We all know the popular home repair advice – to be prepared to switch out your major appliances every eight to ten years. Is that necessarily true, though? The even bigger question is, what can we do when the time comes for appliances to move on to the great appliance store in the sky?
Common Appliance Lifespans
Let's look at a few of the most common must-have items in our homes, per a study published by Statista:
- Refrigerators
Life: 13 to 14 years.
- Stoves/Ranges/Ovens
Life: 13 to 16 years for electric, 15 to 18 years for gas.
- Dishwashers
Life: 9 to 11 years.
- Microwaves
Life: 9 to 10 years.
- Washing Machines and Dryers
Life: 11 years for washers, 12 to 13 for dryers.
What to Do When an Appliance Goes Out
Well, the good news is clear – depending on how much we use certain appliances, they can live a little longer than what the usual advice on the street says. Again, the question lingers – when appliances go bad, what do we do? After all, most of us don't have a savings account set aside to replace expensive appliances the moment they go down.
Why Not Use a Credit Card?
The best option is to use the existing equity in your home to get the appliances you need, as most store and mass market credit cards carry high annual percentage rates (APRS) that will stack up the cost of the appliance over time, sometimes costing as much as half of the appliance by the time the minimum payments are finished! Trash that big-box store credit card offer!
Use a Cash-Out Refinance for New Appliances
A cash-out refinance is a mortgage refinance that allows you to access equity in your home. By refinancing and using the equity already in your home to take out cash, you can get access to money at a lower rate than you would if you instead got a personal loan, as mortgage interest rates are generally lower. And instead of adding another monthly payment to your list, you’ll only have to make one — your regular mortgage payment.
If you’re looking to renovate or have an appliance in need of replacement, start with giving Newrez a call to explore options – we’re here to help!
Source: Major household appliances: life expectancy 2022 | Statista
