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The Cost of Ownership: Home Repair and Replacement Costs

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 and replacement costs.)

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-$1.20 per square foot
Remove and replace shingles $1.30-$1.75 per square foot
Install storm windows $60-$100/apiece
Replace existing windows $250-$500/apiece

Single-car garage addition $6,000-$9,000
Double-car garage addition $8,000-$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 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-$3,500
Install attic ventilation $250-$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-$3,800
Replace electric heat pump $2,200-$3,600
Replace central A/C $2,600-$3500
Install humidifier $300-$550
New water heater $300-$650
New well or septic system $3,000-$5,000
Install sump pump $400-$500

*Data provided here are intended as estimates only. If you are considering remodeling or replacing home systems, be sure to solicit bids from qualified contractors or source prices in your own market.