The Expenses of Replacing Major Appliances

Major household appliances take a licking over their life span. Your fridge, your dishwasher and your oven all typically last a decade or more. When it's time to replace them, here's how much you can expect to pay for each, depending on the brand and the features.

Replacing a Fridge – At Least $800 New

Fixing an older fridge typically costs between one and a few hundred dollars. Older models with the freezer box on top are the cheapest, but most people opt for the side-by-side freezer box combination nowadays.

Box-top refrigerators will cost you around $800 to $900 on the low end, and up to over $8,000 for WiFi-enabled and over-sized models. The average fridge today costs around $1,500.

Replacing a Stove – At Least $500 New

Replacing your oven can get a little more complicated than replacing a refrigerator. There are so many different options for oven ranges and stove top combinations. First, modern stoves in high-end homes have trended toward the stainless-steel variety that gives a contemporary look to home interiors.

But there are so many more possibilities. Some ovens come separate from the stove top and grill. Burners vary from the old-school grated burners to flat, gourmet-style grill tops. You can buy double ovens and over-sized grills and even WiFi-enabled ovens that work with a smartphone.

For standard ovens with none of the bells and whistles, expect to pay a minimum of $500 if you can get a good deal. For a high-end, top-of-the-line stove and oven, expect to pay upwards of $2,000 or $4,000, on average.

Replacing a Dishwasher – At Least $600 New

Dishwashers don't typically last as long as other major appliances and therefore can be replaced for around $250 to $600 dollars, on average. Even the more expensive stainless steel versions with WiFi-enabled technology will only run you around $1,000.

Replacing a Washer-Dryer – At Least $1,000 New

Lastly, your washer and dryer may need replacing one at a time. It could be that your dryer conks out before your washer, and vice versa. Repairs typically cost a few hundred dollars for either.

To replace an old-fashioned, top-loading washer will cost anywhere from $350 to around $500. For the more modern and efficient front-loading washer, expect to pay between $1,000 and $1,500 just for the washer. Newer models also come with high-tech features that can push costs up even higher.

Dryers are about the same price to replace as washers, with nearly as many options. An older model costs under $500, but fancier, trendy dryers can cost over $1,000.
The trick is to replace items before they completely die and then force you to buy something new quickly. Plan in advance and keep an eye open for sales. If you make a purchase when it's not urgent, you have a better chance of spending less than you expected.

4 Signs It Might Be Time to Downsize

For years and years, we dream of the home we'd like to call our own. Your first home is usually cozy and warm, and then you start to have kids. This is typically the first time that homeowners believe that upsizing is necessary. Although the traditional notion for homeowners is that bigger is better, in some circumstances it might not be. As time goes on, there are more things you need to consider.
Read below to see the reasons you might think about downsizing your home.

Retirement
Approaching retirement is one of the most common reasons why homeowners think of downsizing. With retirement savings not lasting as long as most retirees expect due to the increased cost of living, and retirees needing more income because they are living longer, downsizing starts to sound like a great option.
Many retirees are hoping to stretch their retirement savings into the wee years of old age, so they are deciding to downsize their homes to save valuable cash each month.

Too much anxiety
Whether this anxiety is brought on by the physical upkeep of the home or other factors, once your home leads to more stress than it's worth, you may want to think about downsizing. Oftentimes, as they age, people are less able to care for their home the way they used to. Also, if one spouse passes on and the surviving spouse is left paying all the bills alone, it becomes hard to continue in a large home.
This may be the time to downsize — the price of a smaller condo or apartment is often easier for older people to manage, and the responsibility and cost of maintaining the home and most yard work surrounding the property is included in monthly fees. If your home is becoming a bit unmanageable, think about downsizing.

Unused space
If you feel like your home is swallowing you whole and you have a lot more space than you can easily use, it may be time for you to downsize. If unused rooms need cleaning because they are collecting dust and junk, it may be time for you to consider looking for a more realistic and manageable place to live. Maybe you can get a place with a pool that you can use often, or with a nice built-in patio grill to entertain.

Money opportunities
If your home has appreciated a lot and the money is for the taking in your neighborhood, consider downsizing and buying a nice luxury apartment with the money from the sale!