Recent Homebuyers Spend Up to $10,000 Within Two Years on Unexpected Repairs, New Report Finds

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New homeowners are spending more than they anticipated on repairs they didn’t see coming, according to Jobber, Toronto.

The firm’s Recent Homebuyer Reality Check report surveyed 800 Americans who bought a single-family home within the past two years to establish what homeownership actually costs in the first two years after purchase.

The data tell a consistent story: the first two years of homeownership are harder than most buyers expect. “but 93% say they’re glad they bought anyway,” noted Abheek Dhawan, chief strategy officer at Jobber.

Key findings from the report include:

“Move-in ready” doesn’t mean what buyers think it means. Nearly 60% found unexpected repair needs after moving in, even though 86% described their home as “move-in ready” at closing.

Millennials were the most likely generation to discover unexpected repair issues after move-in (69%), compared to Baby Boomers (48%)

Jobber said the mortgage payment is just the beginning. 72% of homeowners spent up to $10,000 on unexpected repairs or maintenance within their first two years of ownership. And 60% said homeownership has been more expensive than expected.