4 Tips for Paying for Home Repairs

Are you in the market for a new home? With the Modernly Real Estate team, you’ll have the keys to the perfect property in no time! Call (559) 369-8216 to begin your next extraordinary real estate experience 

Whether you’re a new homeowner, or you’re about to start searching for your first home, you might be nervous about the thought of covering large home maintenance bills. If you’re currently house hunting, Modernly Real Estate can help you find a property that passes inspection with flying colors! And if you’ve already moved into your new home or looking to sell, you can begin saving for repairs now. After all, timely repairs and renovations can help boost your home’s value. Here’s how to plan ahead and put away funds for home repairs. 

How Much to Save?

First, you’ll need to set a savings goal. How much will you need to save? The Balance recommends saving about one percent of your home’s purchase price every year for potential repairs. You may want to put a certain amount of your paycheck in a savings account each month and work towards this goal throughout the year. 

Will you end up spending all of this money on an annual basis? Probably not! Some years, your repair expenses will be very minimal. But during other years, you may have to cover the cost of several big projects, and you’ll be glad that you have a healthy savings account for this purpose. 

Budgeting Tips

What if you feel like you don’t have any wiggle room in your budget? It’s time to find ways to save more money. You might need to get creative when it comes to cutting costs, but chances are, you can come up with a strategy that allows you to save. US News & World Report suggests looking for sales at the grocery store, putting any unexpected gifts into your savings account automatically, buying clothes from thrift stores, and looking for opportunities to reuse your belongings rather than rushing out to buy new items. 

DIY Efforts

Do you need to hire a contractor for every single home repair project? Not necessarily! If you’re willing to roll up your sleeves, you can take care of some of these issues on your own. For instance, you can fix a running toilet, damaged screens, a diverting gutter, or a dripping faucet with a trip to the hardware store and a little elbow grease. If you want to transform a particular room for a new purpose, like turning a guest bedroom into a home office, you can likely handle this project by yourself — and have fun doing it!

You may even be tempted to pay a professional to clean your home. But if you simply block off a weekend, you can declutter and deep clean your home by yourself. And don’t forget to open your windows to get the fresh air flowing! 

Finding a Contractor

What if you don’t have the skills or tools to fix a maintenance issue? If you need to replace your roof, knock down a wall, or install new flooring, you’ll need to hire a contractor. In order to find a qualified contractor like a pro who specializes in window repair -- and someone who suits your budget -- you should plan to interview several candidates and ask for project estimates. You’ll also need to look at their portfolios before deciding who to hire. 

Paying for major home repairs can definitely stretch your budget and set you back financially if you’re not prepared. That’s why it’s so important to save for home maintenance well before you notice a problem. By following these tips, you won’t be caught off guard when you need to spend on repairs in the future.