How to Budget for HVAC Repairs

Owning a home can be both a lucrative investment and a source of pride, but it can also be a financial burden if it’s not maintained properly. Due to its complex structure and multi-purpose design, the HVAC (Heating, Ventilation, and Air Conditioning) system can be one of the greatest sources of frustration when it comes to home repairs.

Just as you need to know the age of your house, knowing the age of your HVAC system is also incredibly important. Whether you had it installed or found it in place when you purchased the house, you should confirm the lifetime of the unit. This will give you an idea of when it will need to be replaced so that you can budget for the cost over time. With regular maintenance, HVAC systems are expected to last between 10 and 25 years. If the unit has been in the house for 7 years, you can estimate that you might need to replace it in 3+ years and can start putting away money each month for it.

Finally, after determining the necessary repairs and the expected lifetime of your HVAC system, estimate the cost of replacing sections or the entirety of the unit. As of November 2018, the average cost to install a central A/C unit in a home is $5,425. This means that if you have 3 years until it needs to be replaced, your costs could be covered by saving $151 a month. Even if you don’t plan on repairing your HVAC system, you should still save up for unexpected costs. Forbes Magazine recommends saving 1-4% of your home’s value every year for unforeseeable expenses.

If you’re a first-time homeowner with fresh questions or are simply considering a potential renovation, give our HVAC experts a call today at 903-838-6923 or send us an email at [email protected]!