When you buy a home, you become a property manager. Which means you’re responsible for the home’s maintenance and upkeep. Everything from cutting the lawn and pulling weeds to maintaining the HVAC system is now your responsibility. It can take some work.
It also takes some money. In fact, according to one new survey, 46 percent of homeowners said they spent more than $5,000 last year on unexpected repairs. That’s a 10 percent jump from the year before and pretty good evidence that new homeowners should prepare an emergency fund to handle any trouble that may come along.
And it will. Among surveyed homeowners, 83 percent said they encountered an unexpected repair last year and almost half said it strained their household budget. Among the most commonly reported issues, roof repairs, door and window problems, and water damage from flooding led the list.
[Source: PR Newswire]
