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Wednesday, November 6, 2024

Survey finds financial fears outweigh ghosts for American homeowners

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Ralph Mantica President at Ohio REALTORS | LinkedIn

Ralph Mantica President at Ohio REALTORS | LinkedIn

A recent survey conducted by Clever Real Estate reveals that Americans are more concerned about certain homeownership issues than the prospect of living in a haunted house. The survey, which involved around 1,000 participants, found that mold, foundation issues, and termites top the list of fears for homeowners.

In an election year, many respondents indicated they would prefer living in a haunted house over residing next to outspoken political neighbors. Financial concerns also weigh heavily on potential homeowners. These include unexpected housing costs, high interest rates, bad neighbors, or the inability to pay a mortgage.

"With homeowners spending about $18,000 a year on home expenses on top of their mortgage and interest payments," researchers note in the study, "it’s no surprise hidden costs are the most common fear." Rising prices have exacerbated these worries with homeowners being 12% more likely to be anxious about surprise expenses in 2024 compared to 2023.

The survey highlights specific home repair issues that cause concern among Americans: Mold (80%), foundation problems (74%), termites (73%), asbestos (73%), water damage (67%), and leaky roofs (67%). "These damages are particularly sinister because they can compromise a home’s safety and be quite costly to fix," researchers note. They often provide few visible warnings for potential buyers.

Design elements can also deter potential buyers or visitors. One in eight Americans find homes with excessive wallpaper frightening; one in ten feel similarly about homes with extensive carpeting. Certain decor items such as large numbers of dolls or gothic furnishings may give off unsettling vibes.

Despite these concerns, many Americans remain open to purchasing a haunted house if it means saving money. Signs of a potentially haunted property include strange noises or shadows and eerie feelings within certain rooms. However, 54% of respondents said they would consider buying such a property if it was priced at least $50,000 below market value. Additionally, over one-third would overlook paranormal activity if the house featured modern renovations and appliances.

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