ALBANY, N.Y. (NEWS10) – A survey finds that an unexpected property cost of $5,000 would put most New York homeowners into debt. Also, a majority of landlords say they could not afford a surprise bill of over $20,000.
Unforeseen costs are part of a package deal when it comes to being a homeowner, but sometimes the costs can rack up thousands in monetary value. If funds are not readily available, it may mean owners have to take out a loan or try to fork out savings to meet these unexpected property regulation costs.
A survey conducted by California Deck and Balcony Inspections Inc. showed that 4,076 homeowners and landlords revealed that, on average, New York homeowners said $5,000 in unexpected property regulation costs would put them into financial debt. The survey also asked landlords if they feel there should be a federal law introduced to protect them against any surprise property regulations that could cost a significant value in maintenance.
76% of landlords in New York believe that federal law should be implemented to protect them from unexpected regulations that could cost thousands in property maintenance fees according to the survey. With climate change having a strong influence on extreme weather, homeowners and landlords in New York will likely be burdened with increased costs to make their properties more resistant to climate change-related factors suggests the survey.
The survey also found that 78% of current landlords said if they got hit with a surprise bill of over $20,000, they wouldn’t be able to cover the costs without going into debt. 43% of homeowners and landlords said they think the government should cover all costs should climate change-related regulations about property maintenance be introduced into law, mentioned the survey.