With home prices increasing, homeowners are feeling the pinch to age in place.
And just like the butterfly effect – one small change affects many others.
A new report from Buildfax shows that within the past five years, remodeling has increased by 30%. Accompanying that survey, NerdWallet’s recent Home Improvement Report indicates that from 2015 to 2017, Americans spent $449.5 billion on upgrading projects in their home.
Unfortunately, most of these homeowners are not prepared for emergency repairs. Just like needing to set money aside for down payments and closing costs, it’s highly encouraged to set money aside for unexpected repairs on the house. NerdWallet’s report found that more than 30% of Americans do not have emergency funds set aside.
To make matters worse, the report also shows that 44% of homeowners have experienced an unexpected repair within the first year of purchasing their home.
Saving money and spending money cause stress for homeowners. However, it seems as though homeowners are still undeterred by these budgeting matters – as 72% stated that remodeling and upgrading their homes will always increase the overall value.
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