What happens when you need a home repair guide, Building Design Tips, Property fix advice

What Happens When You Need a Home Repair You Can’t Afford?

Apr 12, 2021

As any homeowner can tell you, having your own property isn’t always the most fun. Gone are the days when you counted on a landlord to handle issues with your living space. Now you are responsible for not only paying but also for arranging for the repair itself. There are plenty of benefits to homeownership, however, so don’t let the idea of maintenance responsibilities scare you off. Instead, have a plan for what you will do when the unexpected happens.

Is It Something You Can Do Yourself?

The answer to this will vary for everyone. Some people are quite handy while others are less so. Some people may feel they could do the project but not have the time. Others may not have a clue, but have more time than money and are willing to learn. Don’t feel bad no matter where you fall on the do-it-yourself spectrum. Whether you do the repair or hire someone else, it gets done. That’s all that matters.

Paying for the Repair

The list of things that can go wrong in a home range from not too bad to staggering. You may be able to cashflow the repair by cutting costs or you may need to come up with a significant amount of money. If you don’t have the cash needed for repair, you have a few options. The quickest and easiest will probably be taking out a personal loan. Personal loans are easy to apply for and you get your money right away. Looking into low interest personal loans is a smarter choice than putting these costs on a credit card. Unless you have access to a special promotional rate, the interest you pay on credit card debt makes using them the least financially savvy choice.

You also have options like taking out a home equity line of credit or pursuing a cash-out refinance. These methods of coming up with cash do work, but they are typically best left for repairs that require significant funds. For example, if you want to add an addition, one of these financing choices may be your best bet. Cash-out refinancing and tapping into a home equity line of credit involve going through your lender to determine how much equity you have in your home. Refinancing requires another set of closing costs, and even a home equity line of credit may require a new appraisal.

Choosing a Contractor

If you have friends or neighbors who have recently had work done, ask them for recommendations. Even if you don’t know the homeowner well, most people are happy to tell you who they used for their work and if they were satisfied. Once you have at least three potential contractors, give each a call. Find out if they take on the type of project you need, if they can provide you with additional references, and about how long they would expect the work to last.

You want estimates, of course, but those are generally done in person. Meeting face to face is important not only so that the contractor can get a better idea of the job that needs done, but so you can see if you are comfortable working with them. A contactor that is easy to talk to, happy to explain the process, and listens to what you want is important. If, for some reason, you feel like you aren’t getting along with a contractor, trust your gut. Regardless of how good their recommendations are, choose someone else.

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