Homeowners Tips That Will Save You Money Part 7 of 9

In part 7 we will provide tips for when its time to invest in a repair or upgrade to save money.

Should you fix or replace a water heater?
A water heater’s life expectancy is ten to 15 years. A small repair will cost at least 10 percent of the cost of replacement; 20 to 30 percent is more likely. If yours is ten years old, replacement is usually smarter. Even if it’s just eight years old, consider a new one.

Should you file a claim with your insurance company?
Don’t file if it’s worth less than $1,000 over your deductible. Paying for a smaller loss yourself will almost always cost less than the premium increases you’ll face later.

Will new windows help cut heating costs?
Replacing your old leakers will lower your heating bills. But in most homes, the energy savings alone won’t justify the high up-front costs. Other factors—draft stopping, appearance, easy operation—are usually better reasons to swap windows.

Is new insulation a good investment?
It can be—or it can be an expensive mistake. First contact your utility company about an energy audit. It can recommend an auditor and may pay part of the cost. (Audits take two to three hours and cost $250 to $400.) The auditor will visit your home, perform some tests, and give advice on saving energy, including replacing insulation if needed.

In part 8 we will provide tips to use when planning to be away for a vacation.