The costs to maintain, repair, and replace home systems is one of the hardest budget calculations a homeowner must predict. The size, age, and condition of your home at the time of purchase will all impact how much money you need to spend to keep your place in shape. Generally, though, home experts suggest that you set aside between one and three percent of the home’s cost each year for home repair and maintenance costs. (If your home cost $250,000, you’d need to allocate anywhere from $2,500 to $7,500 each year for home repair, replacement costs, and preventive maintenance).
The chart below shows estimates to repair or remodel different portions of your house and is based on data* from Freddie Mac, the lending organization. Bear in mind that these costs are estimates and prices can vary widely from region to region and based on the quality or finishes of materials you choose for repair and replacement projects.
Outdoor Projects:
Regrade Lawn $500 to $1,500 New gutters/downspouts $2.50-$3.50 per linear foot Install French drain/sump pump $2,000-$3,500 Replace asphalt/fiber shingles atop existing shingles $1.00-$1.20 per square foot Remove and replace shingles $1.30-$1.75 per square foot Install storm windows $60-$100/a piece Replace existing windows $250-$500/a piece Additions:
Single-car garage addition $6,000 to $9,000 Double-car garage addition $8,000 to $12,000 Building an addition $70-$120 per square foot Half bath addition $3,500 to $5,000 Full bath addition $7,000 to $12,000 Indoor Projects:
Porch enclosure $5,500 to $15,000 Drywall ceiling over plaster $1.50-$2.00 per square foot Convert basement to rental unit $30,000 to $50,000 Bathroom remodel $7,000 to $12,000 Increasing electrical capacity to 200 amps $700 to $1,200 Running separate electrical lines $150 to $300 Install connectors on outlets $15 to $20/per connection
$2,000 to $3,000 (entire house)Build masonry fireplace $3,300 to $$4,800 Install prefab fireplace $1,800 to $2,300 Reline chimney (terra cotta) $2,000 Sand/finish wood floors $1.50-$3.30 per square foot Install ceramic tile $11-$22 per square foot Install vinyl tile floor $2.64-$5.34 per square foot Install wall to wall carpet $3.38-$6.61 per square foot Replace hot water boiler $2,500 to $3,500 Install attic ventilation $250 to $450 Insulate attic/basement $0.75-$1.20 per square foot Kitchen remodel $8,000 and up Appliance replacements and additions:
Replace warm air furnace $1,500 to $3,800 Replace electric heat pump $2,200 to $3,600 Replace central A/C $2,600 to $3,500 Install humidifier $300 to $550 New water heater $300 to $650 New well or septic system $3,000 to $5,000 Install sump pump $400 to $500