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Worried about Funding Your Home Repairs?
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by James Helliwell 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 advice 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 giving 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.
If you have value tied up in your home, you may want to consider raising money with that value in 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 future inheritance of your heirs or affect their eligibility for benefits.
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.
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