Buyers Can Overcome High Home Repair Costs By Planning Ahead

By ERIN FLYNN JAY Home repair costs continue to increase nationwide, but buyers can budget for that by working with lenders who build renovation costs into a mortgage. According to the Q1 2024 Verisk Remodel Index, the cost of home repairs and remodeling in the first quarter rose by just over 4% from the same time last year. Costs set new highs for the past decade, rising over 61% from the first quarter of 2014. The index tracks costs for 31 different categories of home repairs, comprising over 10,000-line items ranging from appliances to windows. Data are compiled monthly in over 430 local market areas across the country. Of the six largest categories of expenditures, framing was the only one…