Survey: Owners Stressed From Surprise Home Repairs

Survey: Owners Stressed From Surprise Home Repairs

November 15, 2018
In the first year of ownership, 44 percent of homeowners say they experienced an unexpected home repair. And 12 percent said they experienced a surprise repair within their first month of moving in, according to a new NerdWallet survey of about 2,000 U.S. adults.
Nearly half—or 48 percent—of surveyed American homeowners say unexpected home repair costs have caused them anxiety. Thirty-one percent of homeowners say they do not have money set aside for home repairs or improvements.
“Unexpected home repair costs can be a nightmare, especially for first-time home buyers,” says Holden Lewis, NerdWallet’s home expert. Buyers are already bogged down with the cost of buying a home, closing costs, moving, and outfitting their new home. “On top of all those expenses, you’re expected to keep some savings in reserve for emergency repairs,” Lewis says. “Don’t kick yourself if you don’t have an emergency fund left over after you buy your house. But you’ll be a less anxious homeowner if you make it a priority to build up that fund.”
Nerdwallet chart. Visit source link at the end of the article for more information.

Project spending by funding source 

Though 77% of home improvement projects were paid for with cash from savings, high-dollar improvements generally came from other sources. Click on column headers to sort the table.
Total projectsShare of projectsCost per project
Total113,000,000$ 1,350
Cash from savings86,540,00077%$ 1,000
Cash from refinancing home2,442,0002%$ 3,000
Home equity loan3,131,0003%$ 4,000
Homeowners insurance settlement4,244,0004%$ 6,500
Credit card or retail charge card5,962,0005%$ 1,500
Contractor arranged financing1,571,0001%$ 5,000
Something else6,857,0006%$ 3,000
Not reported2,267,0002%$ 1,942
Home equity lines of credit (HELOCs) are combined with home equity loans in the American Housing Survey. Cost per project refers to median expenditures. All data refers to period 2015-2017. Source: 2017 American Housing Survey, U.S. Census. 

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