If you just moved into your new home or are hoping to buy a house soon, you may need to spend more soon on an unexpected repair, a recent survey suggests.
Some buyers have ended up in bidding wars — and 68% of homeowners in the Hippo survey said they paid above asking price. It also has become more common to bypass a home inspection or to make the purchase not contingent upon that process, said Steve Wilson, senior underwriting manager at Hippo.
About of third of respondents in Hippo's survey said the surprise repair cost was less than $1,000. Another 30% said it was $1,000 to $2,499, and 23% said they paid $2,500 to $4,999. Meanwhile, 13% spent more than that. Other major appliances include an air conditioner, clothes dryer, clothes washer, dishwasher, freezer, microwave oven, oven, refrigerator, stove, water heater, humidifier, dehumidifier, garbage disposal and trash compactor.