Owning a home is a significant goal for most families, but many first-time buyers face unforeseen costs during the process.

A recent survey by Angi, a top home improvement platform, shows that 41% of first-time buyers spend more than anticipated on maintenance and repairs during their first year of ownership. Despite the unforeseen expenses, the survey reveals that satisfaction with homeownership grows over time.

Angi surveyed over 1,000 recent homebuyers to examine homeowner attitudes and spending patterns. The findings revealed that many first-time buyers underestimate the ongoing financial demands of homeownership. Key findings from the survery include:

Financial Preparedness: Younger homeowners (ages 18-24) are much more likely to feel uneasy about their spending on home maintenance, improvements, and emergencies (43%) compared to older generations.

Home Inspections and Safety: First-time homeowners are more thorough with home inspections (68% vs. 54%) and show greater awareness of essential safety features such as the water shut-off valve (81% vs. 72%) and the circuit breaker (84% vs. 75%).

Home Improvement Projects: First-time buyers are more likely to take on home improvement projects (34% vs. 28%), yet nearly 30% regret not doing more within the first six months. Common regrets include not remodeling the kitchen, painting interior spaces, installing new flooring, and renovating bathrooms.

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First-time homeowners are approaching the process with greater seriousness. The survey found that first-time buyers are significantly more likely to attend home inspections before purchasing their home—68% compared to 54% of experienced homeowners.

Additionally, first-time buyers are more likely to take the time to familiarize themselves with the location of essential safety features in their home. First-timers knew how to find the water shut-off valve: 81% of first-time homeowners compared to 72% of non-first timers. 84% of first-time homeowners know where their circuit breaker is, compared to 75% of non-first-time homeowners.

Importantly, despite facing unexpected costs as new homebuyers, satisfaction with homeownership grew over time. Initially, only 53% of homeowners thought owning a home would be enjoyable. After just one year, this figure increased to 65%.

Although first-time homeowners are willing to spend extra to achieve their dream home, nearly 30% regret not completing more home projects within the first six months of ownership. Of that 30%

● Over 40% regret not completing a kitchen remodel, which can cost between $23,600 and $142,000 on average.
● 38.5% regret not spending money on the cost of interior painting, which is $1,000 to $3,100 for the average homeowner.
● 37.2% of those regretted not installing new flooring, ranging from $1,500 to $4,800.
● 35.8% of those wished they had spent the cost of a bathroom remodel, ranging from $13,800 to $46,000.