When you buy a home, you generally focus on the money for a down payment, insurance, HOA, etc. However, while these are all necessary for the buying process, you should make sure you’re putting away some money when random repairs start to pop up.
Here’s the scoop…
Over HALF of the homeowners ran into unexpected home repairs when the first year of owning their home. Even worse? Nearly one-third of the homeowners did not have the funds to make the repairs or improvements. It’s important to realize that being a homeowners means more than simply paying your monthly mortgage.
It’s in the numbers…
In the infographic below, you can see that there are many different ways homeowners were paying for their repairs. Some hurt your wallet more than others, but all prove that it is important to be prepared and understand that these things happen.
- 12% of homeowners had to tap into or exhaust savings to pay for the majority of the repairs
- 13% Had to take on debts to pay for a majority of home repairs
- 20% had to make sacrifices in other areas to pay for the majority of home repairs
- 52% can easily pay for most repairs without tapping into savings, going into debt, or making other sacrifices