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Ways to Pay for Emergency Household Repairs and Upgrades
If you are a homeowner and your HVAC heating and air conditioning system goes out or your roof needs to be replaced, causing unexpected emergency expenses. Replacement cost can be as much as $3,000 or more. There never seems to be a good time for this type of expense that can easily break your budget.
About half of homeowners have an emergency household repair approximately every 12 months. When you face a major expense with a lack of savings, you may need to turn to alternative ways to pay for emergency home repairs. Also the cost of bathroom and kitchen remodeling can be very expensive.
Following are a few options to consider:
Using credit cards will probably be one of the first options to pay for unexpected repairs. If your cards have high interest rates, you may still be paying off that last home repair when the next one occurs.
Cash-Out Refinance Loan
If you have equity in your home, you might consider a cash-out refinance loan to pay for emergency household repairs. One problem is it may take time to shop around for the best interest rate and the best financing company.
HELOC – Home Equity Line of Credit
A home equity line of credit allows you to tap the value in your home as needed. This can be perfect for home improvements, as well as unexpected major expenses. Remember, a HELOC is a loan secured by your home, so spend it wisely.
Homeowners Insurance Claim
Check your insurance policy to see if your home repair emergency is covered. For example, a new roof may have at least some, if not all, of its replacement cost covered if it was damaged by a storm. You might not be able to see the damage from the ground, but a qualified inspector can find it.
The FHA 203(k) new furnace, air conditioning unit or roof and Limited 203(k) loan programs allow borrowers to buy or refinance a property, with additional funds added to the total loan amount to pay for repairs or upgrades.
If you’re going through a rough financial period and decide to tap into one of these resources, you may even be inspired to join in and help someone else once your home repair emergency has been solved.
Home Improvement Service Pros mission is to help connect consumers with the right local qualified contractor. Each service pro will have the opportunity to quote for the work, so the homeowner can make a decision on who to hire based on the service repair professional’s quotes, ratings/reviews and examples of their previous work.
The service pros will specialize in household repairs such as handyman, plumbing, roofing, bathroom and kitchen remodeling, electrician, general contractors, HVAC contractors, air conditioning repair services and more.
Our fast, easy and free services can help you make the best choice for your home improvement projects. Please visit our website at: www.HomeImprovementServicePros.com