Unexpected Expenses That New Homeowners Don't Prepare For

New homeowners often think they're prepared for the unexpected, but research suggests that unexpected expenses are a common and significant issue faced by this demographic.

According to a recent study, 71% of new homeowners underestimate their financial readiness for unexpected costs, leading to significant financial stress and debt.

These unexpected expenses can range from home repairs and maintenance to medical bills and lost income. In fact, a survey found that the top five most common unexpected expenses among new homeowners are:

• Cleaning and appliance repair ($1,000-$5,000)
• Home inspection costs ($500-$2,000)
• Foundation repairs ($5,000-$20,000)
• Plumbing issues ( $2,000-$10,000)

"These unexpected expenses can be costly and time-consuming to resolve," says Sarah Johnson, a financial expert. "New homeowners need to factor in these costs into their budget from the start or risk facing significant financial stress down the line."

"Don't underestimate the power of unexpected expenses. Be prepared, plan ahead, and budget accordingly to avoid financial stress and debt in the long run.