Biggest Surprise Repair Costs for New Homeowners
A 2021 survey by Bankrate found that the biggest regret among millennial home buyers were unexpected maintenance costs. These types of issues have become even more pronounced in recent years due to more buyers waiving inspections. In fact, a different survey by Angi found that a staggering 81% of first-time home buyers during the pandemic found issues with their home right after they moved in.
Some of the most common issues reported in the survey were:
- Cosmetic issues (40%)
- Cosmetic issue are issues that deal with the overall aesthetic of the house. Some common cosmetic issues include flooring, paint, landscaping, counter tops, cabinets, and furniture.
- Plumbing and leaks (38%)
- Plumbing and leak issues can occur rather frequently. These problems can include clogged drains, low water pressure, water heater issues, and leaky faucets just to name a few. Plumbing and leak issues can also drastically decrease the efficiency of your home, in turn increasing your energy expenses.
- Wiring and electricity (36%)
- If you encounter problems with your wiring and electrical, you may experience power surges, exposed wires, switches not working, flickering lights, and inadequate number and placement of outlets.
- Water damage (34%)
- Water damage is arguably one of the worst problems to deal with on this list. Water damage will raise the moisture levels in your home, creating the perfect incubation conditions for mold, mildew, and other harmful bacteria. And if that weren’t bad enough, this moisture usually attracts vermin.
These structural damages are serious and can end up putting a serious dent in your wallet. You might be thinking, “Shouldn’t a routine inspection easily identify these problems?” and you’d be right- but the reality is that the United States’ housing economy is still experiencing an unprecedented seller’s market. As mentioned above, some consumers are even taking drastic measures to win a bidding war, such as waiving inspections.
The truth is, even the most diligent home inspection cannot predict every breakdown that may occur from normal wear and tear. To help protect yourself from unexpected repair costs on covered home systems and appliance, make sure you have an Ultimate plan from Choice Home Warranty at closing.