Summary
Homeowners widely underestimate the true cost of maintaining their properties, according to a recent Synchrony study. While many expect to spend about $70,000 over a lifetime, actual expenses can exceed $339,000 and reach $400,000 or more with emergencies. Nearly 90% report outstanding repair needs, yet many delay fixes due to high costs, which often leads to more expensive problems later. Experts urge homeowners to budget proactively—typically 1% to 4% of a home’s value annually—and to build emergency funds to cover inevitable repairs such as roofing, HVAC failures, and plumbing issues.
Money
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