A new survey from Nationwide is giving a closer look at how homeowners approach repairs and upkeep in their homes. Many people want their current house to be their “forever home,” and most say they plan to stay in the same place as they get older. Still, the survey shows that while homeowners are good at keeping up with some repairs and upgrades, there are plenty of tasks that get pushed off or forgotten.
The survey found that a large number of homeowners see their current house as a long-term place to live. Nearly two-thirds said they hope to stay put and not move again. This choice seems to come from a sense of comfort, with many people reporting that they like their neighborhood and want to avoid the stress of moving. For older adults, staying in their homes as they age is even more important, and many are making plans to allow them to do this.
For some folks, smart home devices are bringing more awareness of what is going on in their home, and notifications when things go wrong. Some insurance companies are even giving away smart home devices for free or offering discounts on insurance rates depending on what has been installed. And for folks installing smart home devices, they say they are getting better protection (56%), peace of mind (55%), and mobile control of their homes (39%).
Another detail from the survey is that most homeowners do not have clear plans or budgets for big repairs. Only a small number of people said they save money each month for house repairs or set aside time to check for problems. Many homeowners only react when something breaks, instead of taking steps to prevent problems. This can lead to higher costs over time and added stress when an urgent repair comes up.
The survey suggests that while homeowners are making good choices in wanting to stay in their homes, and adding smart devices for peace of mind and discounts, there is room for improvement when it comes to planning and paying for the repairs that come with homeownership. With better planning and a more active approach, people can keep their homes in better shape and feel more secure about living in them for many years.
View the original press release.
