New homeowner? Expect to spend $30K on these common projects
This article originally published on Thumbtack and is syndicated by Cheapism.
With millennial first-time homebuyers taking advantage of record-low mortgage rates, many are unaware of the projects they may have to complete in order to get their new home move-in ready. Thumbtack’s new research and survey data, in partnership with Zillow, found a typical home on the market could require $26,900 of work. This may come as a shock to the large majority (65%) of active home shoppers who are not seeking a fixer-upper.
If you’re thinking about buying a home, make sure you set aside some money to tackle any needed repairs or maintenance. Click through to see the most common projects new homeowners face.
Estimated cost: $350
When you move into a home that was previously owned, consider re-keying your locks. It’s a quick way to secure your home and get peace of mind. Many options, including SMART locks, can help you protect your home when you’re away. You might also want to install a home security system complete with cameras, alarms, motion sensors and more.
Estimated cost: $180
Many new homeowners choose to have a comprehensive whole-home cleaning for around $180. This deep cleaning allows for a fresh new start and can help decrease dingy aesthetics, while also lowering the need for costly repairs over time. Starting with mineral deposit removal from toilets all the way to dusting ceiling fans, whole home cleanings provide a clean start.
If your new home doesn’t require a deep cleaning from top to bottom, then be prepared to clean your flooring:
Carpet cleaning: $190
Tile flooring cleaning: $440
Hardwood floor cleaning: $495
Related: How to clean and maintain your floors.
Paint a room: $385
Paint cabinetry: $1,105
Repaint whole home interior: $1,240
Repaint whole home exterior: $2,415
A new paint job can completely change your new home’s aesthetic and fix minor issues. Repainting your home’s exterior can also protect it from the elements while boosting your curb appeal.
Inside your home, you might want to repaint your living room, bedroom and kitchen walls and cabinets — especially if the existing paint is chipped or if the color isn’t quite what you envisioned for your new home.
Related: The complete guide to painting your home's exterior.
Estimated cost: $545
New homeowners also tend to spend money on improving their home’s landscaping to boost their home’s curb appeal and create an outdoor living area. You might want to plant trees for more shade or flowers for pollinators. Or, you may choose to add low-maintenance landscaping features to your yard. For example, some homeowners choose to install gravel walkways or stone patios instead of grass and a garden.
Estimated cost: $570
Not only does fencing add curb appeal, it also creates a boundary and provides a bit of privacy from your neighbors. If your fencing has a few structural issues (leaning, missing boards, rotted wood, mildew damage, etc.), then it will require repairs. Expect to spend about $570 for repairs done by a professional.
Estimated cost: $800
When you move into a new home, get your roof inspected. A roofer can identify any issues that could become expensive repairs down the line. For example, they can check for:
Missing shingles or tiles
Cracked, warped or broken materials
Mold and mildew growth
If you don’t address important repairs early on, you may need to get a new roof down the line — which could cost you thousands of dollars.
Repair cost: $315-$1,245
Replacement cost: $690-$1,790
Does your new home have uneven floors? How about noticeable scratches or dents? If so, then consider repairing or refinishing your existing flooring to make them look brand new.
Perhaps you’re not happy with your current flooring and want to replace it? Consider these options for your new home:
Carpet ($690): Provides warmth and comfort but can be a nuisance to clean.
Tile ($1,620): Water-resistant and great for bathrooms.
Hardwood ($1,790): Classic style that can be refinished and last a long time.
Estimated cost: $340-$3,615
Essential for the modern home, a broken heating and cooling system can make you miserable during the warm and cool seasons. A faulty furnace or HVAC system can also be a safety hazard and lead to higher energy bills. Set aside money in your budget to prepare for these common projects after you move in:
Evaluate/repair furnace: $340
Evaluate/repair HVAC: $390
HVAC repairs/replacement: $3,615
Estimated cost: $335-$370
Water waste can become a huge problem. From faucets to water heaters, regular maintenance and repairs are much more cost-effective than replacements. For example, a minor leak can quickly become a new fountain for the bathroom sink — something no new homeowner wants to endure. If your new home has plumbing problems, fix those issues ASAP.
Estimated cost: $515-$785
Do you enjoy a hot shower in the morning? Make sure your new home’s water heater is working. You should also schedule regular maintenance. Staying on top of maintenance is a much better option than replacing a broken water heater down the line.
Estimated cost: $420
Your tiled bathroom surfaces can become quite unappealing over time if you don’t maintain the grout. Inspect every bathroom in your new home and check your tile floors, shower walls and countertops for any signs of cracked and crumbling grout, along with loose or uneven tiles.
Estimated cost: $910-$1,365
The cabinets in your new home should be solid and sturdy. If they’re not damaged beyond repair, then you may just want to consider repainting them ($1,105) or adding new hardware to give them a fresh, updated look.
Estimated cost: $475-$1,185
Your bathroom and kitchen counters will endure heat, water and daily wear and tear. Make sure your countertops are in good condition. Check for cracks, chips, scratches, water damage and stains. Depending on the damage, a professional may be able to repair your counters or you might need to replace them.
Estimated cost: $235-$270
Hopefully, your refrigerator, stove, microwave, garbage disposal and dishwasher are properly working when you move into your new home. If not, try to get them repaired.
If a professional is giving you a quote for repairs, also ask about the cost to replace your appliances. If the cost to repair your appliances is more than (or similar to) the replacement costs, you might be better off upgrading with brand new appliances.
Estimated cost: $355
Lighting creates safer spaces — both outdoors and indoors. As you’re inspecting the lights in every room around your home, check to ensure the lighting around your outdoor steps, swimming pools, water features and indoor staircases are working properly. If they’re not, fix or replace them.
Purchasing a home is an exciting and rewarding experience. If you’re a new (or soon-to-be) homeowner, avoid financial stress by understanding the hidden costs for repairs, replacements and upgrades. Please remember: while the cost of these common projects can total nearly $30,000, living in a functional, comfortable and beautiful home is priceless.
Related: Smart ways to save on your home remodeling projects.
Methodology: To help first-time buyers feel prepared for the home-buying journey, Thumbtack partnered with Zillow to compile a list of the most common projects its teams tackle after purchasing homes through Zillow Offers, a service that allows sellers to skip prep, open houses and showings by selling directly to the company. Then, using that list of common repairs, Thumbtack calculated the national average costs to complete each project. All prices shown reflect the national average across the U.S. Prices may vary by city depending on supply and demand, price of materials, etc. For data on specific regions, please go to Thumbtack.
