This all generally comes down to how regularly the item is used, what it’s used for, its expected life span and whether it’s kept indoors or if it’s exposed to the elements.
Of course, items can and will just break down or break completely, but a lot of the time, most things should last quite a while and serve their purpose until it’s time to repair or replace.
However, to ensure you’re prepared for any unexpected expenses, make sure that you regularly contribute to your rainy day fund. Allowing for an ‘upkeep budget’ inside of your rainy day fund will also ensure that you have the money to cover costs.
How about trying to predict when things will require attention or need replacing?
The best way to do this is to make an itemised list, working out the approximate age and life expectancy of different parts and items in and around the property and then estimate how much more life they likely have left in them.
Next, rank the parts and items from the most likely to need repairing or replacing to the least likely.
Doing this should also give you a good indication for where you’ll most likely be spending money over the next few years.
It can also help to prepare you to be on the lookout for those parts or items that will likely need replacing in the future to source for a better price.
This way, you then have the option to either install the new part or item before the old one breaks or at least, have handy for when it does need replacing.
While some things may last longer than expected, others shorter, by having an upkeep budget in place will help lessen the impact of unexpected expenses.
But how are you supposed to know how long everything is supposed to last?
While you should repair or replace parts and items before they completely break, below is a handy list of some common parts and items that make up a property with an expected, reasonable life span.
Safety and smoke alarms: Checked regularly and attended to as required
Electrical and plumbing: Checked regularly and attended to as required
General fittings and fixtures: Attended to as required
Interior paint: 5 – 10 years
Carpet: 5 – 10 years
Floorboard sanding: 5 – 10 years
Appliances: 5 – 10 years
Sinks and Taps: 15 – 20 years
Exterior paint: 15 – 20 years
Cabinetry: 15 – 20 years
Kitchen: 15 – 20 years
Bathroom: 15 – 20 years
Roof: 20 – 30 years
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This information is of a general nature only and does not take into account your objectives, financial situation or needs. We are not financial, legal or tax advisers. You should seek appropriate professional advice specific to you before acting on this information.
