How Much Do Unexpected Projects Cost New Homeowners?
New homeowners can feel overwhelmed not knowing what to expect in terms of home project costs. A new Zillow report compiled a list of the most common projects homeowners tackle after purchasing their property and how much they should expect to pay.
According to a survey of homebuyers, the average millennial expects to pay between $10,000 and $15,000 to make a home move-in ready. However, data shows new homeowners actually spend $26,900 on these projects.
Here are the most common projects:
What it means:
New homeowners need to be ready to spend more than they anticipated.
"This research suggests first-time homebuyers typically underestimate the costs of the unsexy projects they may have to tackle before they even move in," said Amanda Pendleton, Zillow home trends expert. "That sticker shock may be increasingly common in a competitive market where buyers are dropping inspection contingencies as a strategy to win a bidding war. Make sure to factor in these unexpected costs when making an offer to make sure you can afford them, or nail down the tradeoffs you're willing to make for a move-in ready home. That way, you can focus on the fun, personalized projects that make a new house feel like home."
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