78% of Homeowners Are Delaying Necessary Home Maintenance Due to Inflation. Here's Why It Will Cost Them

Being a homeowner is a big responsibility and financial commitment. Before buying a home, it's essential to consider how your decision will impact your personal finances. In addition to making your monthly mortgage payments, you'll want to plan for other costs, like home maintenance. A recent study found that many homeowners are delaying important home maintenance and repair projects. Not taking care of routine home projects could result in further damage to your home and negatively impact your wallet.

44% of homeowners are delaying routine home maintenance

Once you own a home, you want to take good care of it. After all, you spent a lot of money on it. You might think about immediate needs, like keeping the interior of your home clean. But you must also consider other essential upkeep tasks, like home maintenance and repairs.

A recent Nationwide Agency Forward study found that 44% of homeowners are delaying routine home maintenance tasks, while 31% are delaying necessary repairs and renovations. There's one big reason homeowners are delaying this work. 78% of survey respondents cited inflation and rising prices as the reason for putting off necessary maintenance and repair tasks.

With everyday costs increasing, it's understandable that homeowners are considering their current bank account balance before starting a significant home maintenance or repair project. But, delaying home upkeep like this can have consequences.

Here's what can happen if you delay home maintenance

It's essential not to delay home maintenance tasks for many reasons. For starters, a small problem could worsen quickly if left unaddressed. For example, minor shingle damage from a storm could soon become a more serious issue that leads to further roof and home damage.

There's also the possibility that a project could become much more expensive the longer you wait. What might feel like a costly bill now could become an even more expensive project the longer you put off necessary work. Starting the repair work sooner could allow you to keep more money in your emergency fund.

But those aren't the only potential consequence of delaying home maintenance and repairs. According to Beth Riczko, Nationwide's President of P&C Personal Lines, promptly taking care of a known home issue is essential. If neglected, your home insurance may not protect you.

Rickzo noted, "When a claim is filed, there are many factors reviewed during the investigation that may impact whether the claim is covered, including if the insured followed policy conditions. For example, when shingles are damaged on a roof and aren't repaired, causing interior damage, there could be coverage impacts."

How to finance home maintenance and repair projects

If you've been putting off necessary property upkeep, you may want to consider taking care of it sooner rather than later. Otherwise, you could create more problems down the road if you wait.

If finances are a concern, you're not alone. Luckily, there are many ways to pay for home repairs and home maintenance projects. One way is to get a 0% APR credit card and use it to pay for the work. As long as you pay the entire credit card balance off before the 0% APR promotion period ends, you can avoid paying costly credit card interest.

It's a good idea to set aside money in a savings account to prepare for future home maintenance and repair work. You can set up automated transfers from your checking account to your savings account, so you don't forget to save. Over time, the money will add up.

Treating your home maintenance fund contributions like a regular bill will ensure you have the money available so you don't delay important home repair projects due to money concerns. By keeping your maintenance and repair fund in a savings account, you'll earn interest, too. Check out our list of the best high-yield savings accounts to find one that meets your needs.