Owning a home encompasses more than just the mortgage; ongoing costs can surprise new homeowners. Regular maintenance such as lawn care and housekeeping is expected, but hidden costs like HVAC repairs and pest prevention can arise unexpectedly. Bankrate's Homeowner Regrets Survey reveals that 40% of homeowners regret their purchase primarily due to these unforeseen maintenance costs. Additionally, homeowners associations (HOAs) can add extra fees, further complicating the financial responsibilities of homeownership, highlighting the importance of thorough budgeting and planning.
One of the biggest costs of owning a home is maintenance and routine upkeep. This includes both obvious tasks like lawn care and hidden costs such as pest prevention.
According to Bankrate's Homeowner Regrets Survey, the top reason 40% of homeowners regret their purchase is due to unexpectedly high maintenance and associated costs.
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