Millennials Say That Maintenance Costs Have Deterred Them From Buying a Home
When it comes to owning a home, there’s a lot more to think about than mortgages and locations. It’s equally as important to factor in the inevitable maintenance costs that will add up, whether it’s a leaky faucet. tripped fuse, or something much bigger.
In a new study, Puronics surveyed 1,100 self-reporting millennials across the U.S. in December 2021 to find their views on home maintenance.
When it comes to common maintenance tasks, the study found that 60% of people aged 25-40 do not know how to clean a showerhead, and 19% wouldn’t be able to reset a tripped fuse.
It’s hardly surprising that, given the amount of information out there, 86% of millennials turn to the internet (particularly YouTube content) when they have a household problem that needs solving—another study revealed that the most-Googled DIY term from August 2020 through July 2021 was “how to unblock a drain”.
The study also showed that 46% of respondents ask parents for advice when it comes to home maintenance tasks. 59% of millennials ask a friend or significant other to help, and 48% outsource professional help.
And while it’s all well and good knowing how to do these things, it’s also worth noting that not everyone will have the budget. In fact, 76% said that they do not have a financial budget for home maintenance, and 57% of millennials say they spend less than $500 on home maintenance every year. Due to the expense of fixing the things that may go wrong, 45% of millennials who rent say the thought of home maintenance expenses deter them from buying a home.
To get on top of your household tasks, consider creating a home maintenance log that will allow you to keep things in check.
“A log is a great tool for homeowners — especially first-time homeowners — to record their repairs, issues, money, and progress,” says Camille Canales, a real estate agent in Chicago, told Apartment Therapy in 2021. “We think of it as something like the captain’s log on a ship: all important events are recorded and accessible for when they might need to be consulted.”
Go the old-fashioned route and opt for a neatly organized three-ring binder, or keep things digital with an online home maintenance checklist.