Home repairs can happen at unexpected times. Everything in your home works great, but out of nowhere, an accident happens, or you suffer from extreme weather and see damage occur to your home. And when the average cost of home repair and maintenance rose to $6,000 in 2022, it may not be cheap to repair the problem.
Do you need to make home repairs and are concerned that you don’t have access to fast cash to handle everything? Read below to learn how to get fast money to handle emergency home maintenance.
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Home Equity Loan
Home equity is often the first place people turn to when they need to hire a home repair company. If you have good equity in your home, the bank is willing to let you refinance your home to draw out your equity.
You can use the equity you draw to pay for home repairs. Yes, you’ll have another payment on your home and lose equity. But at the same time, you’ll get your home fixed and likely increase its value in the process, points out Gifford Property Management.
If you have a mortgage on your home, the chances are good that you have homeowners insurance. Most mortgage providers require it for people with mortgages.
If the emergency you’re experiencing was unexpected and resulted from unforeseen circumstances, you can file an insurance claim to get compensation. See what your policy says about claims and file one to see what compensation you can receive.
If you have a good credit history and are known to pay your bills on time, a personal loan may be available for your needs. If you don’t need money the next day, getting a personal loan from a traditional lender is possible.
But are they good for emergencies? If you need the problem fixed quickly — maybe not. But you can also go to private lenders for quick loans at higher rates.
This is a great choice as long as you can pay the loan off quickly.
In some cases, your home repair bill may not be that large. You have limited damage, so you only need a little cash to hold yourself over until more money comes in.
In cases like this, a credit card is a great choice. Depending on your choice, you can get points on your card to offset some of your costs. If you get a new card, you can also get cash back after spending so much money — which can also offset some of the cost.
Just be sure you can pay off your credit line quickly to avoid accumulating too much interest.
Take Care of Home Repairs
You never know when you’ll face home issues. Even if you take great care of things, accidents can happen that lead to things breaking and a large repair bill. And if you don’t have enough cash stowed away, you may be unable to handle the bill.
But you do have options available if you need cash for home repairs. Look more into the funding options above to get the money you need to hire home repair services.
If you found this post helpful and want to learn more about dealing with home issues, head back to the blog. You’ll find more great guides covering various home improvement issues.