Converting from a renter to a homeowner means having to budget for homeowner expenses for big ticket items. I need advice on how to budget for these items. How much do you save each month to budget for these pending expenses?
I bought my home in 2013, a house that was built in 2003. Due to estimated life expectancy, I'm going to need to replace the roof in the next 10 years ($8k), replace the A/C heat pump in the next 5 years ($7k), replace the water heater in the next 5 yrs ($1k), replace the washer & dryer in the next 5 yrs ($1200), replace the refrigerator in the next 5 yrs ($1200), replace the dishwasher in the next 5 yrs ($1k).
That's just shy of $20k that I'm going to be spending for the forseeable next 5-10 yrs, assuming I don't have any unforeseen costly repairs crop up like plumbing leaks, or what have you.
The only way I can foresee myself being able to afford $20k is to finance all of it like a car loan, paying ~$280 a month for everything when all is said and done.
Right now I'm saving about $160/mo to my EF (currently at $10k), $320/mo to my 401k, $100/mo car, $100/mo for gifts/travel/engagement ring savings.
I don't see where I can budget another 250-300/mo for these homeowner expenses.
Submitted April 17, 2016 at 10:22AM by yoyodespin http://ift.tt/1NfX6Tp personalfinance
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