Unexpected repair costs are a common issue for homebuyers, with 77% facing them in the first year of ownership, according to a survey. Here are some tips to help you prepare for and avoid surprise expenses.

• In January, the median home price increased by 15.4% compared to the previous year and reached $350,300.
• Surprise repair expenses are common for homeowners in their first year of residence.
• A third of the respondents reported spending less than $1,000 on the repair, with the remaining group shelling out more.

The joys of owning a home are great, but when something goes wrong, there's no landlord to turn to.

Be cautious when buying a house as 77% of homeowners have encountered an unexpected repair issue that required them to spend money in their first year of ownership, according to a survey by insurance firm Hippo.

Homebuyers are often unprepared for the responsibilities that come with owning a home, according to Courtney Klosterman, a home insights expert at Hippo.

Before marriage, couples should have a "money talk." 8 out of 10 consumers pay more than the sticker price for a new car. Here are 3 ways to spend your tax refund this year.

In 2020 and 2021, with high demand for homes, low interest rates, and limited inventory, home prices have been steadily increasing. The median price reached $350,300 in January, a 15.4% increase from the previous year when the median was $303,600. Additionally, more than 6 million existing homes were sold in 2021, the highest number since 2006.

According to Steve Wilson, senior underwriting manager at Hippo, it has become more common for buyers to bypass home inspections or make purchases not contingent upon that process. As a result, some buyers have 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."

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

To prevent costly home repairs, it's wise to have money set aside for repairs. However, you can also take steps to avoid costly repairs. For example, knowing where the main shutoff is for water can help prevent damage if a leaking line is discovered. Turning off the valve for a leaking refrigerator or washing machine can 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's important to have it 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 15 to 20 year lifespan, it's important to be prepared for its potential failure or need for repair, according to Carrier, the home appliances 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 your homeowners insurance is sufficient and be ready to cover your deductible in case 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.