In the first year of ownership, 44 percent of homeowners say they experienced an unexpected home repair. And 12 percent said they experienced a surprise repair within their first month of moving in, according to a new NerdWallet survey of about 2,000 U.S. adults.
Nearly half—or 48 percent—of surveyed American homeowners say unexpected home repair costs have caused them anxiety. Thirty-one percent of homeowners say they do not have money set aside for home repairs or improvements.
“Unexpected home repair costs can be a nightmare, especially for first-time home buyers,” says Holden Lewis, NerdWallet’s home expert. Buyers are already bogged down with the cost of buying a home, closing costs, moving, and outfitting their new home. “On top of all those expenses, you’re expected to keep some savings in reserve for emergency repairs,” Lewis says. “Don’t kick yourself if you don’t have an emergency fund left over after you buy your house. But you’ll be a less anxious homeowner if you make it a priority to build up that fund.”