More than half (55%) of U.S. homeowners have experienced a major, unexpected home repair that significantly impacted their budget, according to a new study from U.S. News & World Report. The older your home gets, the more likely it is to need repairs. Meanwhile, 47% of homeowners polled said they stress out over the prospect of an unexpected major repair within the next year. These fears are compounded by rising global prices, tariff talks, and general inflation.
Older Homes Need Extra Care
Our homes, especially if we’ve lived there for decades, are a lot like our bodies: As we enter our 50s, 60s, and beyond, we may start experiencing issues like lack of energy, brain fog and weight gain that we never faced before. We can often reduce these symptoms through better maintenance of our bodies – exercise, proper nutrition and stress management, namely.
Likewise, older homes are more prone to breakdowns like failing appliances, bad electrical systems, or leaking roofs. Or it could be that your home (just like your body!) doesn’t perform as well as it used to. Electric bills may be higher because older appliances aren’t energy efficient. Rooms may feel drafty because of poor insulation or older windows. Your home may just look worn out and not feel as welcoming as it used to.
Whether you’re planning to keep your home for the long-haul, perhaps passing it on to your kids at some point, or you intend to sell and right-size your space during retirement, here are seven home upgrades you should make to improve your home’s value, reduce the odds of emergency repair costs, and create a better space to enjoy for years.
Light Switches, Sockets and Bulbs
Faulty electrical systems can cause dangerous fires in the home. If your light switches or electrical sockets are 20 years or older, or show any signs of wear, you’ll want to replace them. If you have older switches, it might be worth replacing them for aesthetic reasons, even before they show signs of problems.
Modern switches can cost as little as $2 each without the face plate on The Home Depot website, making this an affordable upgrade. But when you’re dealing with electrical systems, it’s a good idea to hire a licensed professional, which can cost $65 to $125 per fixture, according to The Home Depot.
Similarly, you may have already upgraded all the old incandescent lightbulbs in your home with LEDs as bulbs burnt out. If you have any old-style bulbs, swap them out now to reduce your electric bills. Replacing just five incandescent bulbs with LEDs could reduce your electric bills by $75 per year, according to SafetySourceLLC.com.
Gutters
Aluminum gutters tend to show wear and corrosion after about 20 years, according to TodaysHomeowner.com. Gutters route rainwater away from your home’s foundation. Faulty gutters can cause flooding and other damage. While it costs roughly $9 per foot to replace gutters, plus installation fees if you hire a professional, it’s smart to budget for this expense to avoid costly repairs.
Windows
Most windows can last 15 to 20 years before they need replacement, according to Window World of Baton Rouge. If you have older, single-pane windows, you’ll see substantial energy savings (read: lower electric bills) by upgrading your windows. If you notice condensation on the inside of the window (or between the panes), drafts, or higher electric bills, it’s likely time to replace your windows.
As a bonus, replacing windows can increase your home’s value, delivering an 85% return on your investment, according to Angi.com. Whether you’re planning to sell or refinance, new windows may be worth the upgrade costs.
Home Insulation
If you’ve lived in your home for decades, you probably haven’t thought much about the insulation. Like replacement windows, new insulation can reduce your home’s heating and cooling costs by 20%, leading to 10% savings on your energy bills in total, according to data from the U.S. Department of Energy. Electric companies in many states provide free home energy audits that will show you how you can improve the energy efficiency in your house. You can also take advantage of federal tax credits up to $1,200 for upgrading your home’s insulation.
Central AC
Replacing your home’s older central air conditioning system can save you 40% on energy costs. Most units are designed to last roughly 15 to 20 years, according to TodaysHomeowner.com. But even if yours is still running, it may reduce your energy bills if you replace any system older than 10 or 15 years. Plus, you can claim a tax credit of up to 30% of the project cost or $600 (whichever is lower) by upgrading to an energy-efficient unit, EnergyStar.gov reports.
Kitchen Appliances
Appliances: They don’t make ‘em like they used to. If you remember growing up with the same refrigerator or stove in the ‘70s or ‘80s that lasted throughout your childhood (bonus points as a GenXer if it was avocado, copper, or black!) but now, as a homeowner, it feels like you’re replacing appliances more frequently, you aren’t wrong. Between 1995 and 2005, kitchen appliances lasted from 12 to 13 years. Today’s models only last eight or nine years, as reported by CNBC.com.
If you’ve lived in your home longer than a decade and a major appliance hasn’t failed yet – be prepared. You can save yourself stress, along with the cost of spoiled food, by replacing kitchen appliances now. Plus, today’s EnergyStar rated appliances may help reduce your electric bills.
Roof
The average roof lasts 20 to 50 years, according to ThisOldHouse.com, although a metal roof may last up to 70 years. If you’ve never replaced your roof since you purchased your home, it’s likely time.
Installing a new roof on your home might lower your home insurance costs, according to Progressive.com, while older roofs may be ineligible for coverage. With storm season in full swing, it’s smart to replace your aging roof now to save money on emergency repairs down the line.
More from Nifty50+
- A ‘confidence expert’ provides a guide to changing your career
- What are ‘brushing scams’ & how to protect yourself
- The X Factor: Gen X becomes the most influential global consumers, according to study
- From Florida to NY – 7 great places to travel with extended family