Caring for Your Seattle-area Home: Repair or Replace?
If you’re a homeowner you’ve heard the exhortations to protect your single largest investment. You already know that properly maintaining your home is crucial to protecting it’s value. But when it comes to maintenance, many homeowners wrestle with making the decision about whether to repair or replace items. Those items could be appliances, or heating/cooling systems, or even elements of the house (such as flooring or windows). Which makes more sense: Repairing or replacing?
Financial experts frequently cite what’s known as the “50 percent rule” to help homeowners facing this choice. What they mean by that is that if the estimated cost for a repair is 50 percent or less of the amount you paid for the item it generally makes more sense to repair it. Bear in mind, however, that this “50 percent rule” has been around a while. The cost for some consumer goods has dropped since their original purchase (particularly when you adjust for inflation)—while costs for some repairs have increased. It might be more helpful to think in terms of using 50 percent of the replacement value—rather than the original purchase price.
On the other hand, some things actually appreciate in value. If you have some handwork in your home (built-in cabinets or something else that is hand-crafted), it may actually be more valuable now—or in the future. That would be something that you’d want to repair—even though it might be “cheaper” to replace it.
One of the biggest repair-or-replace items to consider is your Heating, Ventilation and Air Conditioning (HVAC) system. Because replacing the HVAC system (or even part of it) is a major expense, most of us want more information before making the leap on that. Energy Star has a helpful checklist that can help you make that decision.
If you’re not sure about things like windows, floors, trim, or siding, it’s a good idea to check with a reputable professional. Once they take a look at your home and the items in question they can help you think through the solution that fits your needs—and your budget the best. If you have questions about whether you should repair or replace, give us a call at (206) 824-8001 or shoot us an email. We’ll be happy to help.