Seventy-seven percent of homeowners say they faced an unexpected issue or repair with their home in the first year of ownership, according to a recent survey from the insurance company Hippo. Many recent buyers who have stretched their budgets to afford ownership then find themselves facing unexpected costs for repairs.
Thirty-four percent of respondents say they faced first-year home maintenance costs of less than $1,000; 30% say they experienced repairs between $1,000 to $2,499; 23% saw repairs between $2,500 to $4,999; and 10% faced repairs of $5,000 to nearly $10,000.
Having a plumbing-related loss alone could cost anywhere between $10,000 to $15,000, Steve Wilson, senior underwriting manager at Hippo, told CNBC.