Owning a home is an investment that, as we all know, will need repairs and improvements as the years go by. Many people prepare for the mortgage payment and other costs, but sudden repairs can catch anyone off guard. In fact, around 31% of homeowners don’t set aside enough for home repairs.
What are some steps you can take to make sure you’re ready for your next repair job or improvement project?
1. Always have a plan
Since there’s many items on your to-do list as a homeowner, then logically you should make a real to-do list on paper or spreadsheet program to keep track of it all. Keep track of your regular maintenance items, such as filter replacements and gutter cleaning, as well as projects you want to take care of in the near future. Then make a list of larger updates you would like to do eventually.
Doing this will not only help you remember regular items to keep up, but you can prioritize repairs that will save money down the road. This list will also come in handy when you want to look back at repairs on particular items over the years to see if they justify replacement. And when you go to sell your home, the buyer will appreciate knowing when those items were taken care of.
2. Add to your emergency fund
Setting aside money for repairs is always a good idea, especially if you don’t live in a new home. Having an emergency fund can help you take care of unexpected situations, or if you lose income. And you don’t have to aim for the stars to start with. Setting aside as much as you can will add up over the months and years. There are also apps for your phone that can help set money aside.
3. Act quickly when it comes to repairs
Take care of a repair as soon as it pops up. Don’t wait for the problem to get worse. For example, a leaky faucet can rot the subfloor. Fixing a faucet is far easier than replacing a floor.
4. Know your financing options
Sometimes a repair may exceed your cash on hand. Make a plan to take care of these larger repairs, such as borrowing from a bank or family member. Home equity loans and home equity lines of credit (HELOCs) are also financing options.
5. Consider doing it yourself
Younger homeowners tend to do projects themselves rather than hiring a pro. This can save hundreds on a project. But there’s a risk in making huge mistakes that can cost more in the end. Make sure you can handle a project before you DIY.
6. If you go pro, do your research
There’s nothing wrong with hiring a pro. But make sure that you research the pros in your area and get several estimates. Ask questions, such as how they intend to do the job, what the estimated timeline is, whether they’re insured and how much experience they have with projects like yours. Don’t simply go with the cheapest contractor to save Money. Yes, they could be the best person for the job, or you may wind up spending more to fix their mistakes.
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