Until something breaks and there is no landlord to call.
If you just moved into your new home or are in the market for a house, be aware that many homeowners have had to pay for repairs in their first year of owning their house. According to a recent survey from Hippo, that is the case.
The share was slightly higher for first-time homebuyers.
Many homebuyers are unprepared for what's waiting for them as homeowners, according to a home insights expert.
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Home prices have been climbing despite tight inventory and low interest rates. The median price was $350,300 in January. The median was $303,600 a year earlier. The number of existing homes sold is at its highest level in a decade.
A majority of homeowners in a Hippo survey said they paid above the asking price when buying. Steve Wilson, senior underwriting manager at Hippo, said that it has become more common to make a purchase not contingent upon a home inspection.
Even if it wasn't part of the purchase, Wilson said you should get it done.
A third of respondents said the repair cost was less than $1,000. 30% said it was $1,000 to $2,499, and 23% said they paid $2,500 to $4,999. 13% spent more than that.
It is wise to have money set aside for home repairs, but you can also take steps to avoid costly repairs. It's important to know where the main shutoff is for water. If you discover a leaking line in your fridge or washing machine, you can turn off the valve.
Wilson said that a plumbing-related loss can be up to $15,000.
Schedule to have your heating and cooling systems serviced on a regular basis. If the cooling system wasn't checked because the inspection was done in the middle of winter, it's important to have it evaluated.
Track how long major appliances last in your home.
Carrier says that furnaces last 15 to 20 years if well-maintained. If yours is close to that age, you will know to be prepared to replace or repair it.
Major appliances include an air conditioner, clothes dryer, clothes washer, dishwasher, freezer, microwave oven, oven, refrigerator, stove, water heater, humidifier, and garbage disposal.
It is important to make sure that your homeowners insurance is adequate and that you are prepared to pay your deductible in the event of a claim.
Half of the homeowners surveyed by Hippo said they were prepared for homeownership. 26% said they were less prepared than they thought.
Hippo offers a maintenance list for each season if you are unsure where to start.
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