Finance News

Here’s how to avoid surprises with home maintenance costs


Senior couple repairing kitchen cabinet at home

Momo Productions | Digitalvision | Getty Images

Alex Marrero and his wife bought their first home this spring in Coral Springs, Florida — and the couple has already spent nearly $17,000 on home maintenance, repairs and installations. 

While they knew they needed to do improvements from “the minute they bought the house,” Marrero said, some were more expensive than anticipated.

For example, he estimated four hurricane impact-resistant windows and a garage door would cost between $4,000 to $5,000. But after multiple quotes from contractors, he ended up paying $9,800.

More from Personal Finance:
The tax deadline for American expats is June 17
Home equity is near a record high. Tapping it may be tricky
What to expect from the housing market this year

Since their mid-April home purchase, the couple also hired contractors to refinish their scratched-up wood floors for a total $2,200; installed a pool safety fence for $1,673; removed popcorn finishing from the garage ceiling for $800; had someone prime and paint ceiling texture for $650; and replaced cracked roof tiles for $1,670.

“We’re still kind of anticipating more expenses,” said Marrero, 33. “I know the pool pump is on its last leg. So, we’re bracing.”

‘Understanding that process is enlightening’

Marrero’s experience isn’t unique.

Experts say the “hidden costs” of owning a home, especially repairs and maintenance, can come as a shock for homeowners.

Roughly 1 in 5 (19%) of homeowners found the cost of home improvement projects to be the most surprising element in the first six months of homeownership, according to a new report by Angi, an online marketplace that connects homeowners with professional contractors for home maintenance or renovations. In late May, the site polled a total of 1,000 Americans who bought a home in the past five years. 

“Living in an apartment, they’re likely not hiring home improvement contractors, so I think there’s kind of the realization of just, how much does it cost to hire a plumber,” said Angie Hicks, co-founder of Angi.

“Understanding that process is enlightening for them,” she said.

86% of consumers believe it's a bad time to buy a home: Fannie Mae

Annual “hidden costs” of homeownership average around $18,000 nationwide, according to a separate report by Bankrate.com. Its report estimated home maintenance at 2% a year of the value of a home.

Based on that calculation, Bankrate estimated, annual maintenance costs in some of the states with the highest home prices — like California, Hawaii and Massachusetts — can go over $26,000 annually.

Meanwhile, in Kentucky, which Bankrate pointed to as the least expensive state, annual maintenance might be around $5,000.

First-time homeowners are less likely to be aware of those costs than those who have previously owned a home, Angi found, and more likely to say they spent more than expected on home maintenance, improvements and emergencies.

“Once you’ve been a homeowner for a while, you realize everything that can go wrong,” Jeff Ostrowski, an analyst at…



Read More: Here’s how to avoid surprises with home maintenance costs

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More