A man working on a home repair
Home Improvement
5 minute read

Owning a home is a significant investment that comes with a full set of responsibilities. Whether it’s repairing a leaky faucet, replacing a broken window, or taking on a major renovation, home repairs and maintenance projects are inevitable. The cost of these home projects can add up quickly, which may leave you wondering how to best pay for them. Here, we’ll explore various strategies and financing options to help you navigate the world of home repair projects.

Assess the scope of work

The first step in planning for home repairs is to assess the scope of work required. Walk through your home and make a list of all the repairs or projects you’d like to tackle. Think through each one and determine how necessary and/or difficult it may be. Consider the time and expense it may take to complete each job.

Prioritize tasks

With your assessment complete, prioritize the tasks based on urgency and feasibility. Some repairs may require immediate attention, such as fixing a leaking roof or addressing electrical issues. Others, like cosmetic upgrades, can be tackled over time. By prioritizing tasks, you can focus on the most critical repairs first while preparing for the rest.

Create a budget

Once you have your prioritized list of projects, it’s time to create a budget. Consider the cost of materials, labor, and any additional expenses that may arise. Research the average costs for each project to get an idea of what to expect. Be realistic about your budget and leave room for the inevitable unexpected expenses.

Financing options for home repairs and projects

Now that your plan is in place, how are you going to pay for it? There are various financing options to help you pay for your home projects. Depending on your financial situation and the scope of the job, some are more suitable than others.

Some popular financing options include:

Personal loans

A personal loan is a common choice for homeowners looking to finance a home project. These loans offer a lump sum of money that can be used for any purpose, including home improvements. Personal loans typically have fixed interest rates and fixed monthly payments, making them predictable and easy to fit into your budget.

Home equity loans or lines of credit

If you have equity in your home, you may consider tapping into it through a home equity loan or line of credit. These financing options allow you to borrow against the value of your home. With a home equity loan, you can borrow a lump sum, while a home equity line of credit works more like a credit card, allowing you to borrow as needed up to a certain limit. Both options typically have lower interest rates compared to personal loans or credit cards.

Credit cards

Credit cards can be a convenient way to finance smaller projects. However, it’s important to use them responsibly and pay off the balance in full each month to avoid high-interest charges. Some credit cards even offer introductory 0% APR periods, allowing you to finance your repairs without accruing interest for a limited time.

Government assistance programs

In certain situations, government assistance programs may be available to help with home repairs or projects. These programs are typically for low-income homeowners or specific demographic groups. Research local and federal programs to see if you qualify for any financial assistance.

How to save on your project

Now that you’re familiar with the different financing options, let’s look at some ways to save on home repair projects. These strategies could help you make the most of your budget and ensure that you complete your repairs or projects successfully.

Research and compare quotes

Do your homework before hiring contractors or purchasing materials. It’s crucial to research and compare quotes. Obtain multiple quotes from different contractors to ensure you’re getting a fair price. Additionally, compare prices for materials from various suppliers to find the best deals.

DIY (Do-it-yourself) approach

If you have the necessary skills and knowledge, why not take on some home repair projects yourself? DIY can save you a significant amount of money in labor costs, but be realistic about your abilities as well as the time and resources you have available to complete the job. Some projects are better left to professionals to avoid costly mistakes.

Take advantage of sales and discounts

Keep an eye out for sales and discounts on materials and supplies. Many home improvement stores offer seasonal promotions or clearance sales, which can significantly reduce the cost of your project. Additionally, consider purchasing slightly imperfect or discontinued items at a discount.

Set up a home repair fund

To prepare for future repairs or projects, set up a dedicated home repair fund. Allocate a portion of your monthly budget towards it, even if you don’t have any immediate repairs or projects planned. Over time, this fund will grow, providing you with a cushion for unexpected expenses or future upgrades.


Home repairs and projects are an integral part of homeownership. By planning ahead, creating a budget, and exploring various financing options, you can manage them with confidence. Remember to prioritize essential repairs, research and compare quotes, and make use of strategies such as DIY and discount shopping. With proper planning and financial management, you can successfully complete your projects while staying within your budget.

This article is for educational purposes only and is not intended to provide financial, tax or legal advice. You should consult a professional for specific advice. Best Egg is not responsible for the information contained in third-party sites cited or hyperlinked in this article. Best Egg is not responsible for, and does not provide or endorse third party products, services or other third-party content.


Learn more about managing debt

Financial confidence starts here

We have the information and insights you need to take control of your financial health.

Get started