411homerepair.com

Latest Articles

6 Ways to Get Your Home Ready for Summer

Getting ready for summer is an important exercise to ensure you and your family enjoy the few months of warm weather in an appealing environment....

on Jun 11, 2021

The Pros and Cons of Walk in Bathtubs

If you are having a bathroom makeover, and you are planning to add a bathtub, a walk-in bath is an ideal choice, especially if you have older...

on Jun 10, 2021

The Benefits of Powder Coating Your Metal Fence

The first I heard of the term powder coating was in reference to an in-store retail display. That is a common usage but I did not realize until...

on Jun 8, 2021

Top 5 Reasons to Install Fire Shutters

Fire shutters are designed to shut the moment a fire is detected. They can be used in entrances to a building or in specific areas of the building....

on Jun 7, 2021

Common Myths Behind Buying a House

Whether you are considering purchasing a home or are already well into your house hunting journey, buying Real Estate is surrounded by a multitude...

on Jun 3, 2021

Worried about Funding Your Home Repairs?

by Guest on Aug 27, 2018

If you have ever done repairs on your home, you will agree with me that not every home improvement project is cheap. Sometimes, certain repairs are so extensive that they go beyond a simple DIY project and require professional help. When this happens, you can be sure that you will end up spending more than you planned. So how can you raise money for an extensive home repair that would cost you a lot?

Tap into your emergency fund

Financial experts advise that everyone have an emergency fund set aside for the rainy day. For some people, an extensive home repair may warrant as an emergency. If you have some mad money set aside for emergencies, you may want to consider using all or some of it for your home repairs. This will save you the inconvenience and potential disappointment of meeting the banks for loans; however, once you have tapped into your emergency funds, you will no longer have emergency money to fall back on, and this can be risky.

Take out a mortgage or remortgage

Depending on your age and financial expectations, you may be able to take out a mortgage and use the funds for your home improvement. Taking out a mortgage is cheaper than most bank loans you get to spread out the repayment over a number of years. However, before getting into the mortgage market, make sure that you have the future means to meet your mortgage commitments. And if you resort to going for a mortgage, the sooner you can pay it off, the less interest you will be charged.

Get a loan

Getting a loan is another quick way to raise funds for your home improvement project. Unfortunately, these days, banks are a bit reluctant to give out loans for that purpose. Additionally, the process can be rather demanding and tedious, but once you can scale through, you will have the money you need to repair your home. A better alternative is to consider a bridging loan. A is especially useful if you as expecting some money in the future but need ready cash now. With this type of loan system, you can fund your home repairs and payback when the money you are expecting arrives.

Equity release

If you have value tied up in your home, you may want to consider raising money with that value in the form of equity release. With this type of loan system, you don’t pay anything until the property is sold, then you have to pay up the loan and interest altogether from the proceeds of the sales. Equity release has its disadvantages, one of which is that it can reduce the future inheritance of your heirs or affect their eligibility for benefits.

The bottom line, there are dozens of ways you can go about raising money for your home repairs. So take your time, analyze the different options, and go for the deal that best suits you.

Author

Guest

Guest

Most Recent Articles

Sponsored Articles

Random Articles

Choosing the Right Builder for Your Eco Home Project

These days, more and more people have become concerned about environmental preservation. This is good news given that the rise in concern can help...

Eco-Friendly / Go Green

Water Damage Restoration

Water damage restoration is a specialized service that requires professionally trained cleaners. Most of the time, regular carpet cleaning guys...

Cleaning / Maintenance

6 Tips to Hire the Perfect Roofing Contractor

Building a roof for your house in just a one-time thing and in some cases can need repairing but that is also not so often. This can lead to a lot...

Hire Contractors / Estimates

LED Lighting: Providing an Immense Help in Improving Interior Design

When one plans for designing a new home, they spend a considerable amount of time in taking decisions related to a color scheme, flooring, and...

Interior Design / Decor

10 Big Ideas for Small Bathrooms

Just because the humble bathroom is perhaps the most utilitarian of all rooms doesn’t mean it can’t be beautiful. Still, if you, like many, have a...

Kitchen / Bathrooms

Actions

Contact Us | Submit Article | 411homerepair © 2021