When you make your budget in retirement, you would never forget to include your main housing expenses, such as your mortgage, property taxes, and utilities. But no matter how new your house is, there's another big monetary item to consider—home repairs.
Not only are these headaches troublesome and downright annoying, but they can also be plentiful and costly. Indeed, according to the U.S. Census Bureau's 2019 American Housing Survey, the median home improvement project cost for homeowners age 75 and up is roughly $1,600. Likewise, 2019 home improvement-related data have home repair averages from 2018 through 2019 at roughly 41% of all home improvement projects.
The problems of home upkeep
Then, there are the upkeep concerns created by an aging house. The latest numbers (2018) from iProperty Management—a home improvement statistics clearinghouse—shows that 16% of home owners were forced to make repairs due to the age of their homes.
As houses get older, problems become numerous. In 2019, for instance, The Federal Reserve Bank of Philadelphia released a report based on a compilation of national home repair statistics. Among other things, the study revealed that on average, 42% of houses built between 1939 (or earlier) and 1969 have many repair needs.
The cost of home repairs, big and small
These repairs entail small problems like light fixtures, and electrical switches and outlets; or big jobs to replace high ticket items.
The Federal Reserve Bank’s study shows a stark contrast with the large repairs, which are more daunting. The report concluded that a plurality of surveyed homes requiring repairs had repair needs between $1,000 and $5,000. These might include new HVAC systems or repairs, water heaters, foundation repairs, and new roofs and gutters.
A big house creates big problems. Roof replacement, for instance, is going to be more costly on a home that has more area to cover.
And when repairs can’t be made due to finances or other reasons, there are consequences such as a drop in resale value and general disrepair; the latter posing the risk of injury, especially among older homeowners.
The end result is aggravation, financial stress, and the loss of free time that could have been spent enjoying retirement.
The most important goal is seeing to it that your lifestyle meets all of your needs and makes repairs and their costs things of the past. Herein lies the path to a worry-free retirement.
Avoid headaches with maintenance-free senior living communities
If you've had enough of costly and time-consuming home repairs, it's time to consider a change. Moving to an Erickson Senior Living community frees you of household maintenance and provides peace of mind. You'll never have to lift another finger again in the name of home repairs!
Request an information brochure to learn more about your preffered independent living senior community.