Owning a home has a number of advantages. But you also need to grapple with tough decisions like: is my appliance worth repairing, or should I spring for a new one?
If the homeowner finds that an appliance is not working properly or not at all, there are a number of considerations to take into account to see which appliances are worth repairing. Some of those major appliances could include the stove, dishwasher, refrigerator, and microwave. The first factor to consider is the cost associated with repairing the appliance or simply purchasing a new one. Try and figure out what is wrong with the appliance. By making an educated guess, you can determine whether it is cheaper to buy a new one or have a repair person fix the current appliance by determining the "all-in cost." Certain fixes may take an hour and other several hours, and since repair technicians charge by the hour, you'll get a good amount of information here. Repair on refrigerators, stoves, and other costly appliances is often worth it; blender repair may not be.
Another major factor to take into consideration on which appliances are worth repairing is to determine whether the appliance that is not working should be upgraded. You should always be looking to add value to your home and looking to the future in anticipation of selling. Therefore, an outdated appliance may provide the perfect opportunity to upgrade the appliance, even though it may be fixable. For instance, replacement of an old stove with a new stove that has the added feature of it being a convection oven would upgrade the kitchen and add value in the event that the home is sold.
Time of Ownership
Finally, time of ownership is another significant factor to determine which appliances are worth repairing. If an old refrigerator is no longer working, perhaps it is best to purchase a new refrigerator rather than having the older refrigerator replaced. This is in the light of the fact that there are many innovations that are incorporated into new refrigerators today. Some of those new innovations could include filtered water that is easily accessible through the door of the refrigerator or lighting that comes on when the refrigerator door is opened. In addition, all of the major new appliances today are more energy efficient and, therefore, the replacement of older appliances would be more cost-effective in the long run.