Covering the Costs of Appliance Repairs
What Appliance Costs Will Home Buyers Pay Without a Home Warranty?
Some think a home warranty is an unnecessary expense. But in the long run, they may end up paying more on appliance repair or replacement without one. What are the average appliance repairs and replacement costs for popular home appliances?
You might not think that most home buyers are in the market for a home Systems and appliances Service Agreement (commonly known as a home warranty) but you would be surprised. Today’s buyers are sophisticated families who have done their homework and understand the value and protection a home warranty provides, particularly before, during and after a home sale. A home warranty protects the seller from shelling out serious dollar amounts while they’re in the midst of selling their home, but also prevents the buyer from tapping into reduced cash flow that is being channeled into closing costs.
The costs of home appliance repairs and replacements are also serious. From regular maintenance to repairs and replacement, here are some common expenses a buyer may be facing if they do not protect themselves with a home warranty.
The average annual maintenance cost of a refrigerator is $120 to $140, while the average replacement cost for a refrigerator can vary widely from $900 to over $8,000 depending on the model and its features. As a rule, buyers should consider buying a new refrigerator if estimated replacement costs exceed $700.
The bonus with a stove is that there’s no annual maintenance costs because all aspects of the oven are accessible. Just keep it clean and use with care. However, broken elements such as an igniter or the baking element can be pricy replacements, ranging from $110 to nearly $300. When the repair costs get into the $400 to $700 range, it’s worth investing in a new stove, which can range from $650 to $2,000.
The average maintenance cost annually for a washer is less than $100 but you can save money by checking the hoses yourself. The most common repairs (lid switches, rubber door gaskets) cost anywhere from $150 to $300 to replace. At the $500 mark, it’s worth considering replacement, especially if the washer looks like its motor or transmission is heading towards its demise. Top-loading washers are relatively inexpensive at $350 while front-loading washers will run your buyers $700 to $1,000.
Coils, thermostats and belts are the common culprits with dryers, costing around $150 to fix. Dryers cost approximately the same to replace as a washer, anywhere from $400 to $1,000.
As with stoves, there’s no annual maintenance cost for a dishwasher – just keep it clean and free of food debris. Common repairs can be a little pricy (pump cleaning at $300, control board failure at $200+) but replacing a dishwasher is relatively inexpensive, ranging from $400 to $700.
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