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Nearly 75% of new homeowners face surprise repairs within two years
The study found 58% uncovered unanticipated repair needs soon after moving in, and 72% spent about $10,000 on fixes within two years.
A new study from home service software provider Jobber suggests many first-time homeowners underestimate the financial impact of repairs, with nearly 75% of new owners reporting surprise repair costs within two years after buying a home.
According to findings summarized by Yahoo Finance, 58% of Americans discovered unanticipated repair needs right after move-in day, and 72% of newly minted homeowners said they spent about $10,000 on unexpected fixes within that two-year window.
The report highlights that buyers often focus on mortgage payments and the initial price of a home, but early ownership can bring additional expenses such as replacing major systems, higher insurance premiums, property taxes, landscaping, and routine maintenance, according to commentary included in the article.
Industry figures quoted in the piece advise new buyers to plan for ongoing costs and maintain an emergency fund because early home expenses are less about whether something breaks and more about when, with 45% of surveyed homeowners saying they would recommend padding the repair budget more than they originally expected.