Unexpected Cost of Ownership Could Lead to Homeowners Debt | WUTR/WFXV

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ALBANY, NY (NEWS10) — A survey finds that an unexpected $5,000 cost of ownership would put most New York homeowners in debt. Additionally, a majority of owners say they couldn’t afford a surprise bill over $20,000.

Unexpected costs are part of a package deal when it comes to homeownership, but sometimes the costs can reach thousands of dollars in monetary value. If funds are not readily available, it may mean that owners have to take out a loan or try to save money to meet these unexpected property regulation costs.

A survey by California Deck and Balcony Inspections Inc. showed that 4,076 homeowners and landlords revealed that on average, New York City homeowners said $5,000 in unexpected property regulation costs would put them at risk. financial debt. The survey also asked homeowners if they thought federal law should be introduced to protect them from any surprise real estate regulations that could cost significant value in upkeep.

76% of New York City homeowners think federal law should be implemented to protect them from unexpected regulations that could cost thousands of dollars in property maintenance costs, according to the survey. With climate change having a strong influence on extreme weather, New York City homeowners and owners are likely to be burdened with increased costs to make their properties more resilient to climate change-related factors, the survey suggests.

The survey also found that 78% of current homeowners said that if they received a surprise bill over $20,000, they wouldn’t be able to cover the costs without going into debt. 43% of landlords and landlords said they believed the government should cover all costs if climate change-related regulations regarding property maintenance were introduced into law, the survey mentioned.

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