As Thanksgiving rolls around again and our St. Cloud houses fill with visiting relatives and friends, it’s hard to repress an occasional thought like, “Gee, I hope the water heater holds up” or “Boy, this would NOT be the time for the range to give out!” But it’s true that if there’s one thing first time homeowners can learn from their more experienced St. Cloud neighbors, it’s to expect the unexpected—at least when it comes to home repairs. That isn’t to say that some wallet-draining breakdown is certain to happen a month or two after moving in—but the odds are close to 50-50 that something could need attention within the first year or so.
That was just one of the major takeaways for St. Cloud readers of last week’s NerdWallet 2018 Home Improvement Report. Among Americans who have ever purchased a home, a whopping 44% say they experienced some unexpected home repair within the first year of ownership. And 48% reported having experienced at least some level of anxiety due to unexpected home repair costs.
Fortunately, Realtor Magazine issued some follow-up research that should quell at least some of that anxiety over unexpected St. Cloud home repairs. Among 113,000,000 “high-dollar” projects, the average cost was only $1,350. The NerdWallet report furnished an explanation for this less-than-budget-breaking bottom line: the growing popularity of do-it-yourself solutions. They ascribed the phenomenon to the growing popularity of DIY TV programs coupled with the ready availability of online “how-to” videos.
Even so, when it came to major home repairs that most people leave to the professionals, roof repairs led the list.
Whether you’re a first-timer or veteran homeowner, anxiety-reducing solutions range from home warranty policies to what Consumer Reports also recommends: self-insurance via regular deposits into your own emergency repair account. Even though it takes most first-timers a while to build up that kind of substantial rainy-day war chest, the majority report feeling positive about their homeownership—it “makes them feel more accomplished” and financially stable.
For any and all your St. Cloud real estate questions, I hope you’ll feel free to give me a call!
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