Wayne McCormick
Broker/Owner
Realty Executives of Northern Arizona
Thumbtack's survey revealed the depths of new homeowner anxiety regarding home repairs. The typical buyer surveyed spent $30K on repairs during their homeownership.
The cost of becoming a new homeowner goes well beyond down payments and monthly mortgage payments. In fact, the typical homebuyer expects to spend approximately $30,000 on home maintenance, upgrades and repars. That staggering statistic comes from home services marketplace Thumbtack, which surveyed 2,000 new homewoners (i.e. people who bought a home between 2018 and 2023) on the challenge of finding the right home, compromising on must-haves and maintaining a new abode.
"First-time homeowners are overwhelmed - they know what they want in a home, but they don't know how to get there," the report read. "More than four out of five (83 percent) [new homeowners] were surprised by the complexity of their homes after moving in and found home projects much more time-consuming than they anticipated."
When it comes to the home search process, 62 percent of respondents said they had to increase their budget beyond initial expectations. Despite spending more, homeowners said they got less - 54 percent said they compromised on home features and finishes, and 52 percent said their homes needed significant improvements.
While purchasing a fixer-upper is a common choice for eager first-time buyers, 95 percent reported being wholly unprepared for the process of turning their ugly ducklings into swans. Forty-two percent of homeowners said they didn't have enough knowledge about home repairs and renovations, 41 percent couldn't afford project costs, and 36 percent struggled to find a qualified professional. While 68 percent of homeowners decided to postpone smaller projects, 64 percent said they had major repairs that couldn't wait, such as asbestos and lead paint removal. "Unable to make progress on important projects, pressure and frustration build," the report read. "One-third report feeling stressed or overwhelmed about what to do, becoming daunted by managing the logistics of home projects, or simply prioritizing home maintenance over the rest of their to-do list."
"Today's homeowners report procrastination as a huge barrier to getting projects done, most often due to being overwhelmed or uncertain about what to do, when, or who to hire," it added. "They also cite a distressing variety of emotional factors that make them put off work, from stress, uncertainty, and anxiety ot indecision and confusion. More than on-fifth named outright fear."
Although home improvement projects are a great source of stress for new homeowners, 44 percent said mortgage rate fluctuations and other market factors mean their first home will likely be their forever home. For those who plan to upgrade, it'll be another 5-10 years before they do so. The survey said homeowners are turning to YouTube (73 percent), Google (68 percent) and online consultations (51 percent) to raise home maintenance IQ. On a grading scale of A to F, the typical homeowner said they'd like their knowledge to be at a B-minus.
"It's not that homeowners are aiming to be A students when it comes to knowledge about their home," the report read. "The fact is, they don't want to be their own experts. They're more than happy to outsource their home maintenance needs. They just need to know enough to keep their homes running and avoid getting stuck."
