What You Should and Shouldn’t Do When Dealing with Major Home Repairs


Dealing with a major home issue is rarely fun. Whether it’s a leaky pipe or a broken window, emergency home repairs can put a real strain on your time, your energy, and your wallet. You can keep yourself from getting overwhelmed, however, by being prepared to ask yourself these crucial home repair questions.

Should You Invest in Repairs or Start Over?

If your house is in need of serious repairs, it may be better to think about looking for a home that will better fit your needs and lifestyle. Now, you could always hire home builders to create a custom house so that you get everything you want without also paying for anything you don’t really need. It may be worth speaking with local builders to determine if you should consider building a new home rather than investing any more time or money into major repairs.

As you talk with builders, it may also be worthwhile to ask about more involved remodeling projects that they may be able to help with, such as adding a room to your home. This is an extensive undertaking, but it could be a practical solution if your home is too small for your current or future needs, and if you have the budget to pay for such a major improvement. Working with a realtor to find a new home can also be a smart move if your current home is in poor condition. Just keep in mind that selling a home that needs extensive work can involve many more challenges, so take some time to research and weigh your options.

Should You Use Credit Cards to Cover Repairs? 

When you’re faced with a major home repair, your first priority is going to be getting the issue fixed, but that means coming up with a way to pay for unexpected expenses. If you currently have a credit card with low interest rates, then this could indeed be your best bet for taking care of emergency home repair expenses, and if you need to apply for a new card, looking for low interest rates is a wise move. Many cards even offer 0 percent interest grace periods to new customers, but only use these offers if you are certain you can pay off the balance before time is up. If you prefer not to use credit cards to finance your home repairs, you can also research your loan options. Loans for home repairs will likely fall into one of three categories: personal loans, home equity loans or home equity lines of credit. Understanding the differences between each is essential to finding interest rates, lending terms, and repayment plans that work for you.

Should You Hire Licensed Professionals or Try to DIY? 

When cost and time are an issue, you may be tempted to take care of major home repairs on your own. If you have the right tools and enough patience, triaging unexpected repairs can be a good way to prevent further damage until you can call a contractor, but most major repairs should be left up to licensed professionals. Aside from the risk for personal injury and property damage, attempting to take care of highly involved home repairs, such as replacing plumbing or working on electrical systems, could also result in homeowners’ insurance if you have future issues. You could also end up financially liable for any damages or injuries, so proceed with caution with any DIY home repairs or maintenance. In most cases, you are much better off using one of the financial tools above to help out with the costs of hiring reliable contractors. After dealing with your major home repair, you should also think seriously about ways to start an emergency fund, to help out with any future unexpected issues.

Knowing what to do and where to turn when an emergency home repair pops up can save you so much stress and time. Plus, understanding your funding options can help save you from putting out too much cash for unexpected repairs. So be proactive and plan for repairs and repair costs before they have a chance to happen!

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