Top realtor reveals the hidden costs homeowners face after spending more than $150,000 fixing his own house

Buying a home may be the biggest purchase most Americans ever make - but according to one top realtor, the mortgage is often just the beginning.

Jeff Lichtenstein, CEO and broker of Echo Fine Properties in South Florida, told the Daily Mail he has spent more than $150,000 on repairs and upgrades to his own 24-year-old home, warning that many buyers seriously underestimate the true cost of homeownership.

His warning comes as new research shows nearly two-thirds of recent homebuyers say owning a home has proved more expensive than they expected, while almost three-quarters have spent more than $10,000 on unexpected repairs within their first two years, according to business software company Jobber.

'One repair after another' 

Lichtenstein knows exactly how quickly costs can snowball.

'A few years ago, our AC broke. It was $7,500 for the handler and compressor. Three weeks later, the water heater went. Another $2,500,' he told the Daily Mail.

The expenses didn't stop there.

'Since then we have replaced our roof ($45,000), impact glass ($30,000), pool surface and deck ($30,000), paint on outside ($10,000), front doors ($4,500), garage doors ($5,000) and garage cabinets, floors and inside storage ($25,000).'

Those repairs alone total well over $150,000 - and don't include cosmetic remodels such as kitchens, bathrooms and flooring.

Why homes are constantly costing owners money 

Lichtenstein says homeowners should think of their property much like their own health.

'A home inspection should be done once a year on your home. No different than you get a yearly doctors checkup. Leaks can be caught early as well as other items of maintenance that should be worked on.'

Even homes that appear to be in perfect condition slowly deteriorate - not just structurally, but stylistically.

'Our home is 24 years old and we've went through a couple of remodels. New kitchens, baths, flooring all get 'dated' and need to get up to speed with the times,' Lichtenstein said.

He argues that homes, much like people, naturally age and require ongoing investment to maintain their value.

'Your home depreciates each year. Like your body, it's not always evident as style changes don't happen all at once. 

'Someone in fashion once thought popcorn ceilings were the thing until they weren't. Same with Mediterranean in style and brown Baltic granite which was a craze in the early 2000s.'

Lichtenstein says some of the biggest costs are the ones homeowners never see coming, adding that besides that 'there are a million other things.'

'One year we had bats in the roof. My wife was not thrilled at that! The bat removal guy was a cost.'

Another unexpected repair came after a simple gardening accident.

'Another year, the French doors shattered in a million pieces from a pebble from the lawn mower. A leak from the upstairs washing machine dripped downstairs and we had to have the mold guy come out along with paint and repair. All of these are predictable.'

He added that homeowners should also be prepared for surprise HOA assessments and other costs that inevitably arise over time.

The 4 percent rule every homeowner should know 

To avoid being blindsided, Lichtenstein recommends setting aside a significant maintenance fund every year.

'As a general rule, use 2 percent a year of the home's value for style changes and 2 percent a year for repairs. In a perfect world these should be bucket accounts that a homeowner puts money into so that costs like a new roof don't spring up on you. 

'If you don't do this, the value of your home when you go to sell it will get less than market as people pay less on a percentage basis for fixer uppers. And some items like an AC must be taken care of regardless.'

The advice echoes new research from Jobber, which found only 44 percent of buyers budgeted for ongoing maintenance before purchasing a home. Instead, many focus almost entirely on saving for a down payment and closing costs.

Young buyers face the biggest risk 

Lichtenstein believes younger buyers stretching themselves to get onto the property ladder need to be especially cautious.

'Younger people buying who are putting very little money down really need to think about this. Having reserves for the unexpected that is really expected is critical. Generators and impact glass have become the norm in climates with hurricanes because of strength, force and frequency.'

He says adapting homes to increasingly extreme weather has become another significant expense for many homeowners, particularly in hurricane-prone states like Florida.

'In 2000, impact glass was not common as were generators because of expense,' Lichtenstein said.

Today, however, he says both have become far more commonplace as homeowners invest in protecting their properties.

'However, the cost of impact is 75 percent less expensive than it used to be. All new construction is made with impact glass and people replace worn out windows on existing homes with it.'

He says Florida has also invested heavily in making its infrastructure more resilient.

'Generators are much more common. The state now buries most of the powerlines. A lot of adaptation has taken place over the last 20 years. 

'Still it's extra cost and makes life more expensive. Cheaper RV or manufactured homes that let people escape to its 5 o'clock somewhere in South Florida are a thing of the past.'

The hidden costs don't stop at repairs 

Maintenance is only part of the financial burden facing homeowners.

Insurance premiums have surged 46 percent since 2021, according to Insurify, while LendingTree estimates homeowners with a mortgage now spend around $200 a month on insurance - roughly 8.5 percent of their total monthly housing costs.

Property taxes are also climbing.

According to LendingTree, the median homeowner paid $3,119 in property taxes in 2024 - about $260 a month - up 5.1 percent from the previous year.

A separate survey by Ownwell found more than three-quarters of homeowners said their property taxes increased by more than they had budgeted for, while 64 percent admitted they were shocked by the size of their tax bill.

Meanwhile, Jobber's survey found the financial strain is taking a toll emotionally as well as financially.

More than half of recent buyers said homeownership has been more stressful than expected, while 36 percent admitted losing sleep over repair bills and 34 percent said they had questioned whether buying a home had been the right decision at all.