‘This can be a rude awakening,’ one analyst says.
Fully 44% of home owners say they regret some part of buying a home, according to a survey of nearly 1,500 homeowners released Thursday by personal finance site Bankrate. The No. 1 thing they regret: Not understanding how expensive the maintenance, repairs and other hidden costs would be.
“This can be a rude awakening — folks just don’t have that kind of savings,” says Bankrate analyst Deborah Kearns. So what should you be socking away for home repairs and maintenance? John Bodrozic, the co-founder of digital home-management firm Home Zada, recommends between 1% and 4% of the purchase price of the home.
On $300,000 home, you would need to save $3,000 to $12,000. Kearns recommends you save this on top of what you already put in your emergency fund.
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