You’ve accomplished the American Dream: you’re a homeowner. While this major achievement is worthy of celebration, new homeowners should also be mindful that saving for the down payment was only the beginning. It costs money to maintain a home and according to new reports, that cost is increasing.
A survey from home repair site, Angi, of 1,000 homeowners in the U.S. shows that Americans are paying more for home maintenance costs in the last year. More than 40 percent of these repairs are from ordinary wear and tear and part of the normal cost of being a homeowner.
On average, Americans shell out over $3,000 each year in home maintenance. Appliance repairs and new roofs are among the most common and costly expenses. While it may not cover all costs, home warranties are often recommended by real estate experts to as a way to minimize these costs.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 2.875 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.
