Study Reveals Delayed Home Maintenance Costs Homeowners Thousands

What's Happening?

A recent study highlights that 71% of homeowners have delayed at least one home maintenance or repair project this year, leading to significant financial consequences. The research indicates that 40% of homeowners have already incurred major repair costs that could have been avoided with regular maintenance. Alarmingly, 45% of homeowners admit to living in homes they consider less safe due to unaddressed repairs. The average cost of deferred repairs now exceeds $5,600, underscoring the financial impact of postponing home maintenance. The study also reveals that 92% of homeowners have outstanding repairs, with nearly a quarter delaying serious issues affecting safety and property value. Financial concerns are the primary reason for these delays, with 60% of homeowners citing cost as a barrier. The study provides examples of how minor issues can escalate into costly repairs if ignored.

Why It's Important?

The findings of this study have significant implications for homeowners and the housing market. Delayed maintenance not only poses safety risks but also leads to increased financial burdens. Homeowners who defer repairs may face escalating costs, which can strain household budgets and impact property values. The study suggests that setting aside a dedicated home maintenance fund could help mitigate these issues. Financial planner Alexandra Gailey recommends saving 2 to 4% of annual income for maintenance costs. This proactive approach could prevent minor issues from becoming major financial burdens. The study also highlights the importance of educating homeowners about maintenance basics, as 96% believe it should be taught in schools. By prioritizing preventative maintenance, homeowners can protect their investments and ensure safer living conditions.

What's Next?

The study indicates a positive trend, with 71% of homeowners prioritizing preventative maintenance in 2025. Additionally, two-thirds of homeowners have already set aside savings for repairs, averaging $7,081. This suggests a growing awareness of the importance of regular maintenance and financial preparedness. As more homeowners adopt proactive maintenance strategies, the housing market may see a reduction in costly emergency repairs and an increase in property values. Financial institutions and policymakers could play a role in promoting maintenance education and savings plans to support homeowners in managing repair costs effectively.