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Inflation is affecting prices on everything from groceries to your utility bill. And home appliances have also seen a major surge — which can really cost you since these products were already so costly to begin with.
“We’re seeing that home appliances, HVAC systems, electrical components and water heaters are all being impacted by cost inflation,” said Raj Midha, senior vice president and general manager at American Home Shield. “Equipment and parts that use raw materials like microchips, metal, plastics and lumber are becoming more difficult to source and as a result, are increasing in price.”
See: How To Protect Your Financial Future From the Effects of Inflation
Read: When Will Inflation End? (And What Can You Do in the Meantime?)
Here’s a look at just how much costs are rising, and how homeowners can take preventative measures to avoid having to replace their pricey appliances and HVAC systems.
Appliances and Heating and Cooling Systems Are Now Significantly More Expensive
“Consumers can expect double-digit increases for prices of some appliances, air conditioners and water heaters,” Midha said.
As of December 2021, appliance prices were up 13% year over year and HVAC system prices were up 14% year over year, according to the Bureau of Labor Statistics.
“We have seen in the market that the prices for water heaters are up by 40% or more compared to the same time just one year ago,” Midha added.
Find Out: What Adds More Value to Your Home: Indoor or Outdoor Upgrades?
Preventive Appliance Maintenance Can Save You Big Time
If you don’t want to spend an arm and a leg to replace your refrigerator or HVAC system this year, it can pay to do some preventive maintenance. The first step is to figure out if your appliance is due for any professional maintenance.
“For each appliance in your home, such as your oven, refrigerator and dishwasher, we recommend taking the time to familiarize yourself with the manufacturer’s instructions,” Midha said. “Since recommendations can vary among brands and models, it’s crucial to do your research. If your appliances came with your home and you don’t have a copy from the previous owners, check the manufacturer’s website for an electronic version.”
In between any necessary professional maintenance, keeping your appliances clean can help them to last longer.
“A good rule of thumb is to clean appliances — inside and out — on a regular basis,” Midha said. “Keeping the gaskets clean around appliance doors and cleaning refrigerator coils can help it run more efficiently.”
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