It can be expensive to make an improvement to your coastal home or to even stay on top of routine maintenance and repairs. With the increase in price of several goods and the cost of homeowners insurance on the rise, some homeowners have put off many home improvements recently.
Recent research conducted by the publication Today’s Homeowner has found that about 80% of homeowners who responded to a recent survey about caring for their home said that they have at least one repair that needs to be addressed and they have been putting it off. This same research survey found that 60% of those needing repairs noted, they are not able to afford the cost of the repair currently.
The Home Repair That is Put Off More Than Others
A large number of homeowners have been found to need window replacements and are putting off this fix though they say it could cause them to be in a position of not ignoring it in the near future. Their window replacement will probably need to be addressed within five years. The average cost of a window replacement could be anywhere between $300 and several thousand dollars depending on how many windows and the size of the window.
Why Homeowners are Putting off Repairs
Many of the people who participated and gave answers in the research survey, also noted that finances are more strained than they were in the past, and they have been delaying major repairs due to the ability to afford them. Some homeowners, however, did note that their inability to afford a major repair in their home was due to other debts they are focusing on paying off, commanding more attention from their income.
A large number of homeowners did note that they have a significant emergency repair fund should there be a pressing issue, but they did not have funds to allocate to repairs that are currently needed but are not pressing.
Homeowners are Also Concerned About Insurance Prices
The cost of insurance for homeowners has risen significantly over the last decade. Homeowners are reluctant to make repair claims on their insurance as insurance is already costly and they are worried that their rates could go up if they make a claim. This is one more reason why homeowners are putting off repairs if they are able to live in the home safely.
Budgeting for Repairs
Many financial experts will advise potential homebuyers to ensure they do not overextend themselves with their homeownership budget. Financial experts would advise if you are planning to purchase a home, you should also factor in the ability to afford maintenance and repairs into your home ownership budget. So if you have not yet purchased a house along the beautiful coastline of the Carolina’s, but are considering buying one you might use the strategy of pairing down your purchase price to be able to afford to maintain your home and keep it in its best condition.
Purchasing a new home is one of, if not the most expensive investment you’ll make during your lifetime, however the financial responsibility goes far beyond being able to afford your monthly payment. Make sure to work with a reputable agent who respects your budget and shows you home that you can both afford as well as maintain. If you’re ready to start your home buying journey, contact us today!