Home repairs are something that most owners learn to dread. Often, they seem to happen at the worst possible time, leaving you stressed out and scrambling on how you will pay for them. Unfortunately, in the case of repairs, it’s not typically something you can put off until a later date, as you risk more issues arising from that original problem. Combine that with the fact that home repairs are notoriously pricey, and it’s the kind of situation that homeowners just don’t want to be part of.
So, what happens if you’re living your frugal lifestyle, sticking to a very strict budget, and you are suddenly faced with a need to make a home repair? How do you finance the fix? Below are some helpful financial tips and advice that can get you through this unexpected time.
Get Quotes from Various Contractors/Repair People
Home repairs are likely always going to seem pricey, but with that said, there isn’t a universal rate in most cases. What this means is that if you speak to a few different contractors or repair people, you’re bound to get different quotes.
There are a lot that factors into the quote, so getting just one and jumping on it isn’t always ideal. Obviously, if it’s an emergency situation, you don’t have time to spare, but if the repair isn’t as time-sensitive, it’s best to call around and compare quotes.
When looking at the quotes, be sure to ask what it includes, whether there will be any extras (any surprises) on the final bill, how long the job will take, what the company’s credentials are, and experience, and how long that quote is guaranteed for (when the pricing expires).
You can also do a little research on your own by checking out customer reviews to make sure the repair person is as good as they say they are.
Is the Repair Covered Under Your Insurance Plan?
Before you get too stressed out about how you’re going to pay for the repair, it’s a good idea to speak to your home insurance representative. Depending on what the problem is and what caused it, there is a chance it could be covered under your home insurance plan. Obviously, this would save you a lot of money, as you’d only have to worry about the deductible.
Now, before you get your hopes up too high about insurance covering the repairs, it’s important to note that it is a very small and defined list of damage that it will cover. Again, it’s best to speak to your representative for answers and guidance.
Can You Use Your Credit Card?
No-one wants to have to put a big-ticket item like home repairs on their credit card, but the fact is that sometimes there is no other option. If this seems like the best solution, just create a repayment plan for yourself so you can get it paid off as quickly as possible and limit the amount of interest you pay on it.
If your credit card doesn’t have enough room on it, you can try calling your credit card company and asking for a limit increase. They may grant you a temporary one, or a permanent increase. Should the company agree to the increase, it can be done over the phone and it can be active as quickly as the same day. This means you can go ahead and use your card right away.
Consider Getting a Loan
Depending on the cost of the repair, you may even want to think about getting a short-term loan. This can be ideal if you’re in a bind and need the cash fast to make an emergency repair that can’t wait months, weeks, days, or even hours. To save you time and hassle use a site like paydayuk.co.uk. Payday UK works with direct lenders UK-based, acting as a broker for you. Simply fill in the form online and you’ll get an instant quote that doesn’t require any sort of credit check and there are no fees attached. If it’s just a small loan you’re after, it can be sent as fast as same-day.
An online broker can save you so much time instead of having to contact each lender directly, and this can make a huge difference when you’re in a rush to get a repair done.
There Are Ways to Pay for the Repairs
At the end of the day, emergency home repairs can be extremely stressful, and it’s more than just the money; it’s the stress of finding a qualified repair person to do the work at a reasonable cost. Going about things in an organised manner and making sure you consider all your options is the best advice out there.