Buying a home is a huge financial commitment but maintaining your property can be costly too. Whilst some repairs can be foreseen and planned in advance, a sudden breakdown or fault can leave you with unexpected bills.
For many people, financing home repairs can be challenging. When you take into account your usual expenditure, such as mortgage repayments, utility bills, and food costs, finding the extra cash to repair your roof or replacing a leaking drain isn’t easy.
If you’re a homeowner and you’re unprepared for the cost of emergency repairs, there are a variety of options available to you, including:
Taking a short-term loan can be a viable way to finance urgent repairs. Many payday loans enable you to access funds quickly, which means you can arrange to have your repairs carried out swiftly. Whilst short-term loans may not be ideal for planned repairs and replacements, they can certainly come in handy when you’re caught unawares. With quick application processes and variable repayment terms, a short-term loan can give you the flexibility you need to repair your home.
Depending on the type of repairs you need to undertake, you might find that private companies will offer financing options. If you need a new boiler, for example, the cost is typically in excess of £2,000. Due to the expense involved, many plumbing and heating firms offer specialist finance agreements. As many offer an interest-free repayment period, you could have a new boiler installed straight away and pay off the balance at a late date, without incurring any additional fees.
In some cases, it may be possible to obtain a grant so that you can finance home repairs. Both local councils and non-profit organisations offer this type of support but there does tend to be quite stringent eligibility criteria. However, it’s always worth checking with local organisations to see if you qualify for financial assistance.
Ideally, everyone would have a stash of savings they could rely on when things go awry. Of course, not everyone is able to save a significant amount each month. Depending on your disposable income, putting aside a modest amount every four weeks can add up over time. If you’re able to save £10 or £20 each month, for example, you’ll gradually build up enough to fund unforeseen repairs when they crop up.
Repairing Your Home
When things go wrong at home, it’s easy to get flustered. If your bathroom floor is underwater, roof tiles are falling off, or you’ve got no hot water and heating, you’ll want to seek professional advice straight away.
However, don’t let the pressure of the situation sway your judgement. If you’re in doubt about the type of repairs that need to be carried out, be sure to get a second opinion. In addition to this, you may want to shop around to find the best company to carry out the repairs.
Furthermore, you’ll want to take the time to find the right financing option for your home repairs. With quick comparison searches, for example, you can find the best lending options and take advantage of low-interest rates and flexible repayment terms, which means your repairs can be quick, successful and cost-effective.