Home repairs are a necessary part of owning a home. They keep your house in good condition and increase its value, but they aren’t cheap. Many homeowners buy home warranty to protect themselves against costly home repairs. Without a home warranty, there are very important steps you can take to help with repairs.
Start by creating a budget and researching the cost of materials for each project on your list. Providing contractors with an accurate and detailed cost breakdown will help them give you quotes that reflect your financial limitations.
- Set a budget
As a homeowner, it is vital to have a budget for home repairs. This includes both regular maintenance and emergency expenses.
It’s also recommended to create a separate savings account specifically for home repair and maintenance costs. This will help you avoid dipping into your emergency fund.
A commonly used rule of thumb is to set aside 1%-4% of your home’s value each year for maintenance. However, this depends on a variety of factors. For instance, your location may impact the cost of construction materials and labor rates vary across regions.
Another way to save on home renovations is to reuse materials where possible. For example, you can paint old cabinets or repurpose your bathroom fixtures instead of buying new ones. Alternatively, you can ask contractors if they have any leftover materials from previous projects. This can help you save up to 10% off of your overall project costs. This is particularly helpful for large projects that require a significant amount of money upfront.
- Do your research
It’s important to do your research before tackling any home repairs or upgrades. This can help you determine if your project will be worth it financially, and will also prevent you from spending too much.
For instance, if you want to revamp your kitchen or bathroom, you’ll need to do your homework to find out what similar projects cost in your area. It’s also a good idea to compare contractors’ rates and reviews before choosing one.
Additionally, if your renovation is covered by insurance, save all receipts and keep in contact with the adjuster to ensure you receive the full amount you’re entitled to. It may be tempting to hire the first contractor you meet, but it’s best to do your due diligence and consult multiple professionals before welcoming anyone into your home.
You can also consider applying for a personal loan that doesn’t require any collateral and could help you stay within your budget.
- Shop around
Home repairs and renovations are a necessary part of homeownership, but they’re often not cheap. Whether it’s fixing a leaky roof or upgrading your outdated kitchen, there are plenty of ways to save money on your next project.
When it comes to saving money, shopping around is key. Look for sales, discounts, and coupons. You can also try to find secondhand items, like used cabinets or furniture. Using coupons and comparison-shopping can help you save money on materials, as well as labor.
It’s a good idea to break large renovation projects into smaller parts. For example, if you want to paint your house, you can buy the materials in large 10 foot sheets rather than paying for delivery on each individual item. You can also shop for scratch and dent items or open-box products at local retailers to save money on your renovation. You can even use a credit card that offers 0% interest on purchases to make your project more affordable.
- Hire a professional
Depending on the type of repair and the complexity of the work involved, homeowners may be able to save money by hiring a professional instead of handling the project themselves. In addition, hiring a professional can help ensure the job is done properly and safely.
Homeowners can find professionals by asking for recommendations from friends and neighbors, or checking online listings. It is also a good idea to compare quotes from multiple contractors. This will give homeowners a better perspective on appropriate rates and may help them identify red flags such as high pressure sales tactics, insufficient insurance or licensing, or requests for large sums of money up front.