There are lots of perks to being a homeowner – being responsible for home repairs is not one of them. Home repairs can often be expensive, however there are many ways to bring down the cost. Here are just a few ways to reduce the financial damage caused by home repairs.
Pay in cash
Taking out loans to pay for home repairs can seem convenient at the time, but in the long run you’ll be paying a lot more. Paying in cash is much more sensible – if repairs aren’t urgent, consider whether it’s worth spending the next few months saving up the necessary funds. In fact, it’s worth setting aside some savings as a ‘rainy day fund’ which can be put towards all kinds of repairs. This could even be used to cover emergency repairs.
Know when to go DIY
There may be some repairs in the home that you can handle yourself to save money. This could include cleaning out guttering, fixing a leaky tap or even laying a new carpet. There are plenty of guides online as found at sites like Homebuilding that you can use to help you with such repairs. Of course, you should be careful of biting off more than you can chew – roof repairs, gas plumbing and most electrics should always be left to an expert as it could be dangerous if you get it wrong.
Source your own parts/materials
Even if you choose to hire pros, you may be able to save costs by offering to source your own parts or materials. For instance, rather than getting a plumber to source a pump for you, it could be cheaper to buy your own Tsurumi pumps. Most tradesmen will aim to make a profit off of any parts/materials they have to buy in, which is why you could save money. Just make sure you know exactly which parts/materials you need.
Shop around for tradesmen
You could find that prices for repairs vary widely. If it’s not an emergency, take the time to collect multiple quotes first so that you can find the cheapest price. Most tradespeople offer free quotes nowadays, although you may want to double-check this before organising a visit. Be wary of choosing tradespeople that charge dramatically lower prices – if you don’t know them personally, there could be a chance that they’re amateurs who are compensating for a bad reputation. Online reviews will usually give you a good idea if someone is reliable. Other signs of trust include guarantees and award badges.
Make preventative repairs
There may be times when you can make repairs early to save future costs. If you need to fix a leak in your roof and your whole roof is in bad condition, it could make sense to invest in an entire roof replacement. It could save you constantly fixing up leaks in the future, which could turn out to be more expensive overall. A surveyor may be able to advise you on the best option so that you know when to make minor repairs and when to invest in larger replacements.
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