A survey of roughly 1,500 homeowners by personal finance website Bankrate finds that 44 percent have at least one major regret about their home's purchase.
The chief regret cited by homeowners is not understanding all the costs of homeownership, including maintenance and repairs. Bankrate analyst Deborah Kearns tells MarketWatch, “This can be a rude awakening — folks just don’t have that kind of savings.” Another survey, done by American Express in 2014, similarly found that expenses related to the home were one of the top three unexpected costs that roughly 50 percent of Americans encountered in the previous year. Last year, Nerdwallet found that 44 percent of homeowners had their first unexpected repair within a year of closing on the property.
Nerdwallet found that nearly one in three homeowners say they don’t have any money set aside for home repairs and improvements. Many other people won’t have enough: Of the Americans who have a savings account, the median balance is just $5,200. Many repairs will cost far more than that.
So what should you be socking away for home repairs and maintenance? John Bodrozic, the co-founder of digital home-management firm Home Zada, recommends between 1 percent and 4 percent of the purchase price of the home.
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