Study: Home Maintenance Costs Are Underestimated By More Than 27%

Young adults aged 18-24 were surveyed by Choice Home Warranty to project their ability to project the actual costs of maintaining a home. The numbers they reported were 27% lower than the expected home maintenance cost, as determined by a panel of experts.

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Home Maintenance Costs Are Underestimated By More Than 27%

(PRWEB) December 16, 2013

Potential homeowners have a lot to think about when considering buying a home. One thing that they must account for is the high price of maintaining it – no longer will the condo or apartment owner pay for repairs of a broken appliance or other damage to the residence.

To determine if potential homebuyers were accurately projecting the cost, Choice Home Warranty ran a survey asking a prime first-time home buying audience, young adults aged 25-34, how much they would expect to pay in home maintenance costs per year for an average-aged $300,000 home.

Respondents said they would expect to spend $2191 on average, a number well under the one percent average cost of $3000 several experts tell homeowners to expect as a minimum. Women were slightly more accurate than men at projecting the average actual costs, expecting an average of $2290 in maintenance, with men only projecting $2086 in costs per year.

These numbers show that many potential homeowners may be doing a poor job of forecasting the real costs of homeownership, a reality that may create financial hardship for them in the future.

The full study can be seen here: http://www.choicehomewarranty.com/blog/home-maintenance-study/.

Methodology
The Choice Home Warranty survey asked respondents aged 25-34, “On an average-aged $300,000 home that you own, how much would you expect to pay in home maintenance costs per year?” using the Google Consumer Surveys tool. The survey ran December 3rd to December 6th, 2013. Results are weighted by inferred gender, age and geography to reflect the population.

About CHW
Choice Home Warranty offers comprehensive protection plans for homeowners that insure against the high repair cost of major systems and appliances. Learn more about CHW at http://www.crunchbase.com/company/choice-home-warranty. Or visit http://www.choicehomewarranty.com for information about the company’s home warranty plans.


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