How to Plan for Costly Home Repairs
While there are many benefits to owning a home, there are also many responsibilities that come with having your own property. One of these is planning for costly repairs that can happen suddenly and unexpectedly. You’ll want to you use a reputable and experienced contractor to take care of complex jobs. Here are some additional tips on how to prepare to tackle unexpected home repairs:
Increase your savings
It is helpful to have an emergency fund that is dedicated to home repairs. Building a solid savings account that can assist you with any minor and major repairs you may encounter.
Build up your savings by reducing your mortgage repayments if you are eligible. An IRRRL might be the solution if you have a VA loan.
Be wise about what you're going to spend. Avoid overspending on home renovation expenses that you might not be able to recoup later on.
Take advantage of any bonuses or cash windfalls that come your way by putting this toward your home emergency fund.
Choose to do some of the home renovations yourself. Keep it simple by opting for those jobs that are easy to learn and DIY.
Choose the right contractor for the job
Relying on an experienced and reputable contractor is always a good idea to ensure the job gets done right the first time.
Rely on word of mouth if you want to find the best contractors quickly.
Make sure they have the certifications and licenses as required by your state. Liability insurance is also a must, should anything go seriously wrong with the project.
Ensure you have a contractor on board who you can easily communicate with so you’re not disappointed with the outcome.
Concentrate on certain projects
Certain repairs will be a priority when selling your home to avoid making a loss.
The heating and cooling system will need to be addressed if this is not functioning properly.
Concentrate on the exterior of your house if you want to make a good impression on buyers.
Your kitchen should be one of the focal points of your home. The other focal point should be your bathroom. These two areas alone have the potential to increase the selling price of your property significantly.
Getting your home in good condition may require some tactical moves, such as refinancing your mortgage to ensure you have enough money for your most important renovations.
Megan Cooper thinks there’s nothing more satisfying than a well-executed DIY project. For her, it all started a few years ago when she built a bookshelf out of reclaimed wood. She hasn’t looked back since. Today, she regularly tackles home decor DIY projects big and small. She created reallifehome.net to share all of the tips, advice, and resources that she has found most useful as she’s learned the ins and outs of DIY.