I've Owned Homes for 15 Years. Here Are the 3 Biggest Repair Expenses I've Faced

I love being a homeowner. My mortgage payments are affordable, I'm building equity, and I've been able to customize my house the way I want. But I also realize it's expensive to own a house -- especially because I own both a primary residence and a vacation home.

In the fifteen years that I've owned various properties (I'm on my third vacation home and first primary house), I've incurred a lot of repair expenses. Here are some of the biggest ones to come out of my bank account, so you can get an idea of the costs you might have to one day pay as a homeowner.

1. A new roof

The single most expensive item I ever purchased as a homeowner was a new roof. While the average cost of a new roof is $10,000, mine cost me much more than that due to my home's location and complexity of its design.

Roof shingles are supposed to last for 20 to 50 years in many cases, depending on what shingles you get. Some are even called names like "30-year shingles." In reality, though, your roof may develop problems well before that -- especially if you live in a hot climate and experience a lot of wear and tear.

If you buy an older home or stay in your house for long enough, you're going to get stuck putting a roof on at some point, since you can't just let your house leak. It's very important to save up for this big-ticket expense so you don't end up struggling to afford it when the time comes.

2. A new air conditioner

Air conditioners can be an optional luxury in some parts of the country. In others, like where I live, they're a necessity during the hot summers. They're also expensive, with an average cost of $5,913.

When I installed my air conditioner after my old one quit working on a hot summer day, I spent $6,000 for parts and labor. It was worth every penny, but I sure was glad I had a home repair fund to cover the costs.

3. A new water heater

Water heaters are just tanks that hold water, so I figured I'd be out a few hundred bucks when mine broke. The problem is, there are a lot of regulations on energy efficiency that have driven up the cost. Since I needed an 80-gallon water heater to accommodate multiple showers and two washer/dryers in my home, I was looking at a cost of more than $2,500.

While smaller models are cheaper (a 40-gallon tank will run you around $450 to $500), you don't want to go too small and constantly run out of hot water. You also can't easily just buy a bunch of smaller tanks and link them together without paying a lot of extra costs, if it's even doable in your configuration (believe me, I asked!).

These are just a few of many expenses you could end up having to pay if you own your home. To make sure you're prepared, you should have a dedicated savings account for home repairs and deposit around 1% to 2% of your home's value into it every year. Treat this expense like a must-pay bill for your home, like your monthly payment to your mortgage lender. This will save you from having to tap your emergency fund or go into debt when the need for repairs inevitably arises.