One in three households can't afford property repairs

7NEWS

6 hours ago

Australian households are unable to pay for critical home repairs such as broken showers, busted appliances and major structural repairs, due to the rising cost of living.
New research from comparison site Finder has found 32 per cent of Australians admit they are currently avoiding or putting off home maintenance and repairs because of soaring basic living costs.
This equates to 3.2 million properties that are being neglected due to affordability issues, from busted air conditioning units to leaking pipes, not only impacting people's basic living conditions but posing serious safety issues.
The survey of more than 1000 households revealed plumbing issues topped the list of the most neglected maintenance issues, with one in ten people putting off repairs for toilets, sinks and showers.
Meanwhile, 10 per cent of people can't afford to replace broken appliances, and another 10 per cent are being forced to ignore electrical problems because they simply don't have the means to pay for them to be fixed.
The findings are frightening given electrical faults and faulty electrical appliances are one of the leading causes of house fires in Australia.
Finder's personal finance expert, Sarah Megginson said it was troubling that almost three million Australians are not maintaining their properties because of rising living costs.
"That amounts to a lot of run-down homes in our neighbourhoods, which could have an impact on property values and potentially lead to some homes having safety issues," she said.
The research also found eight per cent of households are unable to afford major structural repairs, while another eight per cent are going without pest control and interior maintenance due to financial pressures.
Megginson said attempting to keep up with home maintenance has become a huge burden for a growing number of households.
"People are struggling with rents and mortgages and other living expenses, pushing home maintenance to the bottom of the list," she said.
She said for many Australians, housing is one of the biggest expenses in the family budget.
"From rates to insurance to pest control and then repairs and maintenance, it can feel like the home becomes a never-ending money pit.
"But the cost of letting a house become dilapidated can be far greater in the long term. What starts as a small issue can escalate into something much more complicated and expensive to fix down the track."
Megginson said homeowners that do not keep their property maintenance up to date also risk their insurance being voided.
She said, as a rule of thumb, homeowners should be prepared to allocate a few thousand dollars per year for standard maintenance and repairs and that establishing a house emergency fund in their family budget is a wise idea.
Finder research has found the average home insurance quote in Australia is $2,874 but it can vary greatly.