How To Fund Expensive Repairs When You Own Your Own Home

Published on October 25, 2022, 4:55 pm
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Eventually, as a homeowner, you are going to find expensive repairs that you simply cannot fix with your DIY skills and some duct tape. However, the bill to repair those repairs can be a bit more than your home can handle, and you might be scratching your head on how best to repair them.

Thankfully, if you are a homeowner you can take some steps to repair your own home and get the funds for those repairs pretty easily. Here are some of those ways.

See What Your Home Insurance Covers

Whenever your home is damaged by a fire, flood, natural disaster, or other problem, then you might find that your insurance policy can cover some if not all of the cost. Make a claim and see if a qualified inspector can find damage that is covered under the policy. Even if the insurance only covers some of the policy, you might find that that makes what you have to pay a little more bearable.

Consider a HELOC (Home Equity Line of Credit) Loan

A HELOC loan can help you tap into the value of your home as you need it. It can be very helpful whenever you need to access some quick cash in a hurry. These loans can give you the cash you need to repair your home as long as you meet the requirements.

Just make sure that you are paying the loans back on time and also investigate the interest rates beforehand with a home equity broker, because if you cannot repay then your home can be put at risk.

Look For Disaster Relief

If your home was damaged by a natural disaster such as a flood, fire, or tornado, then you might be able to petition for relief from various organizations. These can include Red Cross or the Federal Emergency Management Agency (FEMA) which can offer funds that are not covered by your homeowners’ insurance. 

However, keep in mind these funds are for emergencies only and will often only be used to repair major problems that directly affect the safety and sanitary living conditions of your home. Minor problems as well as returning your home to the condition it was in before the disaster is outside of what the funds can do.

Use A Credit Card Or Cash Out

A credit card can be very helpful for urgent emergencies, and charging the work to a credit card and then paying it back over time seems like a good deal. Just make sure that your available credit can get the job done, and that your interest rate is manageable because you do not want to be paying off the last natural disaster’s damages whenever the next one strikes your home.

You could also use a cash-out refinance in order to get some cash for emergency repairs. These replace your current mortgage with a new and larger loan, and this pays you in cash between the amount borrowed and what you owe on the home. So you are starting over with a new mortgage, which can cause a lot of problems if you do not make the right choices.

Make sure you meet the requirements and that you shop around for a few new rates, and then you will be able to make sure that you have the cash for a repair!

You Can Fund Your Repairs, Do Not Worry

It can be very scary whenever something major happens to your home, and you need to deal with the problems. However, do not panic, and know that you have several options when it comes to funding your home repairs.

Jonas Bronck is the pseudonym under which we publish and manage the content and operations of The Bronx Daily.™ | - the largest daily news publication in the borough of "the" Bronx with over 1.5 million annual readers. Publishing under the alias Jonas Bronck is our humble way of paying tribute to the person, whose name lives on in the name of our beloved borough.