(StatePoint) If you’re buying a home, there are additional expenses you may want to budget for beyond the down payment and monthly mortgage. Home projects, even small ones, can really add up.
Recent data from HomeAdvisor, a leading home services marketplace, reveals that 75 percent of homebuyers will face a costly emergency within the first 12 months of moving into a new home. From unplanned projects to unexpected emergencies, most homebuyers reported spending more time and money on projects than they initially anticipated.
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The most frequent emergency projects reported by homebuyers in the first year of owning a new home included blocked toilets and pipes, a clogged drain, a broken heating or cooling system and water leaks. These unexpected projects can cost homeowners anywhere from $199 to fix a clogged drain to $2,068 to repair water damage according to HomeAdvisor’s True Cost Guide.
“To help prepare for these unexpected costs, homebuyers should plan to spend one-percent of their home purchase price on repairs and emergencies each year,” says Marianne Cusato, special housing advisor to HomeAdvisor.