By Guest Blogger Jackie Waters
Owning a home comes with its fair share of benefits, but that doesn’t mean it’s always easy. The costs of home maintenance can add up, especially when you don’t prepare for them. And when maintenance turns into repairs, it’s a whole different story.
Too many homeowners fail to make a plan for major home repairs, which can leave you in a precarious financial situation. Rather than allowing that to happen to you and your family, start establishing a plan of action now. Below, Distinct Construction has outlined some ways that you can do just that!
Costly Home Projects
Let’s begin with a few of the most common home repairs that can cost a pretty penny:
- If you identify a problem with your home’s foundation, prepare to pay at least $1,000, but know that the average repair runs around $8,000.
- The average range for a roof repair is $364 to $1,556, though a replacement will cost much more.
- Kitchen remodels vary widely in cost, but most moderate remodels will fall between $12,567 and $34,962; of course, you can pay much more than that depending on the scope of the project.
- If your windows have seen better days, search “broken house window repair near me” to find a selection of services in your area.
Paying for Repairs
So, you know how expensive certain repairs can be. Now, it’s time to figure out how to pay for a major issue if it arises.
- Start a savings fund that you only use for emergency home repairs; many experts recommend saving up 1% of the total value of your home.
- Refinancing your home can free up some cash that you can use for home repairs; look online for the best cash out refinance rates.
- Some homeowners opt to take out a personal, home improvement, or home equity loan for repairs.
- Check your homeowner’s insurance policy to see if the repair you need is covered; know that this process can take longer than other methods, so it might not be ideal for true emergencies.
Finding the Right Contractor
Finally, you don’t want to have just any contractor performing a repair on your home. Make sure anyone you’re considering is licensed, insured, and experienced in the type of work necessary. Here are some other tips to keep in mind:
- Look online to find as many local contractors as you can.
- Ask for referrals from family members, friends, and acquaintances.
- Interview and get bids from at least three different candidates.
- Throughout your home improvement project, opt for communicating with your contractor through writing (e.g., emails, texts, contracts, etc.) to minimize miscommunication problems.
Most homeowners run into at least one major issue that they didn’t foresee. Make sure you are prepared if that happens to you. Keep up to date on how much common home improvement projects cost, make a plan for how you will pay for repairs, and do your homework to find the best contractor in your area. Then, you will have peace of mind knowing that you can ease the blow of a major home repair.
Are you looking for top-tier custom remodeling services in Northern Kentucky? Visit DistinctConstruction.com today!
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