The average homeowner encountered about four surprises or unexpected costs within the first year of homeownership, spending around $3,600 to address them.<br /><br />That’s according to a new survey of 2,000 homeowners split evenly by generation, which revealed the top expenses during that first year were appliance replacement (56%), exterior repairs such as windows (53%) and major repairs like roofing (52%). <br /><br />That may be why 44% of those surveyed invested more money on their home within the first year of owning it than they expected.<br /><br />On top of that, respondents spent two and a half years on average upgrading their home before they were pleased with it.<br /><br />While time and money were invested in the property, 71% of homeowners now feel like they’ve found their forever home, with the average duration of homeownership at nine years. <br /><br />Almost half (45%) of respondents said they were encouraged to purchase their home based on its accessible location, while other driving factors included yard size (44%), cost (42%) and curb appeal (39%).<br /><br />Conducted by OnePoll on behalf of TruGreen, the survey results also revealed that 75% of homeowners believe it’s important that their yard or home’s exterior looks impeccable. <br /><br />However, millennials might already be telling kids to get off their lawn, as younger adults care about their home’s exterior more than older generations.<br /><br />Gen Z (47%) and millennials (46%) were more likely to cite curb appeal – like the color of the home, decks and balconies – as a reason for homebuying than Gen X (35%) and boomers (30%). <br /><br />Younger generations were also more likely to purchase their home based on its architecture and style, with 46% of Gen Zers and 43% of millennials doing so, compared to 30% of Gen Xers and 23% of boomers.<br /><br />For most, curb appeal has perks, like making a good impression on guests and neighbors (61%) and providing a sense of pride (58%). <br /><br />In fact, impressions were found to matter more to millennials than Gen Xers (67% vs. 56%), and aesthetics were valued more by millennials (70%) than Gen Zers (60%). <br /><br />“People take great pride in their home’s appearance, and many first-time homeowners invest without realizing the amount of work and cost involved in its upkeep,” said Johanna Metz, vice president of marketing for TruGreen. “It’s essential to understand homeownership – from the buying process to the problems and surprises faced after you’ve signed on the dotted line – with a fluctuating housing market.” <br /><br />When prioritizing maintenance, homeowners focus on their home’s exterior, such as patios (42%), functionality like upgrading appliances (40%) and their yard or lawn (39%).<br /><br />For those who dare to tackle a DIY project, respondents turn to YouTube videos (42%), search engines (39%), home improvement stores (38%) and prior experience (38%) as a resource.
