Appliance Repair or Replace Calculator
Trying to figure out if you should replace or repair your rental property appliance? Try out our helpful calculator.
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Appliance Repair or Replace: Which Option Is Best for You?
When an appliance breaks down, one of the biggest decisions property owners face is whether to repair it or replace it. Appliance repairs can be expensive, and sometimes it’s hard to know if it’s worth fixing or if it’s better to invest in a new one. That’s where our Appliance Repair or Replace Calculator comes in!
We use the popular 50% Rule to help guide this decision. According to this rule, if the cost to repair an appliance exceeds 50% of the cost to replace it, it’s usually better to replace the appliance. Why? Let’s break it down:
The 50% Rule Explained
The 50% Rule is simple: if the repair cost of your appliance is more than half of the cost of buying a brand-new one, replacing it is often the more economical option. This rule works because appliances have a limited lifespan, and if an appliance is already showing signs of major issues, it may continue to break down, costing you more in repairs over time.
Formula
Repair Cost ÷ Replacement Cost > 0.5
In other words, if Repair Cost > 50% of Replacement Cost, replace the appliance. If Repair Cost < 50% of Replacement Cost, repair the appliance.
How It Works
- Repair Cost: Enter the cost to repair your appliance.
- Replacement Cost: Enter the cost to replace the appliance with a new one.
- 50% Rule Calculation: If the result of Repair Cost ÷ Replacement Cost is greater than 0.5, it’s more cost-effective to replace. If the result is less than 0.5, repairing is likely the better option.
