A Third of Homeowners Put Off Needed Repairs

Many homeowners have put off needed repairs over the past two years, often because of cost. A new report from LendingTree shows that some say the delays have increased repair costs or caused further damage to their homes.

More than a third of homeowners (34%) say they’ve delayed at least one repair or maintenance task in the past two years, the report said. Among all homeowners surveyed, LendingTree noted 25% have completed some repairs but delayed at least one, and 9% have delayed all repairs.

Another 42% say they completed all needed repairs, the report said.

Among homeowners who’ve needed repairs during that period, 36% say their most serious outstanding repair is important but not urgent, while 27% say theirs is urgent or safety-related. Millennials ages 30 to 45 (39%), and Gen Zers ages 18 to 29 (34%) are more likely than Gen Xers ages 46 to 61 (26%) or baby boomers ages 62 to 80 (12%) to have urgent or safety-related repairs, the report noted.

LendingTree said that repair costs force significant financial trade-offs for homeowners.

How to Pay

Among homeowners who needed repairs in the past two years, 37% tapped emergency savings, 33% cut spending on essentials such as groceries, healthcare and childcare, and 20% delayed saving for retirement or paying down debt. LendingTree noted that when faced with a surprise $5,000 repair, 30% of homeowners say they could cover it only by significantly reducing their savings, while 25% say they couldn’t cover it at all.

LendingTree said that delayed repairs can become more costly and cause further damage.

It said that among homeowners who currently need repairs, 34% say a delay has made repairs more expensive, 29% say the original problem worsened, and 25% say it caused damage elsewhere in their homes.

LendingTree noted that some repairs go unaddressed for years. It said that among homeowners who currently need repairs, 25% have put off their longest-delayed repair for four to six months, 22% for one to three months, and 24% for a year or more.

The website said that among baby boomers who currently need repairs, 46% have delayed their oldest repair for at least a year.

LendingTree said that DIY is helping homeowners manage costs.

It said that among homeowners who needed repairs in the past two years and completed at least some of them, 60% did some of the work themselves because they couldn’t afford professional help. LendingTree noted this is especially common among millennials (72%), compared with 29% of baby boomers.

Among those who currently have unaddressed repairs, 34% are saving up for the work, 32% say they can’t afford it, and 23% cite high contractor quotes. LendingTree said that other common reasons for delays include:

• Waiting for an insurance decision or payment (21%)
• Difficulty finding an available or affordable contractor (16%)
• Planning to do the work themselves but not having gotten to it yet (15%)
• Not having time to handle it (12%)
• Not thinking the issue is urgent (12%)
• Believing the work would be too disruptive (9%)
• Not being sure who to hire or how to begin (9%)
• Waiting to see whether the issue gets worse (4%)
• Waiting for another household member, a homeowners association (HOA) or another party (4%)
• Inability to get financing (3%)

Matt Schulz, LendingTree Chief Consumer Finance Analyst and author of “Ask Questions, Save Money, Make More: How to Take Control of Your Financial Life,” says the homeowners’ struggles show that housing affordability challenges extend beyond the cost of buying a home.

“Maintenance and upkeep on your home costs a ton, so it’s crucial that you plan for them,” he says. “You can do that by building your emergency fund as well as by leaving a line item in your budget for ongoing home repair and maintenance costs. That way, those little and not-so-little repairs won’t lead you immediately into more debt.”

LendingTree noted the repairs most likely to be delayed involve flooring, walls or ceilings (30%), followed by bathroom or kitchen work (29%) and plumbing, water heater or sewer/septic issues (27%). Other delayed repairs include:

• Roof, chimney or gutters (25%)
• Heating or air conditioning (23%)
• Water damage, leaks or mold (19%)
• Windows or exterior doors (16%)
• Electrical system (15%)
• Major household appliance (12%)
• Foundation or other structural issue (12%)
• Exterior siding, paint, deck or fencing (12%)
• Routine maintenance, such as HVAC servicing, gutter cleaning, or sealing (9%)
• Smoke alarms, carbon monoxide detectors or another safety feature (6%)
• Pest or termite problem (6%)
• Other (5%)
• Accessibility or mobility-related repair or modification (4%)

Schulz says major, unexpected home repairs are exactly the kind of expense emergency funds are designed to handle.

“Emergency funds minimize your need to take that money from other priorities or to put it on your credit card and run up a bunch of debt,” he says. “It isn’t always easy to build up an emergency fund, especially with today’s high inflation, but it needs to be a priority, even when you have credit card debt. That’s because if you pay your card debt off in full but don’t have an emergency fund, the next surprise expense will just have to go on your card, putting you right back in debt.”

Younger homeowners are more likely to cut essential spending to cover repairs, LendingTree noted. Among those who needed repairs in the past two years, 61% of Gen Z homeowners and 46% of millennial homeowners have trimmed essential spending to pay for them. That compares with 18% of Gen X and 16% of baby boomer homeowners who needed repairs.

Waiting Too Long Can Cause a Big Bill

Delaying home repairs can come at a cost, LendingTree said. Among homeowners who currently need repairs, 34% say delays have made repairs more expensive, 29% say the original problem has gotten worse, and 25% say the delays have caused damage elsewhere in the home.

“Putting off repairs can turn a small problem into a far bigger, more significant one,” he says. “For example, a small roof leak can become water damage, mold, or structural trouble. That can be a big deal when it comes time to sell the house. The longer homeowners wait, the greater the chance that they’ll have to fix the problem at the worst possible time and with fewer options.”

While cost is likely a major reason these repairs linger, Schulz says it isn’t the only one.

“Homeowners may be overwhelmed, unsure whom to hire or reluctant to take on debt,” he says. “For some baby boomers, living on a fixed income or wanting to preserve retirement savings likely plays a role, too. The key is not to ignore the problem. Even if you can’t afford the full repair today, a professional may be able to recommend a smaller step that prevents further damage.”