Emergencies happen, and now you need to make home repairs quickly. You should not spend time stressing about financing home repairs. Here is more about common repair costs and how a home repair loan can help you quickly.
Financing Home Repair for Life’s Emergencies
Assessing the damage, clearing it out, getting a contractor, getting an estimate, and making the repairs: With so much to worry about when making a home repair, it should be easy to access the money you need.
According to a 2019 survey by TD Bank, the majority of American homeowners pay for home improvements out-of-pocket. However, others take out a home equity loan, push their credit line on a credit card, or take out a personal loan with low-interest rates and fixed monthly payments.
What it all comes down to is choosing the financing option that is right for you. But first, let us take a look at commonly occurring home repair tasks and possible expenses.
Common Home Repairs and Their Costs
There are all kinds of home repairs out there. Some are small projects you can do yourself on a free Saturday, while others are more extensive and require a contractor. Here are some common types of home repairs you may experience at some point in your life:
1. Hot Water Heater Replacement
Signs your home may need a hot water heater replacement:
- Age (Rule of thumb is 10 years)
- Rust in your faucet water
- Rumbling and noise (due to a sediment build-up)
- Water leaking around the heater
2. Roof Repair
Signs your property may need a roof repair:
- Weather damage from rain or snow
- Trees and power line damage
- Missing, cracked, or damaged shingles
3. Frozen or Broken Pipes
Signs your house may have pipe problems:
- Decreasing water pressure
- Increasing fluctuations of water temperature
- Water discoloring (rust, debris, other corrosion)
- Clanky plumbing
- Reoccurring leaks
Approximate costs to repair a water main range from $1,400 to $2,000. To install new pipes, take $1,000 as a starting point.
4. Damaged Gutters
Signs your property may need new gutters:
- Large, visible cracks and leaking
- Broken seams where gutters meet
- Pools of water or mildew around the foundation
- Gutters have pulled away from the house
The minimum to repair gutters and dry spouts is $300, approximate costs for gutter installation are $1,000.
5. Restore Walls and Ceilings
Signs you may need to restore walls and ceilings in your home:
- Discoloration due to weather or leaks
- Holes and dents
- Buckling ceilings or walls from termites
Plan on approximately $1,700 for installing drywall, $1,500 for ceiling installations, and $1,200 to install trim.
6. Replace Flooring
Signs your home may need new flooring:
- Stained, weathered, or frayed carpeting
- Chipped or stained linoleum or wood
- Water stains from flooding or leaks
Costs to replace flooring vary based on the material and the size of the room. Expect to spend at least a couple hundred dollars for repairs, or$1,100 – $10,500 for replacements.
Choose the Best Financing Option for Home Repairs
Although many homeowners pay their home repair expenses with a credit card, there are plenty of other ways of financing. We covered the most important pros and cons in our article about the best way to pay for home improvements.
What Can You do With a Home Repair Loan from Best Egg?
Emergencies happen. Appliances break, pipes burst, and sometimes homeowners need a little extra money to get back to normal. While Best Egg cannot stop appliances from breaking or pipes from leaking, maybe we can provide the money you need to make repairs.
A personal loan from Best Egg with established repayment terms, manageable monthly payments, and fixed interest rates may just be the right option for your home repair financing. With a Best Egg Home Repair Loan, you could have your money in as little as one business day. Hence, you can finance the required home repairs and get back your housing satisfaction as quickly as possible. Apply for a loan to see what we can do for you and your home.
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.