While some consumers are using the pandemic to remodel their homes, others are avoiding costly repairs during this time.
With more than 1,000 homeowners surveyed, Sears Home Services found that 70% of respondents reported delaying some kind of repair, whether it be minor or major. More than half of respondents (57%) said they feel it is OK to postpone critical home repairs during the COVID-19 pandemic. The report found that 38% delayed small nonessential repairs, while 19% of homeowners put off critical repairs on their homes, and 13% delayed both.
Appliances were the most likely repair to be delayed, with 34.3% of respondents reporting that was their issue, followed by 30.9% who said water damage, 29.8% said electrical issues and 28.9% said roof repair. Of those with broken appliances, a washing machine was the most common culprit, at 20.8%, followed by a water heater at 20.4% and a refrigerator at 20.3%.
However, nearly half of respondents said debt is to blame for putting off repairs. For those who are planning to make repairs, more than half reported their plan is to dip into savings, while 36.7% said they were charging repairs to their credit card and 31.3% are relying on their checking account. For those who have made repairs, the most common was the refrigerator at 14.9%, followed by the sink at 14.8% and electrical issues at 14.3%.
Homeowners reported they think it would take nearly $3,000 to make adequate home repairs. Three in 10 respondents said that they have delayed putting their home on the market because they cannot afford to make these repairs.