How To Cope Up With Unexpected Home Repairs

Home repairs can be challenging and expensive, especially if it occurs out of the blue. However, it doesn’t spell the end of the world for you. So long as you know how to deal with unexpected renovations, you’ll get over the hurdle. Here are some tips to help you cope with it: 

Prepare an Emergency Stash

One of the most foolproof ways of dealing with unexpected home repairs is having an emergency fund. It can be from your main emergency stash or a separate one you created solely for rainy day leaks. This may serve difficult, especially if your income is low and you’re trying to budget. 

However, your house emergency stash doesn’t have to be big from the get-go. You could put aside a little bit of your monthly income, like excess money from lunch you won’t allocate anywhere else. What’s important is that you’re topping up an account you can use as a safety net in case anything happens. If you have the means, aim for $3000-$5000 yearly so you can eventually afford sudden expensive home repairs.

Learn About DIY Repairs

You don’t always have to spend much moolah when coping with unexpected home repairs. Of course, you’re obligated to call a handyman if the project is way out of your league. However, there are times when all you need is a few bucks to buy materials for a quick fix.

For instance, you can rely on the Internet for how-to guides on DIY appliance restoration. You can also learn how to replace a centerset faucet or regrout tiles on your own. In fact, there are plenty of detailed video tutorials helpful for mending minor damages by yourself. This is way cheaper so long as you’ve judged the task as something you can do without professional help.

Get Different Repair Quotes

Yet another way to cope with unexpected home repairs is by approaching them logically. Often, people would immediately call the nearest handyman without much thought to address the damage. However, it’s ideal to take a step back and get different repair quotes to get the best deal in the market. 

Companies offer different prices for their services, even for the simplest and most common plumbing emergencies. Some may require you to pay extra emergency call-out fees and demand overall higher rates. You may want to avoid this, especially if the repair is not urgent or dangerous. Instead, take your time to bag the most economical but quality restoration possible.

Rely on Home Insurance

On the chance that your house has been damaged by natural events or major perils, you can rely on home insurance. For reference, home insurance is a type of indemnity that can help you cover losses and damages. If you’ve dealt with a mortgage lender, it’s one of the requirements needed to secure your property.

It may take time to claim and process this, but it’s a big help for property and personal damage liability. For instance, it can shoulder the costs of repairs caused by riots, theft, storms, and even volcanic eruptions. Some insurance policies also cover your added living expenses in case your home is inhabitable for the time being.

Check Out Your Home Warranty

If you’re thorough with the details, you may have availed both homeowners warranty and insurance. This is recommended since the latter can only cover costs caused by accidents, natural disasters, or major events like theft and burglary. Meanwhile, a home warranty can help you with appliance repairs and house systems expenses. 

More often than not, this type of warranty is included in a home-buying contract. It’s an effective safety net in case any of your household devices require restoration or replacement. There’s a catch, though - home warranties have coverage limits, usually up to $1,500 annually for each registered appliance. Generally, you get a total claim limit of about $15,000 per year. 

Consider Getting Loans

If you’re unable to avail the offers of an insurance or warranty company, you could try getting loans instead. This can also be your option if you don’t have any extra funds saved up for sudden home repairs. However, note that acquiring loans means that you’re taking in more debt. As such, you should think thrice before borrowing money since it has extra interest rates. 

If you’ve decided about getting loans, be aware that there are different varieties. For instance, you can avail of a home equity line of credit (HELOC) which depends on how high your property’s credit and market value are. You also have the personal loan option to pay for unexpected home renovations.

Schedule Regular Maintenance and Inspection

The best way to cope with unexpected home repairs is to prevent the majority of them. You can do this by doing regular maintenance and by looking out for home damage warning signs. This will save you from stress and a sudden strain on expenses. 

For instance, work on a remedy immediately if you notice a huge chunk of your wall paint peeling. Similarly, you can avoid extreme damage to your roofing by being vigilant of leaks. Simply put, watch out for minor problems and take action to prevent them from worsening. Don’t forget always to inspect the property to get a clear idea of the house’s issues.

Final Words 

Unexpected home repairs can catch you off guard. However, you won’t have to be stressed as much if you have everything ready. If you don’t have the privilege to save for future damages, you can rely on DIY reconstruction or get a loan instead. Many options are available, so choose the ideal route possible. 

Guest Contributor: Sophia Young