When it comes to maintaining our homes, expert guidance historically disappears after closing day.
We surveyed more than 1,700 people from all over the country. What we heard: home maintenance is a major cause of stress, and a problem in need of a solution.
Specifically, we found that:
- 68% of homeowners report feeling overwhelmed, confused or stressed about maintaining their homes
- 64% of homeowners said they would feel better prepared with a personalized owners manual for their home
- The stakes are high: a well-maintained home sells for 10% more than a home in average condition and helps to avoid costly, unexpected repairs
Below we explore the mindsets, behaviors, and needs of today’s homeowners — from where they need the most help to what decisions will maximize their time and money. Learn more from our new research as well as how we’re building new experiences to provide the ultimate benefit: true peace of mind.
WHAT’S KEEPING HOMEOWNERS UP AT NIGHT
Feelings among homeowners were resoundingly clear: a majority (68%) say they’re overwhelmed, confused or stressed about maintaining their homes — and this only deepens among millennial homeowners and first-time homeowners (increasing to 80% and 81% respectively). What’s more, nearly one-third (32%) of homeowners are not sure where to begin when it comes to maintaining their home.
One reason why? According to our quarterly Home Care Price Index, the average home in the U.S. requires an annual maintenance budget of $4,994. Yet, 79% of homeowners are under budgeting for this essential annual home maintenance.
This gap has led 1 in 5 homeowners to regret or have second thoughts about purchasing their home. The main reason we heard? Regret for over half (53%) of homeowners stems from not budgeting for repairs and maintenance.
And homeowners told us that the stress of their homes is keeping them up at night. They’re tossing and turning over how to fix something that breaks (35%), the amount of time and effort needed to care for their home (33%) and not being able to afford an emergency repair (29%).
THE HARD COST OF PUTTING PROJECTS OFF
What’s the financial cost of all of this confusion, stress and under budgeting?
We surveyed more than 1,000 realtors in partnership with OJO and found that a well-maintained home sells for 10% more than a home in average condition, which amounts to an increase in value of $44,000 nationwide. In a market like San Francisco this nets to around $130,000 or in Austin around $50,000.
What’s more, waiting until critical home systems or appliances breakdown can lead to a snowball effect of emergency repairs and unforeseen expenses. In a nightmare scenario where a home’s central air, water heater, refrigerator and roof all failed at once, it would cost $29,233 on average to repair or replace these essential components.
By contrast, the annual cost of essential home maintenance for these five systems and appliances averages $1,347 a year and that upfront investment could save $3,258 in annual repair costs.
It quite literally pays to not put off home maintenance until tomorrow.
Survey Methodology: Thumbtack conducted a survey of the general population from 3/7/2022 to 3/10/2022 of 1,720 U.S. adults aged 18 or higher balanced by age and gender according to U.S. Census estimates. Results have a margin of error of +/- 2.4%. New homeowners are defined as homeowners who purchased their home in the past two years.
OJO Methodology: A survey of professional realtors was conducted by OJO from 4/20/2022–5/2/2022. 1068 responses were received. Respondents were asked to provide a response to the sales premium that a well maintained home receives rounded to the nearest percentage point. The median value is reported in the analysis.
Pricing data for maintenance and replacement costs is based on platform data from projects requested on Thumbtack over the past 24 months as reported directly by the independent service professional or individual consumer. Essential components of the home include: central air, heat pump, water heater, roof, gutters, siding, deck, refrigerator, range/oven, and dishwasher. A survey of Thumbtack pros was conducted from 3/25/2022–3/31/2022 to determine the average lifespan of each component, how many years proper maintenance extends to the lifespan, and how many years a lack of maintenance subtracts from the lifespan.