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.
The details:
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:
Common projects for new homeowners and costs
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.”
I appreciate the list of items, but these prices are woefully short of reality. Cleaning an entire house for $180? replacing appliances for $270? NIMBY — not in my backyard here in NY!
I agree with the previous post. These estimates are woefully short. The list itself is woefully short. Here’s some housing repair issues in housing I have sold recently. Homes that needed new roofs, estimates that came in at $5k prepandemic, now come in regularly for $10k. One 60 yr old house needs new under slab plumbing drain lines which costs $10k last time a few years ago and are now coming in at $20k. Another 4 homes needed under slab foundation repairs at a cost of $38-65k each. Those failed their inspections and the buyers walked away. 2 recent sales required electrical wiring and breaker box repairs and upgrades for insurance reasons. $2500. And so on.
As with many things reported by Zillow, they’re information seems to be in a “one size fits all” format. I concur with Ro and Monica, these numbers are not in touch with the reality of 2021, post Covid or not.
Zillo should analyze their post with greater scrutiny before placing them on public media sources. Home repair cost can vary greatly, depending on which part of the country one lives in as well as the kind of product the consumer has purchased or the type of repair on that particular product. This is not a one-size-fits-all fix.
Best advice any Realtor can give to future home buyers is, get your repair estimates from licensed reputable vendors BEFORE your closing and know exactly what your getting into and the bottom line cost. This will help ease some of the stress sometimes associated with a homes purchase.