Repair It or Replace It? What’s Really Worth Your Money
Home improvement is constantly upgrading and getting better by the year. New technology, evolving methods, and more access to education contribute to this sort of growth. But when something in your new home or real estate project goes awry, you’re left with an important question: can I repair this or should I just replace it?
As a home repair and real estate staging expert, my expertise can help you find an answer to this head-scratcher so that you can save money or invest in a better home today. Scroll down to learn more about which projects are worth saving or replacing.
Severity of Damage
Before anything else, assess the damage. For minor issues like cosmetic cracks, leaky faucets, and squeaky doors, repair is often the more cost-effective option. Major breakdowns like crumbling foundations, and leaking roofs might necessitate replacement.
Safety Concerns
If the damage poses a safety risk such as faulty wiring or unstable structures, prioritize professional replacement to avoid potential accidents or injuries.
Repair Costs vs. Replacement Costs
Factor in the cost of parts, labor, and potential additional repairs needed for the lifespan of the item. Replacement might be more economical if repairs become frequent or require ongoing maintenance.
A great rule to remember is if the repair costs half of what the replacement would cost, you’re better off replacing the item. For example, if your hot water heater costs $600 to repair, but $1,200 to replace, replace it. A $600 repair indicates significant damage for an issue that's bound to haunt you until it finally gives out.
Return on Investment (ROI)
Consider the lifespan of the repaired item compared to a new replacement. If a repair only adds a few years, replacement might be a better long-term investment.
Let’s say a dishwasher's life expectancy is 12 years. After 10 years, it’s making funny noises and your dishes are somehow coming out dirtier. Even if the repair is cheap, no amount of fixing will add an additional 12 years to that dishwasher without driving up the cost.
Remember, cheap and cost-effective are two different things.
Availability and Cost of Parts
If replacement parts are difficult or expensive to find, repair might be the only option. This is the same reason your dad told you not to get that Audi; there’s nowhere near here that sells those parts!
Also factor in the cost of parts needed for the repair. If parts are available, but a significant portion of the repair cost, replacement might be more economical.
DIY Skills and Time Commitment
Consider your DIY skills and comfort level. Ask yourself these questions:
Did I do enough research?
Have I taken on a similar project?
Do I have the time before or after work to commit to a project like this?
If you answered no to all or any of those, paying a professional contractor might be worth your time and money.
Warranty and Insurance
If the item is under warranty, repairs might be covered by the manufacturer. Replacement could be an option if the warranty covers the damage.
Decisions, Decisions
After careful consideration, you may have found that the problem is either simpler than you thought or more difficult than you’d ever imagine. In any case, always make sure your job is done right with the proper safety precautions and best practices in place.
There’s an overwhelming wealth of knowledge about modern home repairs and home improvement projects that you can find on YouTube, TikTok, and Instagram. But costs add up, new questions arise, and this damn door is still squeaky. Don’t let yourself regret your own DIY projects. There are highly skilled professionals with years upon years of experience who are eager to take your real estate projects to the next level.
So Should I Replace it or Repair it?
Water Heater:
Repair: Minor leaks, faulty thermostats, or malfunctioning igniters can often be repaired.
Replace: If the water heater is nearing 10-12 years old, experiencing major leaks, or constantly needing repairs, replacement might be more cost-effective in the long run.
Additional Considerations:
Energy Efficiency: Newer models offer superior energy efficiency, leading to cost savings on your energy bills over time.
Tank Size and Usage: Consider your hot water usage and choose a replacement tank size that meets your needs.
Drywall:
Repair: Small holes, cracks, or minor water damage can be effectively patched and repainted.
Replace: Extensive damage, mold growth, or large areas needing repair might warrant replacing the drywall section.
Additional Considerations:
DIY Skills: Drywall repair can be a DIY project, but extensive repairs might require a professional for a smooth finish.
Matching Texture: Ensure the repair patch matches the existing drywall texture for a seamless look.
Insulation:
Repair: Minor gaps or tears in insulation can be addressed by adding additional insulation in those areas.
Replace: If the insulation is damaged by moisture, moldy, or severely compressed, losing its effectiveness, full replacement is recommended.
Additional Considerations:
Accessibility: Replacing insulation requires accessing wall cavities or crawl spaces, which might involve additional work.
Upgrading Insulation: Consider using this opportunity to upgrade your insulation for better energy efficiency and cost savings.
Doors:
Repair: Sticking doors can often be fixed by adjusting hinges or replacing rollers.
Replace: Extensive damage or warping might require door replacement.
Roofs:
Repair: Minor leaks or missing shingles can be repaired.
Replacement: New upgrades like solar, deterioration, or nearing the end of its lifespan suggest replacement.
Faucet:
Repair: Dripping faucets are often repairable by replacing washers or cartridges.
Replace: Extensive leaks or damaged handles might necessitate replacement.
Windows:
Repair: If the issue is a broken pane or faulty hardware, repairs might be an option.
Replace: Drafty windows with poor insulation might be better addressed by replacement.
Are you ready for a new home improvement project? Or did you decide you need a Neighborhood Pro? Whatever you choose, give us a call, and let us answer all of your home repair needs today!
