As a homeowner, you know that appliances don’t last forever. You’re probably also aware that quality appliances aren’t cheap either. So how do you know when it’s smarter to repair or replace a broken appliance?
Determine the repair cost. Although most appliance issues can be repaired, it’s the cost that’s a huge issue. Figure out if it makes more sense to repair or replace the appliance. A good rule of thumb is if the cost to repair it is more than 50% of the cost to get a new one, it often makes sense to purchase a new one.
Know the age of the appliance. Issues and repair costs can add up, and if your appliance is too old, it might not be worth it to fix. Most kitchen appliances should last at least 10 years. Your appliance’s life span also depends on the size of your family. For instance, if you have children, you might run your washer and dryer more than if your household is just a couple.
Know if energy efficiency is a priority. Energy costs are another deciding factor. If your old appliance uses a lot of energy, it might make sense to switch it out. Check the Energy Star label on the new appliance to see how much money you could save.
Ultimately, the choice to replace your appliance depends on your needs and budget. Using this list before you decide can help you spend your money wisely and be happy with your decision.
Sources: Tricityappliance.com, Houselogic.com, Discover.com