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Oliver Reprich

Oliver Reprich Muskoka REALTOR

How to prevent emergency home issues from putting tension on your finances

How to prevent emergency home issues from putting tension on your finances

You’ve just come home to a pipe leaking in your walls. Do you know who to call? More importantly, do you have a plan to pay for related repairs? Emergency home repairs can cost you hundreds, or even thousands, of dollars depending on their scope. If you have no clue how to get those repairs completed, you could be setting yourself up for unnecessary stress. Here are some ways you can start preparing for repairs now so you don’t have to deal with a major financial headache (and the stress it brings) in the future.

Create a List of Reliable Contractors ASAP

If you’re stressed out over a broken pipe or an electrical issue in your home, you may be more likely to rush to find a contractor. This could leave you vulnerable to scams that can leave your savings drained and your problem unaddressed. So, instead of putting this step off, try to gather information on qualified local professionals before emergencies put you in a bind. You can start with an online search to find pros in your area and view average rates and ratings. Friends and family members can also be helpful when it’s time to locate contractors to cover various repairs in your home. So, ask around so you can arm yourself ahead of time with a list of dependable professionals you can call when disaster strikes your home.

Find the Funds You Need for Surprise Repairs

More often than not, unexpected repairs spring up on homeowners before they’ve even had a chance to save. When you need money for repairs and you do not have an emergency fund, you may be more limited in the financial help available to you. This could mean that putting off other payments or maxing out credit cards will be your only options for covering those repairs. These options should be your last resort, but you can take steps to mitigate the long-term implications for your credit and finances. If you know you need to make a late payment, talk to creditors beforehand so you can possibly avoid late fees and any negative hits to your credit, and opt for cards with the lowest interest rates when paying for repairs with plastic.

Set Aside More of Your Money for Savings

Using last-ditch efforts to cover emergency repairs is effective, but it can also be extremely stressful. So, if you want to save yourself a lot of headache as a homeowner, you should plan ahead to put more money into your emergency savings. If you are a single parent, these budget tips can help you keep your finances on track and leave more cash left over for your emergency fund. You need to stay on top of your accounts to prevent yourself from overspending, but you should also maximize the returns you receive from your taxes. Tax credits can be a major source of savings for single parents, and you can even use your return to pay for emergency repairs or build up your savings for future peace of mind.

Learn About Your Homeowner’s Insurance

If you recently purchased a home, you know that insurance is part of the package. However, do you know how to make your homeowner's policy work for you? Filing a claim can be surprisingly tricky for many homeowners. You need knowledge of deductibles, claim documentation, and penalties in order to make an informed decision about whether to claim emergency home repairs. You also need to know which repairs are likely to not be covered by your homeowner’s insurance. If your repair is due to improper maintenance, for example, you could have your claim denied or even have your entire policy canceled. It’s a good idea to go over your homeowner's insurance policy before signing up and prior to filing a claim.

Rainy days can be relaxing, but when it comes to your home, rainy-day repairs have the potential to seriously harm or even ruin your finances. You can prevent this damage by planning ahead to pay for emergency home repairs and knowing where to turn when problems arise. So, don’t let home disasters catch you off guard. 

Photo Credit: Pixabay

This article is courtesy of  Alexis Hall from SingleParent.info


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