Key Findings from Homeowners' Survey on Repairs

• Average Repair Costs: Homes need $3,150 in repairs on average.
• Financial Preparedness: Only 41% of homeowners could afford a $500 repair out of pocket, and 28% could handle a $1,000 repair.
• Serious Repairs: About 25% of homes need serious repairs, and 45% feel less safe due to neglected issues.

Outstanding Repairs: What's Being Ignored?

• Prevalence: 92% of homeowners have repairs pending, with 23% waiting on critical issues and 64% on minor ones.
• Delay Duration: Critical repairs are delayed for over 10 months on average.
• Common Issues:
• General disrepair (e.g., blemishes, loose fixtures) affects 76% of homes.
• Plumbing issues (60%) outnumber electrical ones (30%).
• 42% face structural damage, and over half experience worsening conditions.

Why Homeowners Delay Repairs

• Cost Concerns:
• 46% cite overall expense as the main reason.
• 35% cannot afford repairs; 34% avoid costs entirely.
• Rising costs and material shortages impact 32%.
• Economic Challenges:
• Median repair affordability: $500.
• Only 12% feel confident fixing serious repairs without borrowing.
• Few can afford $100 monthly repayments for financing.

Consequences of Delayed Repairs

• Higher Costs: Over two-thirds end up paying more because of delays.
• Safety Risks: 45% of homeowners live in less safe conditions due to unaddressed repairs.

Advice for Homeowners

• Address repairs promptly to avoid rising costs and worsening damage.
• Explore financing options like home equity loans or FHA 203(k) loans for costly fixes.
• Regular maintenance can reduce long-term expenses.

Owning a home is rewarding yet challenging; proactive repairs save money and ensure safety.

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