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Homes aren’t perfect, and they are often in need of repairs and maintenance. The average home is in need of about $3,150 worth of repairs that haven’t been made yet, according to a new survey of more than 1,000 homeowners conducted by consumer information website Consumer Affairs.
About one in four homes are in need of serious repairs. Forty-five percent of homes are less safe due to those neglected repairs, the study finds. The average homeowner waits more than 10 months to make a critical repair on the home.
Some homeowners inherited needed repairs when they first purchased a house. Forty-three percent of homeowners say they hadn’t made repairs that were needed when they purchased the home.
The expense is the leading reason homeowners have delayed fixing issues. More than half of homeowners surveyed say they don’t have much saved up to pay for home repairs. Only 41% of homeowners say they could afford a $500 repair out of pocket, and that percentage drops to 28% for those who could afford a $1,000 repair.
