(MONEY Magazine) — Lean times call for budgetary triage. But while you should clearly opt for orthodontics before Disneyland, the choice is tougher when it comes to home maintenance.

Should you get a paint job or a new furnace? “There’s no homeowner’s manual that tells you when to do what,” says Naperville, Ill., home inspector and structural engineer Mark Waldman.

Emergencies aside, the project that could cause the most damage and expense if left unfixed is the priority. Below, the order in which to tackle your biggest repair needs.

Wiring problems claim the No. 1 spot for good reason: They can lead to fires and electrocution. “That trumps everything,” says Waldman.

Danger signs: Circuit breakers that trip frequently, lights that dim when you turn on the vacuum or outlets that are loose, hot, or accept only two-prong plugs.

How to check: Spend $300 to $500 for a licensed electrician to open up your main panel to look for trouble and to tighten any loose connections. He’ll also spot-check switches, outlets and light fixtures to ensure that the wiring is in safe working order.

Replacement cost: $4,000 to $10,000 to rewire the house.

Prolong its life: Flip every circuit breaker off and on again once a year to prevent corrosion. Add new circuits ($100 to $500 each) to take the heaviest electrical loads, like window air conditioners, off the old wires.

Structural problems downstairs mean shifting and cracking upstairs — at the very least — so there’s little point in doing other repairs until you’ve fixed the building’s foundation.

Danger signs: Bowed or split beams, rotted posts, piles of sawdust (evidence of wood-boring insects), tiny mud trails (indications of termites), or large cracks in the masonry foundation — especially if the cracks are horizontal, which tends to indicate a bigger problem.

How to check: A contractor will usually take a look free of charge. If he recommends significant repairs, hire a home inspection engineer (find one at nabie.org) to investigate ($350 to $500).

Replacement cost: Major foundation work can cost $3,500 to $8,000; new posts or beams could run $1,200 to $2,500.

Prolong its life: Water is the cause of cracked concrete, rotten timbers and wood-eating pests. So keep your basement dry by making sure the landscape slopes away from the house and maintaining the next two items on the list: the roof and gutters.

Water leaking into your home from above can lead to a host of pricey problems: rot, insects, electrical shorts and mold.

Danger signs: Dampness or stains on ceilings; curling, missing, or broken shingles; smooth spots where the granules have worn away; green algae growth.

How to check: Have a roofer inspect your home. This is typically free, but the pro, of course, is looking for business. So check the company’s reputation at angieslist.com ($5 a month).

Replacement cost: $5,000 to $15,000

Prolong its life: Prune tree limbs so they’re at least 10 feet from the roof to keep squirrels away and to let moisture evaporate quickly after storms. If shingles blow off, replace them immediately, and repair small leaks promptly.

Your gutters are just as important as the roof. The only reason they’re lower on this list is that if you replace gutters first, they’re likely to get damaged when you reroof later. So if you need a roof too, it’s better to wait — or do both projects at the same time.

Danger signs: Dented or disconnected gutters, pooled water around your home’s foundation, or basement flooding near the downspouts.

How to check: Head outside during a rainstorm and watch the gutters in action, says Caitlin Corkins, stewardship manager for Historic New England, which maintains dozens of historic properties. “The best time to see clogs and overflows is when the system is working,” she says.

Replacement cost: $1,500 to $3,000

Prolong its life: Hire a gutter company to clean, check, and repair your gutters ($100 to $200) at least once a year — two or three times if you’re in a wooded area. And have someone clear the eaves of deep snow to prevent icing, which can split open gutters or rip them right off the house.

“People think paint is just a decorative element, so they let it go,” says Robert Niemeyer, a Winston-Salem, N.C., handyman, contractor, and electrician. But without a weather-tight seal, water can infiltrate the siding, causing rot and attracting wood-damaging insects. Still, leaks from a vertical surface generally aren’t as quick or lethal as ones from a roof and gutter.

Danger signs: Paint that’s peeling, cracking or blistering

Replacement cost: $4,000 to $10,000; make sure the painters replace loose putty around the window glass and caulking gaps around molding.

Prolong its life: Hire a pro to do touchups every year. Trim foliage so it’s at least a foot from the house, and kill any mildew growth with a bleach-and-water solution.

An old heating or cooling system is costly to operate — and the risk of a breakdown increases with age. But as long as your old furnace, boiler, or AC is operating safely, there’s no rush to upgrade.

Danger signs: The system cycles on and off frequently to hold your thermostat setting; you spot corrosion on the vent pipe; the natural-gas flames are yellow or orange instead of pure blue.

How to check: Get a repair estimate: if it’s more than a third of the replacement cost, spring for a new machine, says Indianapolis plumber Larry Howald.

Replacement cost: Typically $2,000 to $4,000 for a furnace (forced air); $4,000 to $8,000 for a boiler (hot water); $1,000 to $3,000 for a water heater; $6,000 to $10,000 for an air conditioner.

Prolong its life: Have your systems cleaned and tuned annually, including flushing the water heater to remove sludge, replacing all filters and lubricating any pumps.

MONEY magazine is researching an article on ways to reduce the financial pain of college. We’re looking for families that can talk about new and creative ways that they’re raising cash for college and cutting costs while they’re there. Sound like you? Tell us your story and you might even get your picture in the magazine! E-mail Beth_Braverman@moneymail.com.

