Most buyers anticipate the money they’ll need for their mortgage, homeowners’ insurance and taxes, but they don’t always budget for home maintenance and repairs. While the amount you’ll need varies widely according to the size, age and condition of your home, many financial experts suggest saving at least 1 percent of the home value annually specifically for repairs.
Yet only 52 percent of the homeowners in the Porch survey had planned for home maintenance for their first year.
Homeowners spent the most money on new appliances (16 percent) during their first year, followed by replacing the roof (13 percent), replacing a furnace or air conditioning (11 percent), landscaping (10 percent) and replacing flooring (9 percent). Nearly half (46 percent) of those surveyed said they spent more than their budget during the first year of homeownership.
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