Unexpected home repairs can bring about significant financial stress. There are big ticket items that carry staggering costs, up to 1/3 the value of the home including new windows, a roof, or flooring. If your home has been damaged by fire or flood, the necessary repairs for plumbing or electrical issues can financially cripple a homeowner.
And that’s just structural home repairs. Think about appliances and items inside the home that will fail most often in homes that are between 10 and 20 years old. Kitchen appliances like dishwashers can overflow, air conditioning units quit, water heaters burst at 2 a.m., and in the process of breaking down these items may cause even more damage.
It’s a common recommendation to put away a minimum of $1,000 each year for every $100,000 your property is worth. For a $250,000 home that would be $2500 saved each year for repairs. That cash can really add up if you’re strapped to just make the mortgage each month.
It’s one thing to have a leaky faucet in your home that you can easily live with. But what about home repairs that are absolutely necessary to safely live in a home?
Flooding damage or a leaky roof can cause mold. Foundation problems can cause holes or openings to the exterior of your home that may let in mice or other rodents. Termites are tiny pests that can cause big problems and weaken staircases or fences.
These situations can threaten your health and potentially make your home unsafe for you and your family.
What Should You Do When You Can’t Afford These Home Repairs?
You have options. First, don’t panic. Many times refinancing is a good option to wrap your home improvement costs into your mortgage. A home equity loan often is another option if you have owned your home for several years and have significant equity built up. You can even check into grants for home repairs. While not common, they do exist.
Are you in an emergency situation? We work with the top short sale specialist in the DFW metroplex.
Call Reddtrow to find out how you can get cash for your house quickly and avoid foreclosure.
Author: Sandra Nesbitt