While the pandemic encouraged many people to start home projects, the majority of homeowners have repairs sitting on the backburner.
According to Consumer Affairs, 86% of homeowners are putting off home repairs because of the cost. However, waiting doesn’t always pay off. More than two-thirds (67%) reported paying more for a repair because they delayed it, while 78% said they have noticed repair costs on the rise over the past year.
The majority of projects (70%) are cosmetic and 64% of the projects are considered minor. More than three quarters of homeowners reported their home had a general disrepair issue, 60% said their home had a plumbing issue, 52% said it was an environmental issue and 42% said structural issues are on the to-do list. Still, 30% said they have electrical problems and 23% said their appliances are what needs repaired.
However, 23% of projects on homeowners’ to-do lists are serious issues. In fact, the report found that the average homeowner waited more than 10 months to make a serious repair. The biggest reason owners cited delaying their issues was the overall cost (46%), followed by labor and material shortages (41%). Only 12% of homeowners in the survey said they could pay out-of-pocket for the serious issues they needed. The median cost homeowners could afford is $500 and the median monthly payment they could afford is $200. Homeowners guessed it would take an average of $3,150 to fix every unresolved issue in their home.
Additionally, the average homeowner has 4.7 repairs they are waiting to make on their home. Nearly half (43%) of homeowners have yet to make the repairs needed when they first purchased their home.