Home repairs are something every homeowner faces from time to time. Some can be more costly than others, so it’s wise to save money for a home repair fund that you can tap into, if and when emergencies arise. Today, we offer some tips and resources to help you create that rainy day fund – as well as what you can do when you need to use it.

Common Big-Ticket Repairs

When it comes to fix-it projects, there are some that are simple DIY tasks, while others require specialized assistance and a decent bankroll.

● Roof repairs can be costly, especially since you don’t usually know there’s a problem until it’s a big problem. In addition to fixing the roof itself, water damage and possibly foundation issues will also have to be addressed.

● Heating and cooling systems can be pricey to fix or replace. Having a quality HVAC person on-call can help ensure you’re getting the right fixes at the best prices.

● Complex electrical issues can become expensive, especially in older homes. These are “must fix” issues due to the potential for turning into a fire hazard.

Finding the Best Contractors

When a home repair project is expensive, chances are it requires specialized skills, equipment, and materials to fix properly. Here’s how to find a good contractor.

● Ask friends and family for recommendations and read online reviews before hiring.

● Always get at least three written estimates - ask not only about cost but time to completion.

How to Finance Home Projects

Ideally, homeowners can set aside cash reserves for unexpected home repair needs. Realistically, some projects will require financing. Here are some options.

● Consider a cash-out refinance or a home equity line of credit. This allows you to use the equity in your home to pay for home repairs.

● Use a low-interest credit card to finance your repairs and pay down the balance as quickly as possible.

● Ask about financing options available through your licensed contractor. Some companies offer favorable terms.

● Lastly, look for ways to save money around the home, whether it’s turning off lights to save on utility bills or powering down your computer at the end of the day.

Large-scale home repairs often come about unexpectedly, so a bit of pre-planning is essential to ensuring you can get the problems managed as soon as they arise. So, look for ways to save money, put together a budget, and start looking for contractors who can help you get started on those repairs.

Dave Carmack

May 5, 2019

Read Ready Covington

Dave Carmack

May 5, 2019

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Read Ready Covington is a city-wide early literacy initiative that helps families, caregivers and educators prepare our littlest readers to become future leaders. By using free access to learning applications such as Footsteps2Brilliance® and Clever Kids University as well as other educational resources throughout the city, our shared goal creates an environment for lifelong learning in Covington that’s collaborative, comfortable and fun. Together, we are helping the children of Covington be prepared for a brighter future.

For more information about this problem, please visit the read-ready-covington overview page @covington.gov