Financing Tips for Home Maintenance Emergencies
This informative post was contributed to Leisure Freak by freelance writer Sierra Powell.
Regular maintenance comes with a home. Owners spend 1% of their annual budget on repairs, which hurts if you don’t prepare for unforeseen circumstances. To help avoid this, here are some financial tips to prepare for home maintenance emergencies.
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Perform a Home Repair Audit
A home repair audit isn’t much different from what a business does. It’s an examination of your property’s infrastructure. The results of the audit reveal your financial needs.
Focus your repair audit on frequently maintained items. These include the kitchen appliances, plumbing, roof, and HVAC (heat and air conditioner) system. Secondary items are electric wiring, doors, windows, and walls.
Examine these areas for noticeable issues. Consider asking professional agencies if you’re uncomfortable in certain areas. For instance, if you don’t want to go up to the roof, hire a contractor to check its quality.
Create an Emergency Fund
Vacations and spontaneous purchases are not the purposes of your emergency fund. Instead, the fund helps pay for unforeseen issues. Further, it also helps establish peace of mind around repair emergencies.
One thousand dollars is the average amount to have in your emergency fund. However, the value varies depending on your home’s size and the state of current repairs. Although it may not pay the total amount, the emergency fund should have enough money to make a sizable dent.
For instance, a severe storm could cause damage to your roof’s shingles. The emergency fund would help pay for a storm damage roofing company to come out and assess the problems. The emergency fund would probably take care of shingle replacement. In a worst-case scenario, it would take a chunk of the bill if the entire roof needed to be redone.
Create a To-Do List
The number of regular maintenance projects can overwhelm a homeowner. They may forget to do something over the years. As a result, an unexpected issue could appear that takes a chunk out of the emergency fund.
Minimize this risk with a maintenance to-do list. Enter items by their frequency. For example, replace the HVAC air filter every month, have the plumbing checked twice a year and examine the driveway for cracks two years after a resurfacing project. Put the information into an online document and set calendar reminders.
Handle DIY Repairs
You won’t need to hire a professional for every maintenance project. Take care of some of these issues through do-it-yourself (DIY) methods. Usually, they cost little to fix and take minutes to repair.
Air filter replacement is a case in point. These items cost a few dollars and take less than five minutes to swap in the HVAC unit. Regular repairs minimize the risk of frozen air conditioner components and other mechanical issues.
Take Care of Things Before They Get Worse
It’s never too early to address issues before they get worse. In the end, something that seems minor can become an emergency in a few hours or days. It could be severe enough to cause extensive damage.
Take care of things before they get worse. Don’t place a bucket under the sink to catch leaks from faucet pipes. Call a plumber to check the issue. The same goes for missing roof tiles, water stains on the walls and ceilings, or clogged gutters.
Hire Professionals for the Important Jobs
There’s a difference between fixing a leaky faucet and a pipe. The former is an easy repair if you follow the directions. Conversely, you cause damage if you don’t know how to fix a leaky pipe. It may result in necessary repairs to walls, ceilings, or the entire plumbing system.
In other words, hire professionals for home repairs that require more than an air filter or new washer. Hire subject matter experts to repair items related to electrical systems, plumbing, and your roof. Although they cost more, proper fixes are assured.
Purchase Maintenance Plans
Maintenance plans are one way to reduce the cost of emergency repairs. The return on investment translates to regular check-ups of your home’s mechanical and structural components. Additionally, maintenance agreements cover part costs. At most, you only pay for labor.
Plans and warranties are part of replacement packages for HVAC units and roofs. However, these may have a limited scope. Contact the vendor before warranties expire to learn how to extend coverage and reduce your monetary liability.
Overall, there’s a way to prepare for home maintenance emergencies. It could take some money away from funner activities. Nevertheless, the peace of mind received is worth the investment when you can’t make the repairs.
Thank you Sierra for contributing this article to Leisure Freak. Your tips to be prepared for the inevitable home maintenance emergencies is something all homeowners should consider.
Sierra Powell graduated from the University of Oklahoma with a major in Mass Communications and a minor in Writing. When she’s not writing, she loves to cook, sew, and go hiking with her dogs.