20
|
$160
|
Clay tile
|
50+
|
$480 - $1,100
|
Concrete tile
|
50+
|
$300 - $375
|
Metal panels
|
25 – 40
|
$150 - $775
|
Slate
|
50+
|
$470 - $935
|
Wood shingles and shakes
|
10 - 40
|
$210 - $310
|
Other Household Basics
Material
|
Life span
(years) |
Replacement cost
|
Aluminum siding
|
20-50
|
$2.50 per square
foot
|
Carpeting
|
11
|
$1.60-$6.50 per
square foot
|
Exterior deck
|
15
|
$8.50-$24 per square
foot
|
Exterior paint
|
7-10
|
20-75 cents per
square foot
|
Garage door
|
20-50
|
$425-$1,270
|
Garage door opener
|
10
|
$425-$1,270
|
Veneer (brick,
stone)
|
100+
|
$9-$13 per square
foot
|
Vinyl floor
|
20-30
|
$1.25-$5+ per square
foot
|
Vinyl siding
|
50
|
$1.55-$3 per square
foot
|
Wood floor
|
100+
|
$3.50-$10+ per
square foot
|
Wood siding
|
10-100
|
$1.50-$4.80 per
square foot
|
A 2009 article, (By the Numbers: How long will your appliances last? It depends) gave the following estimates for a variety of home appliances.
Appliances
Appliance
|
Life Expectancy (years)
|
Air Conditioners (room)
|
10
|
Air Conditioners (central)
|
15
|
Boilers (electric)
|
13
|
Boilers (gas)
|
21
|
Compactors
|
6
|
Dehumidifiers
|
8
|
Dishwashers
|
9
|
Dryers (electric and gas)
|
13
|
Freezers
|
11
|
Furnaces (electric warm air)
|
15
|
Furnaces (gas warm air)
|
18
|
Furnaces (oil warm air)
|
20
|
Garbage Disposers
|
12
|
Humidifiers
|
8
|
Microwave Ovens
|
9
|
Range/Oven Hoods
|
14
|
Ranges (electric)
|
13
|
Ranges (gas)
|
15
|
Refrigerators
|
13
|
Refrigerators (compact)
|
9
|
Thermostats
|
35
|
Washing Machines
|
10
|
Water Heaters (electric)
|
11
|
Water Heaters (gas)
|
10
|
Water Heaters (tankless)
|
20+
|
Interesting charts... thankful that we have an EF! ;) lol!
ReplyDeleteCarla - I agree, an EF becomes critical when you have to be responsible for these kind of costs.
DeleteWow! Great list. Now to the figuring!
ReplyDeleteDon't let the results overwhelm you. The costs listed could probably be lowered through shopping sales, buying used if possible, etc.
DeleteGreat information! Thanks. ~~Bliss
ReplyDeleteGood information. In my case I bought a home only about five years old.......which means I ahve a much longer time frame than someone with an older house (one of the reasons I bought this house). Honestly I dont the EF is what I would use for these costs, rather a sinking fund for the house? Of course I am slowly putting money in my house anyway, lol.
ReplyDeleteIt must be lovely to have a newer house. It gives you time to save up and develop strategies for dealing with the inevitable replacement costs.
DeleteEveryone may wonder how long should it last factoring your appliances and properties. I think that we should be realistic about our plan. I think that you did a great job on indicating its lifespan to calculate your needs.
ReplyDeleteEssie - I agree that being realistic is important. Its hard to know the actual lifespan of these things but having an idea of future costs really helps.
DeleteI also agree being realistic is very important. One thing I've noticed in recent years is the lifespan of everything has been shortened massively from what it once was (not that this info is easily available on the internet) - when I bought my house it had the original appliances which were already 12 years old, they lasted another good 5-6 years. Once I replaced them, they didn't last even 10, some are only a couple years old and already having problems or needed to be replaced soon. Things are made so cheaply these days!!
ReplyDeleteGreat things to think about when planning for retirement! I'm hoping my planning works out so I'm able to take an early retirement - only 10 years to go if I plan things the right way!
Martha - How exciting to have a 10 year plan! It does seem that things need to be replaced more frequently and perhaps it is related to the computerization of many items. It is much more expensive to fix that than to fix a mechanical part.
DeleteEveryone may wonder how long should it last factoring your appliances and properties. I think that we should be realistic about our plan. I think that you did a great job on indicating its lifespan to calculate your needs.Factoring
ReplyDelete