Your Guide to Financing Major Home Repairs
Owning a home comes with its fair share of challenges, and paying for major repairs is up there. Whether it’s a leaky roof, foundation damage, a malfunctioning HVAC system, or a plumbing emergency, these repairs can quickly add up and strain your finances if you’re not prepared. This is why Code of the West Real Estate has put together the following guide packed with tips and resources to help you cover the cost of major home repairs without breaking the bank!
Hire High-Quality Contractors
Experienced and reputable contractors provide accurate estimates, work efficiently, and use quality materials, all of which can save you money in the long run.
- Look into the benefits of investing in a home warranty. Compared with homeowners insurance, which covers things like fire damage and storm damage, a home warranty plan covers issues like a broken A/C unit and clogged pipes.
- Ask your contractor about guarantees or warranties on their work.
- Request references from your contractor and contact them with a few questions.
Prioritize Preventive Maintenance
By regularly performing these maintenance tasks, you can minimize the likelihood of costly repairs and ensure your home is in good condition. Certain repairs should be completed, if needed, before selling your home.
- Winterize your home properly to prevent issues caused by cold temperatures and moisture.
- Inspect and replace air filters in HVAC systems to ensure proper airflow and prevent damage to the system.
- Trim trees and bushes near your house to prevent damage to the roof and siding.
Save a Rainy Day Repair Fund
A rainy day home repair fund is a savings account set aside specifically to cover the cost of repairs not covered by your home insurance or warranties
- Try to set aside at least one percent of your home’s value each year for maintenance.
- Use your rainy day repair fund for broken windows, roof issues, burst pipes, pest damage, water heater problems, and appliance repairs.
Know Your Loan Options
If you need help covering your major home repairs, there are several loan options available that can offer financing assistance.
- A home equity loan lets you borrow money from your home’s equity, using your home as collateral.
- Certain government loan and grant programs offer financing to help with making repairs to your home.
The responsibility of caring for a home comes with plenty of unavoidable maintenance and repair tasks. Financing these repairs doesn’t have to be a burden. By hiring high-quality contractors, prioritizing preventive maintenance, saving a rainy day repair fund, and exploring different loan options, you can feel prepared to face any unexpected repair costs that come your way.
Guest Blogger Mickey Taylor
Code of the West Real Estate specializes in a wide range of real estate services, including residential, commercial, vacant land, property management, and farm and ranch properties.
Connect with us today to learn more! 719-742-3626