RICHMOND, Va. , Dec. 12, 2011 /PRNewswire/ — With the chill of winter in the air, now is the perfect time to begin winterizing your home to increase its energy efficiency and your comfort.

As with all projects, the best first step is to develop a good plan. One of the best places to begin is with Dominion Virginia Power’s free online energy calculators at http://www.dom.com/calculators.

The online home and business energy calculators can help you quickly identify the necessary steps and potential savings, whether it is placing more insulation in the attic or installing energy-saving CFL bulbs. For best results, have your electricity bill handy so you can enter your specific energy-use information.

“We encourage our customers to use energy wisely and find ways to remain comfortable while saving money,” said Ken Barker , Dominion vice president of customer solutions and energy conservation. “Dominion’s website offers a wide selection of information to help our customers find the projects that are best suited to their particular homes.”

To prepare your house for winter, some important steps you should take include:

• Replace or clean filters of forced air furnaces monthly.
• Have your heating system inspected annually by a qualified professional.
• Make sure you are not losing heated air through loose or faulty connections in your home’s ductwork.
• Seal windows and doors with weather stripping or caulk.

In addition to the energy calculators, the Dominion Virginia Power Web site has extensive information about saving energy.

• For 10 important conservation measures, including short instructional videos, to help you save energy this winter, visit: http://www.dom.com/about/conservation/winter-tips.jsp
• Simple, easy energy-saving ideas are available at: http://www.dom.com/tips.
• Join an ongoing conversation about saving energy and helping the environment on the Dominion Energy Conservation blog at: http://e-conserve.blogspot.com/

Helpful information also can be found at ENERGY STAR^® sites run by the U.S. Department of Energy and the U.S. Environmental Protection Agency.  Here are several:

• EPA Guide to Sealing and Insulating
• Federal Tax Credits for Energy Efficiency
• Heating and Cooling Efficiently

With winter coming, Dominion also asks everyone to consider making a contribution to EnergyShare, a program that helps those in need keep their homes warm during the winter and cool in the summer after all other forms of assistance have been exhausted.

Customers can contribute to EnergyShare by adding an extra $1 , $2 , $5 , $10 , $20 , $25 or $35 monthly to their Dominion Virginia Power bills or by including a separate check for any amount with their payments. All contributions are tax deductible in accordance with Internal Revenue Service regulations and can be mailed to EnergyShare, P.O. Box 11186, Richmond, VA 23230-1186.

Dominion is one of the nation’s largest producers and transporters of energy, with a portfolio of approximately 28,200 megawatts of generation. Dominion operates the nation’s largest natural gas storage system and serves retail energy customers in 15 states. For more information about Dominion, visit the company’s Web site at www.dom.com.

Many homesellers want to get the most for their money at the closing table.

Whether you’re looking to sell right away or in a few years, several sound renovation investments are worth the money.

Here are some renovation suggestions:

Low-budget options
Don’t have time or a ton of money for major renovations? A clutter-free home goes a long way for many buyers, that’s definitely ”Bang for Your Buck.”

Here are more tips:

Have you heard about the government’s “green” homeowners incentives? Take a moment to see how you can upgrade your home and get money back!

There are two basic tax credits available for those interested in making energy efficient improvements to their homes.

First, the Wind, Solar, Geothermal and Fuel Cell Tax Credit. It’s good for both existing homes and new construction, when used for a homeowner’s principal residence.

Homeowners will received a credit totaling 30 percent of their cost for improvements put into service between January 1, 2011 and December 31, 2011.

Here’s a list of what can qualify:

• Geothermal Heat Pumps  
• Solar Panels  
• Solar Water Heaters  
• Small Wind Energy Systems  
• Fuel Cells (on this item the credit may not exceed $500 for each 0.5 kilowatt capacity; other limits apply in the case of joint occupancy)

The second notable credit is for Qualified Energy Efficiency Improvements, which gives a 10 percent credit for purchases that were “placed in service” this year.

This particular credit does have a limit, with “the maximum credit for a taxpayer for all taxable years being $500, and no more than $200 of such credit may be attributable to expenditures on windows. This rule means that taxpayers who have claimed $500 or more of this tax credit in prior years, particularly 2009 and 2010, can no longer participate in the program.” (NAHB)

Let’s take a look at what qualifies, according to the National Association of Home Builders an item qualifies if it:

• meets or exceeds the prescriptive criteria for such a component established by the 2009 International Energy Conservation Code as such Code (including supplements) (or, in the case of windows, skylights and doors, and metal roofs with appropriate pigmented coatings or asphalt roofs with appropriate cooling granules, meets the Energy Star program requirements); 
• is installed in or on a dwelling located in the United States and owned and used by the taxpayer as the taxpayer’s principal residence; 
• the original use of which commences with the taxpayer; and 
• that reasonably can be expected to remain in use for at least five years.

These items can include building envelope component, insulation materials or systems, exterior windows, skylights, doors, storm windows and storm doors, metal or asphalt roofs, advanced main air circulating fans, and qualified natural gas, propane, or oil furnaces or hot water boilers.  

Perhaps most important is how one goes about filing these claims. First, keep every single receipt, along with make, manufacturer, and model number on items. You can file these credits alongside your taxes using Form 5695. If you have lots of credits and deductions to take, it might be wise to enlist the help of a tax professional. Also check out energystar.gov/taxcredits for more information!