It can be expensive to make an improvement to your Philadelphia home or to even stay on top of routine maintenance and repairs. With the increase in price of several goods and the cost of homeowners insurance on the rise, some homeowners have put off many home improvements recently.
Recent research conducted by the publication Today’s Homeowner has found that about 80% of homeowners who responded to a recent survey about caring for their home said that they have at least one repair that needs to be addressed and they have been putting it off. This same research survey found that 60% of those needing repairs noted, they are not able to afford the cost of the repair currently.
The Home Repair That is Put Off More Than Others
A large number of homeowners have been found to need window replacements and are putting off this fix though they say it could cause them to be in a position of not ignoring it in the near future. Their window replacement will probably need to be addressed within five years. The average cost of a window replacement could be anywhere between $300 and several thousand dollars depending on how many windows and the size of the window.
Why Homeowners are Putting off Repairs
Many of the people who participated and gave answers in the research survey, also noted that finances are more strained than they were in the past, and they have been delaying major repairs due to the ability to afford them. Some homeowners, however, did note that their inability to afford a major repair in their home was due to other debts they are focusing on paying off, commanding more attention from their income.
A large number of homeowners did note that they have a significant emergency repair fund should there be a pressing issue, but they did not have funds to allocate to repairs that are currently needed but are not pressing.
Homeowners are Also Concerned About Insurance Prices
The cost of insurance for homeowners has risen significantly over the last decade. Homeowners are reluctant to make repair claims on their insurance as insurance is already costly and they are worried that their rates could go up if they make a claim. This is one more reason why homeowners are putting off repairs if they are able to live in the home safely.
Budgeting for Repairs
Many financial experts will advise potential homebuyers to ensure they do not overextend themselves with their homeownership budget. Financial experts would advise if you are planning to purchase a home in Philadelphia that before you do you also factor in the ability to afford maintenance and repairs into your home ownership budget. So if you have not yet purchased a house in Philadelphia, but are considering buying one you might use the strategy of pairing down your purchase price to be able to afford to maintain your home and keep it in its best condition.
Finding Assistance for Repairs
Some homeowners are not aware that they may be eligible for assistance in the help of the cost for repairs on their home. In Philadelphia alone, there are several great programs that assist senior citizens. For example, in making needed repairs for their home. If you are eligible for these programs they are well worth checking out.
If you are planning on buying or selling a home in Philadelphia, the team at Victory Real Estate is here to help. We have a great team of close-knit members who work with you and together to ensure the utmost success of our clients whether they need to sell their home for top dollar or find a Philadelphia home that fits comfortably within their homebuying budget.
“Leron is very helpful with answering my questions and is very patient with addressing my concerns. It was nice to have someone who cares very much of his customers.”-Review from realtor.com shared on our testimonial page
Contact Victory Real Estate anytime for any greater Philadelphia real estate needs. We have helped many clients successfully buy and sell Philadelphia area homes.