What Do Homeowners Fear Most? Unexpected Major Repairs

A study of 1,five hundred Americans uncovered that only eighteen% “don’t have any housing concerns.” 1 in 3 be concerned about significant unforeseen repairs seventeen% concern residence rates will go down.

NEW YORK – Home owners are sitting down on a report total of equity, so what has them so anxious about housing? A new examine by LendingTree surveyed much more than 1,five hundred Americans to gauge their anticipations of homeownership.

Their No. 1 be concerned? Impending repairs desired on their residence. Approximately one-third of respondents (32%) cited significant residence repairs as their prime housing-similar be concerned.

A lot more than 50 % of respondents surveyed say that households are turning into a lot less cost-effective in their neighborhoods. As a outcome of individuals higher rates, they prepare to keep put more time. And as a outcome of staying more time, nearly a few out of 4 respondents are contemplating renovations.

Of individuals contemplating renovations this 12 months, fifty three% claimed they were being motivated by a want to boost their home’s worth. Other causes were being to give the residence an current appear (24%), make the residence a lot easier to promote (22%) and add much more area (nine%).

While climbing residence rates have some owners concerned, they’re nonetheless upbeat about the housing sector all round – and they’re upbeat about their equity: 55% of respondents claimed they believe their home’s worth will boost this 12 months and sixty eight% claimed they believe homeownership is a great investment decision.

But climbing residence rates do spur problems for them about affordability: fifty three% forecast housing will be a lot less cost-effective in excess of the following ten years. Gen Xers and toddler boomers – at fifty three% and 57%, respectively – are the most pessimistic about housing affordability.

Over-all, about 1 in 5 owners (eighteen%) have no housing concerns. Of individuals who do, the adhering to tops their listing:

  1. Will have to make significant repairs: 32%
  2. Dwelling worth will go down: seventeen%
  3. Mortgage loan payment will boost: thirteen%
  4. It will be hard to obtain a new property: eight%
  5. Will not be able to promote the property: six%
  6. Will turn into underwater on their home finance loan: 4%
  7. Other: two%

Source: “LendingTree Study: A lot more Than Fifty percent of Home owners Assume Dwelling Values to Rise in 2020,” LendingTree (Feb. 24, 2020)

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