CHARLOTTE, N.C. — While the housing market is cooling off a bit, buying a home can still be a stressful process. And the stress may not end there.
A new study finds running into unexpected expenses is leaving first-time homebuyers asking where's the money.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
According to home improvement website Angi, 41% of first-time buyers spend more than expected on maintenance and repairs in the first year.
Angi found homeowners under 24 are significantly more likely to feel uncomfortable spending money on home maintenance, improvements, and emergencies compared to older generations. The study shows the average home renovation costs more than $51,336 with homeowners spending between $19,504 and $86,917.
Of course, the location of your home can determine how much you pay for your renovations. While first-time homeowners aren't afraid to spend extra money to achieve their dream home, Angi says nearly 30% regret not completing more home projects within the first six months of homeownership.
Despite some unexpected costs, Angi says homeownership satisfaction actually increases over time.
WCNC Charlotte's Where's The Money series is all about leveling the playing field in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn't want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in the YouTube playlist below and subscribe to get updated when new videos are uploaded.