Major home repairs often come unexpectedly and at a high cost. From broken windows to a leaky roof or pipes, home repairs can set you back hundreds or thousands of dollars. Avoid financial devastation by understanding your options for funding emergency home repairs, courtesy of the experts at Junior Rooter Plumbing and Sewer


Cost of Common Emergency Home Repairs 

The price tag on home repairs varies by location, whether you complete the work yourself or outsource the job and the scope and complexity of the repair. According to experts, annual home maintenance and repair costs total roughly 1-4% of a home’s value.

Seven Ways To Pay For Home Repairs

Emergency home repairs, by definition, are time-sensitive. Delaying due to money concerns can escalate issues and drive up repair costs. Here are seven ways to pay for sudden and expensive repairs:


1. Homeowners Insurance

Standard homeowners insurance policies provide coverage for home repairs if the damage stems from a covered loss such as fire, theft or specified weather events. This option only makes sense when repair costs exceed your deductible.


2. Government Assistance
Depending on your situation, you may qualify to receive aid from government programs for emergency repairs. Visit your state or local government’s housing department website to check program offerings and eligibility requirements.


3. Home Warranty
A home warranty plan covers the service, repair and replacement of major home appliances and systems as listed in the annual service contract. Home warranties can be helpful when you have older appliances and systems that you anticipate will need repair in the near future.


4. Home Equity Line of Credit
A HELOC is a revolving credit line that allows you to borrow against the value of your home. You withdraw money as needed and repay according to the terms of your credit agreement.


5. Refinancing
If interest rates are low enough and you plan on staying in your home for a while, try refinancing to free up some cash. Refinance to lower your monthly mortgage payment and divert the money saved to an emergency repair fund. Or opt for a cash-out refinancewhich pays you a lump sum of the difference between your existing mortgage and a new, higher one.


6. Credit Card

Using plastic can be a smart move with the right card. Look for one that offers an introductory 0% annual percentage rate on purchases for a set period. This allows you to cover repairs without paying interest.


7. Emergency Fund

The best idea is to establish an emergency fund exclusively for home maintenance expenses. Adjust your budget to include regular contributions. Factor in hidden costs such as storage fees to keep furniture and other valuables during repairs.


Tips To Secure Reliable Contractors

Have you ever heard someone say, “I got a guy for that” when referring to home maintenance tasks? Finding a good contractor is just as crucial as finding ways to pay for repairs. Here’s how to make sure you “got a guy” for key areas of your home:

•       Plumbing: Check that any plumber you hire is licensed and insured.

•       Roofing: Look for a reputable pro who has extensive experience.

•       Electrical: Inquire about service warranties.

•       Concrete: Ask about their portfolio

Regardless of whether you need plumbing, roofing, electrical or concrete repair, ask for recommendations for local services from your community. You can also peruse online directories to read reviews before contacting a company. Scope out deals and promotions that can help you save on any necessary repairs or replacements.


Ease the stress of emergency home repairs. Set money aside each month for repairs. If you’re strapped for cash when repairs arise, choose a financing option that allows you to spread payments out over time. And, most importantly, hire quality repair services that enable you to fix your home without damaging your finances.

Guest Contributor: Emily Graham


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s