Home repairs are never fun, but skipping them only costs you more in the long run. A little bit of dry rot can become a collapsed deck, and forgetting to clean a dryer vent could lead to a fire.
Some experts recommend saving 1 to 4 percent of your home’s value each year for maintenance expenses. Here are some tips to help you keep that money in your pocket.
1. Do Your Research
It’s important to do your research before making any home repairs. Checking online reviews, references from friends and neighbors, and pricing can help you find a contractor that will do good work at an affordable price.
Keeping up with maintenance tasks may seem unpleasant or time-consuming, but not doing so will cost more money in the long run. Moreover, fixing small problems (like replacing a dirty furnace filter or snaking out a clogged drain) prevents them from becoming bigger, more expensive issues in the future.
Finally, avoiding costly improvements that have a purely personal appeal will make your home more marketable when you’re ready to sell.
2. Look for Financing Options
There are several financing options available to help you cover home repairs, including personal loans, credit cards and a line of credit. The best option for you will depend on your financial situation and the extent of the repairs needed.
If you can, try to save up for home repairs before resorting to financing. This will avoid high interest rates and help you stay in control of your finances.
You can start by setting up a savings account or following one of the many budgeting rules for homeowners, such as the 1% rule, which suggests that you set aside 1% of your income each month. You can also try to save up using cash windfalls like tax refunds or work bonuses.
3. Ask for Referrals
Homeowners may know how to repair a leaky sink or patch a hole in their wall but if they want to save money on home repairs, the best way is to ask for referrals.
Getting referrals from a happy customer is one of the easiest and most effective ways to bring in business.
4. Do It Yourself
Home repair can be expensive, but it doesn’t have to be. Small jobs like lubricating door hinges with cooking spray or replacing light switches can be done without the help of a professional and save you money. Using an app that allows you to compile a list of materials needed and compare pricing at different stores can also help you reduce costs.
While performing home maintenance may not be as fun as watching HGTV, it’s important to keep up with regular maintenance to avoid larger repairs in the future. Getting multiple estimates, asking for referrals and paying attention to energy efficient upgrades can all help you keep your home in top shape for less.
5. Get Multiple Estimates
Homeowners often don’t know how much they should pay for a repair job until they get multiple estimates. This is why getting an itemized quote is so important.
While performing and paying for home maintenance may not be as exciting as renovating your kitchen on HGTV, it’s a necessary part of homeownership that can help protect your investment. Additionally, it can save you money on energy costs and prevent costly repairs down the road.
When comparing bids, focus on major work categories and the level of detail. A high estimate could indicate that a contractor spotted something the others didn’t, while a low estimate may mean they’re underestimating the job.
6. Look for Energy-Efficient Upgrades
With more consumers focused on sustainability, energy-efficient improvements can help you save money and minimize your home’s carbon footprint. They also add value to your home, making it more attractive to potential buyers.
You can start by adding a programmable thermostat and installing LED light bulbs. Another easy upgrade is sealing any cracks or gaps in your home. This will prevent heat from escaping during the winter and cool air from entering in the summer, which will reduce your energy costs. You can also install a light tube, which slips between roof rafters and funnels sunlight into a room.
7. Get a Home Warranty
Buying a home that already has a warranty can be a great way to avoid paying for costly repairs in the future. Make sure you ask the seller about their policy and that it can be transferred to you if necessary.
What does a home warranty cover? When an appliance or system breaks down, you’ll have to spend time combing through never-ending user reviews to find a reliable professional. Every company offers different coverages. With a home warranty, you simply call the company and they’ll send someone right away to make the repair. The plans often cost a monthly fee and charge a small service fee for each repair, but the long-term savings can be significant.
