Apr 09

Cost of Common Home Repairs

Cost of Common Home Repairs

Cost of Common Home Repairs

Cost of Common Home Repairs

Homeowners are sprucing up their homes more this year, tackling several home improvement projects. Eighty-eight percent of homeowners recently surveyed say they performed a major home repair in the last year, and more than half said they managed multiple major repairs or home improvement projects, according to a new analysis by Porch.com, a home improvement website.

Homeowners spent an average of $4,958 on home repairs and improvements in the past year, according to the study. But about a quarter of more than 1,000 homeowners surveyed said they spent more, averaging $2,501 to $5,000, and 15 percent of homeowners spent $5,000 to $10,000 on their house repairs. Which projects were the most expensive?

Repairing a floor structure topped the list, averaging more than $15,000, the study shows.

“Even the most resilient, high-quality floors will need to be replaced eventually, and you may want to start saving now,” Porch.com’s study notes. “While both the square footage and materials will play a factor in the total cost, the overall average made repairing floor structures the most expensive renovations according to the homeowners surveyed.”

Installing a fence (more than $8,000), aluminum decking ($5,600), and air conditioning ($4,400) also ranked among the most costly home improvement projects, according to the analysis.

Emergency home repairs are common. Eighty-eight percent of homeowners dealt with a major repair last year, costing on average nearly $5,000, according to the study.

But homeowners believe their improvements pay off. Homeowners, on average, believed their homes are worth nearly $15,000 more today than a year ago—a 6 percent increase, according to the study.

Source:
“Repairs in Review,” Porch.com (April 2019)

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