With fall just a few weeks away, we’re getting the house ready for the cooler months. 🍃 Time to swap out our summer tiki torches and hot dogs for backyard bonfires and s’mores. Too early for a PSL? 🥧
From flooded basements to squirrels in the attic, a pop up home repair could be lurking right around the corner. 🐿️ No need to panic! Before you pay out of pocket, make sure you know your options.
Here’s Five Fast Facts on how to manage surprise home repairs:
- 🏡 Home Sweet Home - Ah, homeownership. It’s all white picket fence and porch lemonade until something’s busted. Things like new windows, roof repairs, and water damage all take a huge toll on the household budget. According to recent data, 46% of homeowners spend over $5,000 out of pocket to cover home repair costs.
- 📑 Claim Game - When it comes to home damage, the first call you make should be to your homeowners insurance company. Review your policy to understand what’s covered and file a claim ASAP. Take tons of detailed pictures and save any receipts for damage-related purchases. Depending on your plan, you may need to have an inspector come out for an assessment.
- 💰 HELOC It In - For expenses your insurance plan doesn’t cover, look into a home equity loan. These loans allow you to borrow against the amount of your home that you’ve paid off so far. A home equity line of credit (HELOC) works a lot like a credit card. Once you open it, you can tap it whenever you need to. FYI: these bad boys often come with variable interest rates, which means monthly payments may not always be the same. Also, if you miss payments, the bank could take your home.
- 🪛 Tool Time - Don’t have a ton of equity in your home yet? Try a home improvement loan. They’re a lot like personal loans and you can often get quick access to cash and extended payment terms. The downside: these unsecured loans aren’t backed by any collateral (like your house), so expect higher interest rates than a HELOC.
- 🫂 Helping Hand - With lenders getting extra picky and more Americans than ever relying on credit, getting a loan might not be in your cards. However, community and government assistance programs might help. Many states and cities have programs for senior citizens, low-income households, and those with disabilities. They may also have programs that cover costs for energy efficient home upgrades.
🔥Bottom line: An unexpected home repair can really put a dent in your paycheck. Knowing your options helps pause the panic and fix things up in no time. Planning to buy new electronics? Get on it ASAP and before the tariff impacts hit us little guys! Need a list of what to buy (and what can wait until later)? We’ve got you covered - head here for all the deets.
What’s the next project on your Honey-Do list?
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