Budget For Home Repairs

Budget For Home Repairs

Fifty-seven percent of recent home buyers say they encountered unexpected home projects within first 12 months of moving into their new home, according to a new study by HomeAdvisor’s True Cost Guide. For more than three-fourths of buyers it was an emergency home repair too, the survey showed.The average home owner spends 1 percent of their home purchase price on unforeseen repairs and emergencies each year.The most common emergency repairs reported by home owners were from broken heating and cooling systems, water leaks, and blocked pipes. The costs ranged from $199 to repair a clogged drain to $2,068 to fix water damage, according to the study. Home owners reported spending the most following move in on landscape projects. For those tackling large-scale landscaping projects, the owners spent an average of $12,850 on outdoor projects, such as in installing a wood fence, adding a deck, or hiring a lawn care professional, according to HomeAdvisor’s True Cost Guide.To avoid financial surprises, Marianne Cusato, a designer and special housing advisor to HomeAdvisor, suggests educating buyers on the lifespan and warranty of elements in the home, such as appliances, mechanical features, roofs, and windows. Also, a home inspection prior to purchase may help buyers prepare for some costs of repairs.

Gustavo Blachman Headshot
Phone: 786-229-8009
Dated: January 4th 2016
Views: 239
About Gustavo: PROFESSIONAL QUALIFICATIONS • Florida Licensed Real Estate Broker – Owner of Terrabella Realt...

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