How to Cover the Cost of Major Home Repairs: A Guide for Homeowners

For homeowners, major home repairs can be a significant financial burden. From a new roof to a foundation repair, the cost of home maintenance and repairs can add up quickly. But neglecting necessary repairs can lead to further damage and even more expense in the long run. So how can you cover the cost of major home repairs without breaking the bank? In this guide, Evelyn Owens of Keller Williams Realty shares some tips and strategies to help you navigate the process.

Covering Costs of Major Home Repairs

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Set Up a Budget for Home Maintenance and Repairs

The first step in covering the cost of major home repairs is to set up a budget for home maintenance and repairs. By setting aside money specifically for these expenses, you can avoid the stress and financial strain of unexpected repair bills. Discover recommends setting aside 1-2% of your home’s value each year for home maintenance and repairs.

Prioritize Repairs Based on Urgency and Affordability

Once you have a budget in place, it’s important to prioritize repairs based on urgency and affordability. Addressing urgent repairs, such as a leaky roof or a broken furnace, should be your top priority. However, if the repair is not urgent, you may be able to delay it until you have the funds to cover the expense.

Utilize Apps and Programs to Connect With a Professional

One of the most effective ways to address issues is to utilize apps and programs that connect you with professionals who can offer their expertise. One example of such an app is the Frontdoor app, which simplifies the process of finding contractors who can help you. By using the Frontdoor app, you can select the details of your project and be connected with the appropriate professional. This allows for a more personalized approach to addressing concerns and ensures that users receive the support they need promptly.

Get Multiple Quotes From Repair Professionals

When hiring a repair professional for a major home repair issue, HomeTriangle notes that it’s important to get multiple quotes to ensure you’re getting the best price. Contacting multiple contractors or companies can help you assess the cost of the repair and get a sense of the work that needs to be done. Be sure to request a detailed breakdown of the costs and ask any questions you may have.

Research Local or National Grants

Another option to help cover the cost of major home repairs is to research local or national grants. Many organizations offer grants to homeowners who need assistance with home repairs, especially when they’re eco-friendly. Some of these grants are provided by the government, while others are offered by nonprofit organizations. Researching local and national grants can be a great way to find additional resources to help offset the cost of your repairs.

Check With Your Insurance Company

Finally, it’s important to check with your insurance company to see if the repair is covered under your policy. If you have homeowners insurance, it may cover certain repairs, such as damage from a storm or a break-in. However, coverage may be limited, so it’s important to check with your insurance company and understand your policy.

While major home repairs can be expensive, there are a variety of ways to cover the cost. Setting up a budget, prioritizing repairs, utilizing apps and programs, getting multiple quotes, researching local grants, and checking with your insurance company are all strategies that can help you navigate the process. By planning and exploring all of your options, you can address necessary repairs without breaking the bank.

Evelyn Owens of Keller Williams Realty invites you to learn more about homes for sale, land, luxury properties and other real estate for sale in the Franklin, NC, area and Western North Carolina. Team up with Evelyn today by calling 828-332-0088!