At a time when the average home emergency costs around $2,000 to repair, roughly one-third (31%) of homeowners admit to having $1,000 or less saved for these emergencies.
According to a survey of 1,000 adults conducted by Today’s Homeowner, 82% of homeowners will need at least one repair to their property – but nearly 79% said they are waiting to handle the repair within the next six months. The primary reason for the delay is financial – nearly 60% of homeowners said they cannot afford to handle the repairs now, while 28% said they had other debts that required their immediate attention.
As for paying for the repairs, 46% of survey respondents said they aren’t considering financing any repairs until they can fully afford it without borrowing money. However, 21% of respondents said they would finance home repairs using credit cards, while 13% said they would take out personal loans and another 13% claimed they would tap into their emergency savings.
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