Homewyse 2010 Home Maintenance and Home Repair Cost Report Now Available
Online, November 9, 2010 (Newswire.com) - Most homeowners have a clear understanding of the mortgage, tax, insurance and utility expenses associated with owning a home, but few understand - and adequately plan for - home maintenance and repair expenses.
Home Maintenance and Repair Costs Have Become #2 Homeowner Expense
The 2010 Home Ownership Cost Report is the first of its kind report on home maintenance and repair costs. It uses a detailed analysis of component lifetimes, replacement costs and labor requirements to provide a revealing look at the complete costs of home maintenance and repair. This report helps homeowners and homebuyers understand the total cost of homeownership and strategies can result in the biggest savings in maintenance and repair expenses.
Some highlights from the 2010 Home Maintenance and Repair Cost Report:
- Annual maintenance and repair costs for a typical 3 bedroom, 2 bath 1650 square foot detached home averaged $7,910
- For a better quality, 2450 square foot home, yearly maintenance and repair expenses average $12,510
- The two largest ongoing expenses for the typical home are for interior finishes and fixtures (21% of total) and yard and garden care (16% of total)
- Cost differences by geographic location are significant: the most expensive areas of the United States are 44.7% higher than the lowest cost regions
- With a few core skills Do-It-Yourself homeowners s can save over 36% of the annual maintenance and repair expense for their home
- Lower demand and decreasing material costs make 2010 and 2011 a good time for getting highly discounted deals on large ticket home repairs and system replacement work
"Most homeowners and industry insiders significantly underestimate the complete costs of maintenance and repair." said Robert Parden, Senior Director of Research at Homewyse. "To protect their home investment, it is important that homeowners understand these costs and plan accordingly - this report helps them do that"
Complete 2010 Home Maintenance and Repair Cost Report Now Available
"The 2010 Homewyse Home Maintenance and Repair Cost Report" is now available at http://www.homewyse.com/documents/HomewyseOwnership2010.pdf