Like appliances, heating and cooling systems have a “finite life,” according to Wallerius. If they’re still running, but on their last leg, you should probably invest in a new furnace or air conditioning system before the next season.

“The problem is that a 50 year old furnace, like a 50 year old automobile, may provide heat, but it’s not going to meet current efficiency standards,” Wallerius says. And with gas and electricity costs skyrocketing, old heating and cooling systems can be a real drain on your household budget.

The foundation and insulation of an older house can also cause big headaches for houseowners. Wallerius says termites are one of the biggest risks to a house’s infrastructure.

People often mistakenly believe that termites can’t live in cold climates, so they don’t think their Midwestern houses are in danger. But, according to U.S. Inspect, a Virginiabased house inspection firm, one out of every 15 houses in Chicago has termites.

“I’ll go into a house and the owners don’t think they have any problems with termites, and I’ll find out the only thing holding the house up is the paint,” Wallerius says.

Are you living in a “money pit”?
Since so many problems with a house aren’t obvious to the people living in it–until it’s too late–Wallerius says houseowners may want to consider shelling out for a professional inspection. And if your house is older, the probability that it’s going to need some repairs is much higher.

“Once the house hits a 30-40 year point, you expect an upswing in the occurrence of problems,” Wallerius says.

You should plan to spend up to 5% of your house’s market value on maintenance every year, according to Wallerius. So if your house is worth $300,000, you can expect to pay roughly $15,000 annually to keep it in shape. While that figure might seem doable, many houseowners run into financial trouble when one or more costly problems, like outdated electrical wiring or a termite infestation, crop up in the same year.

Trading house-improvement for life improvement
Keeping a house in good working order saps your savings and your free time, and costly repairs are a huge cause of stress for many houseowners.

For many older adults, maintaining a large house after the kids have moved into houses of their own just doesn’t make sense anymore. The $20,000 a new roof might cost could instead finance that family vacation you never had time for when you were working. The $5,000 energy-efficient furnace might have to come out of your grandkids’ college fund.

The time and worry wasted on expensive house improvement projects could be better spent enjoying life, which is why more and more people are making the decision to move to Sedgebrook–where a leaky pipe or a broken washing machine are someone else’s problem.

“I loved my house. I thought I would be in it for the rest of my life. I thought it was all paid for with nothing to worry about. Well, not so,” says Ginger Kotz who traded her Chicago house, and the cost of maintaining it, for worry-free living at Sedgebrook.

While it’s natural to feel attached to your house, many Sedgebrook residents discover that they aren’t attached to all of the work it took it to keep it in good condition.

“I don’t miss maintaining our house. When I see ads for Home Depot, I think to myself, ‘I never have to enter this store again,’” says Kathryn Lord. “I read the Sunday paper in the home section, and you see how to get your house ready for the winter or how to get your house ready for the spring. We don’t have to do that ever again.”

Estimated costs of common home repairs
Studies show that you can count on paying, on average, 5% of your home’s value on maintenance expenses every year. That means for a house valued at $300,000, you can expect to pay as much as $15,000 on repairs and maintenance. Unexpected, often more expensive maintenance and repairs, such as the ones listed in the below chart, can creep up at the most inopportune times and have a negative impact on your monthly budget.

EDITOR’S NOTE: All estimates calculated using ServiceMagic’s online project estimator tool.

Roof replacement: $11,392

New water heater: $545

Replace wood floors: $6,528

Replace attic and wall insulation: $3,168

Install central air: $5,926

Replace wood siding: $17,517