Angi, a leading home services platform, released the results of a new survey of first-time homeowners that uncovers a surprising gap in homeowner knowledge regarding ongoing maintenance and repair costs. While many meticulously budget for the down payment and mortgage, the survey reveals a significant knowledge gap.
Key findings of the survey:
- 41% of first-time homeowners spent more than expected on maintenance and repairs compared to those who’ve owned multiple homes (31%).
- Young homeowners (18-24) are most likely to feel overwhelmed by these unexpected costs (43%).
- Despite the financial stress, homeownership satisfaction increases over time. Only 53% initially found owning a home enjoyable, but that number jumped to 65% after just one year.
- First-time homeowners are more diligent: They are significantly more likely to attend home inspections (68% vs.54%) and locate key safety features like the water shut-off valve (81% vs. 72%).
- They’re also eager to personalize their space: Compared to repeat buyers, first-timers are more likely to want to complete home improvement projects upon purchase (34% vs. 28%). However, nearly 30% regret not tackling more projects within the first six months.
You can view the full findings here.
