Although performing home repairs may not be as fun as watching HGTV renovation shows, it’s an essential part of homeownership and protecting your long-term investment. Luckily, there are many ways to save money on home repairs.
Learn to DIY when possible, shop around for deals and discounts, and use quality products and materials. Using these tips can help you keep your home in good condition without blowing your budget.
- Shop Around
Homeowners face a lot of repair bills, and they’re not always easy to budget for. Even the best-maintained homes can have problems that require expensive repairs. That’s why it’s important to make a habit of planning ahead and protecting yourself with homeowner’s insurance.
Whenever possible, it’s also helpful to shop around for the best prices. This includes looking at resale shops for items you can use to make repairs and upgrades, as well as researching online for contractors who offer discounted rates during slow seasons.
It’s also wise to choose high-quality products and materials. This may cost more upfront, but it will save you money in the long run by not needing to replace them as frequently. You can also look into government-provided financial assistance if you need help covering the cost of a major repair or renovation. Some examples include 203(k) Rehabilitation Mortgage Insurance Program and Section 504 Home Repair Loans.
- Do It Yourself
While it’s always best to hire a professional when it comes to more complex renovation projects, there are plenty of smaller home repairs that can be done on your own. Even something as simple as changing a light bulb or cleaning out your dryer vent on a regular basis can prevent more costly problems down the road.
Having some basic home improvement skills can be very helpful in saving you money on repair bills, and you may even find that it’s a fun hobby to take up. If you’re a natural at DIY projects, you might be the one your family and friends turn to for help with their own house projects.
However, it’s always smart to think twice before attempting a project that requires the use of dangerous tools or will put your safety at risk. Some work should only be left to professionals, such as installing a gas line or electrical wiring. A subpar job can lead to serious damage or injury. This is why it is believed that homeowners’ warranty is worth it at every cost. This allows a peace of mind in case something needs to be repaired. Keep in mind that the plan has to cover what you are looking to get repaired.
- Hire the Right Contractor
When you need a home repair, it’s important to hire the right contractor. A good contractor will give you a fair price and do the job right the first time around.
When choosing a contractor, look for one who is licensed and insured. This will protect you from scams and ensure that the work done is of high quality. It’s also a good idea to ask contractors for references from previous clients and to read reviews online.
Also, make sure you read the contract carefully and understand exactly what will be done and how much it will cost. Lastly, be wary of any contractors that try to pressure you into signing a contract or asking for payment in cash. If they are doing this, it’s likely that they are not a professional contractor and may be trying to take advantage of you.
- Take Care of Problems as Soon as You Notice Them
Home repair costs can be overwhelming, but there are steps you can take to lower them. Shopping around, using coupons and discounts, and taking care of problems as soon as you notice them can help save you money on necessary repairs.
It’s also a good idea to keep an eye out for ways to save on home improvement projects, like choosing a cheaper brand of paint or making a patchwork rather than a complete renovation of a room. You can also take advantage of financing options to help you pay for home repairs, including personal loans and mortgage refinancing.
Some specialists recommend that homeowners set aside 1% to 2% of their home’s purchase price each year for routine maintenance expenses, such as roof repairs and sewer updates. However, it may not be realistic to work that much into your budget each month. If that’s the case, you can try setting up an account and funding it with automated transfers each month.