What do you get buying an existing home? Roughly $7,000 in needed repairs, survey finds

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When you buy an existing home, you’re also buying into about $7,000 in needed repairs, according to a new national survey.

HomeAdvisor surveyed 1,900 homeowners about their experiences fixing problems, known or unknown at the time of purchase, left behind by the previous homeowners. 

Among the findings:

  • 85% of homeowners have had to fix at least one problem they were unaware of during the buying process. 
  • On average, new homeowners spend $7,168 on repairs in the first year alone and $15,489 throughout their time in the home. 
  • 1 in 3 say they wouldn’t have bought the house if they were aware of the problems left behind. 
  • Of those who have sold a home, nearly 3 in 4 admit to hiding a problem from a buyer. 
  • The most common issues that needed repair involved electrical, drainage and roofing. 

You can read the full report, and its methodologies, here.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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