Top 5 Unexpected Household Repairs
Buying a house is an exciting yet stressful time. With the average household repair coming in at £5,000, it’s crucial homeowners are prepared for worst case scenarios.
A small oversight when viewing a property can lead to financial misfortune when you sign on the dotted line. In fact, Money Guru discovered that it could take 1 in 4 (24%) Brits up to eight years to save for unexpected household repairs.
To combat this, price comparison experts Money Guru surveyed British homeowners to uncover the top 5 unexpected households repairs, and how much these cost to rectify which you can view here: https://www.moneyguru.com/
Replacing the windows in your home came in as the UK’s most common household fix. However, with the average lifespan of double glazing being 20 years - it’s a worthy investment.
Top 5 Most Common Unexpected Household Repairs
- Windows - initial repair bill for a house with 10 windows starts at around £5,450
- Kitchen - for those who need to repair the kitchen when they first move in, it is likely to cost around £8,000 for replacement
- Bathroom - the cost for a totally new bathroom is around £4,500 - including furniture and installation.
- Boiler - those who face replacing the boiler in their new home, are looking at a bill that can vary between £500 and £2,500.
- Roof - while the price of a new roof depends on the material, the average cost to fit a new roof is close to £4,900.
Average Cost of Repairs
Money Guru’s investigation uncovered that 24% of UK homeowners spent at least £5,000 on the first repair in their new home.A further 31% said they spent between £1,000 and £5,000 fixing their home. Sadly, only 17% said their first repair expense was under £100.
Their research found that while the average cost for the most common repairs is around £5,000, only 1 in 4 (24%) UK homeowners are able to regularly save £50 each month to cover any emergencies - taking them eight years to afford the average total bill of £5,000. Here are the most popular alternative methods to cover the cost of repairs.
How Do British Homeowners Pay For Household Repairs?
- Used savings 66%
- Added to the mortgage 14%
- Took out a loan 10%
- Got a credit card 4%
- Cut back on essentials 3%
- Borrowed from family and friends 3%
Want to read the full article? www.moneyguru.com
