A survey reveals that numerous homebuyers encounter unexpected repair expenses shortly after relocating.

• Nearly three-quarters of homeowners who encountered an unforeseen problem in their first year of residence in their new house reported spending over $1,000.
• There are ways to help head off costly repairs as a homeowner.
• In February, the National Association of Realtors reported that the median home price was $357,300.

Buying a home? Don’t forget to budget for repair costs.

A survey from insurance firm Hippo found that most homeowners (77%) encountered an unforeseen repair issue in their first year of homeownership, with two-thirds of them spending over $1,000 to resolve the problem.

Homeowners often face challenges that homebuyers are unprepared for, according to Courtney Klosterman, a home insights expert at Hippo.

In February, the National Association of Realtors reported that the median price for a house was $357,300. Despite the decline in climbing interest rates, more than 6 million existing homes were sold in 2021, which is the highest number since 2006.

According to Steve Wilson, senior underwriting manager at Hippo, it has become more common for buyers to bypass a home inspection or make the purchase not contingent upon that process. As a result, some buyers ended up in bidding wars, and 68% of homeowners in the Hippo survey said they paid above asking price.

Wilson advised getting it done, even if it wasn't included in the purchase, as it would emphasize certain aspects that require attention.

1 in 5 workers runs out of money before payday, survey finds. Pooling money makes couples more likely to stay together. There's still time for 2021 IRA contributions. What to know.

In Hippo's survey, approximately 34% of respondents reported that the surprise repair cost was less than $1,000. About 30% said it was between $1,000 and $2,499, while 23% reported spending between $2,500 and $4,999. For 13%, the repair cost exceeded $5,000.

It is wise to have money set aside for home repairs, but you can also take steps to prevent costly fixes. For example, make sure you know where the main shutoff is for water. If you find a leaking line from your refrigerator or washing machine, turn off that valve to prevent further damage.

Wilson stated that a plumbing-related loss can cost between $10,000 and $15,000.

Regular servicing of main systems, such as heating and cooling, is crucial. Additionally, if a home inspection report omitted the cooling system due to the time of year, it should be evaluated to ensure it functions properly when needed.

Keep track of the lifespan of major appliances in your home.

If your furnace is approaching its 15th to 20th year of use, it's time to prepare for replacement or repair instead of being caught off guard by its failure, according to Carrier, the home appliance manufacturer.

Other major appliances include an air conditioner, clothes dryer, clothes washer, dishwasher, freezer, microwave oven, oven, refrigerator, stove, water heater, humidifier, dehumidifier, garbage disposal, and trash compactor.

Ensure that your homeowners insurance is sufficient and that you are ready to cover your deductible in the event of a claim.

While 51% of the 1,000 homeowners surveyed by Hippo felt very prepared for homeownership, 26% admitted they were much less prepared than they initially thought.

Each season, Hippo provides a maintenance checklist for key home maintenance tasks.