Home Repairs for Life's EmergenciesDon't spend time stressing about paying for home repairs. Learn about home repair loan options from Best Egg and the cost of fixing life's unexpected events.
A tree branch damaged your roof. A pipe is leaking. Your gas water heater busted.
Emergencies happen, and now you need to make repairs quickly. With so much to worry about when making a home repair (assessing the damage, clearing it out, getting a contractor, getting an estimate, making the repairs) it should be easy to access the money you need to make the repairs.
A quarter of Americans say they worry they don’t have the money to cover the average home repair costs. And while a majority of Americans pay for home improvements with cash out of pocket, others take out a home equity loan, push their credit line on a credit card, or take out a personal loan with low rates.
What it all comes down to is choosing the financing option that is right for you. Here’s more about the different types of home repairs, and why Best Egg might be the right choice when looking for an emergency home repair loan.
Common Home Repairs & Their Costs
There are all kinds of home repairs out there. Some are small projects you can do yourself with a free Saturday, while others are larger and require a contractor. Here are some common types of home repairs you may experience at some point in your life:
Signs you may need a hot water heater replacement:
- Age (Rule of thumb is 10 years)
- Rust in your faucet water
- Rumbling and noise (sediment may be building)
- Water leaking around the heater
Signs you may have pipe problems:
- Decreasing water pressure
- Increasing water heat fluctuations
- Water discoloring (rust, debris, other corrosion)
- Clanky plumbing
- Reoccurring leaks
Approximate cost to repair a water main: $1400,
to repair gas pipes $497,
to install new pipes, $1041
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
Approximate cost to install dry wall: $1710,
to install a wall $1876,
for ceiling installation $1570,
to install trim $1234
Signs you may need a roof repair
- Weather damage from rain or snow
- Trees and power line damage
- Missing, cracked or damaged shingles
Approximate cost to replace individual shingles:
Expect to spend a couple thousand,
For larger, full roof installations, $8000
Signs you may need new gutters:
- Large, visible cracks and leaking
- Broken seams where gutters meet
- Pools or water or mildew around house foundation
- Gutters have pulled away from house
Approximate cost for gutter installation: $920
to repair gutters and dry spouts, $330
Home Equity Loans vs. Personal Loan: which is better?
Home equity loans are the first place people turn to when they have a home improvement expense, but are they the right choice for everyone?
Home Equity Loans and Home Equity Lines of Credit (HELOC) are secured loans that banks issue when customers want to invest in their home. Getting a Home Equity Loan or HELOC will usually require a home appraisal, which can take weeks to request and process.
Home Equity Loans and HELOCs tend to benefit longtime homeowners with okay credit over homeowners of a few years with good credit.
In addition to the cost of waiting for a home appraisal, the process of obtaining a Home Equity Loan or HELOC usually has fees and closing costs. Even if you plan to build equity on your home, you still may spend a lot of money upfront just to get a Home Equity Loan or HELOC in order to pay for necessary repairs.
Check out the major differences between a Home Equity Line of Credit vs a Personal Loan:
Fixed APR and monthly payment
Unsecured (no collateral needed)
Home equity not required
Receive funds in as little as one business day
No prepayment penalties
Spend your loan whenever and however you choose
Secured (requires collateral)
Home equity required
Likely wait for weeks to months for appraisals, approvals and processing
Possible prepayment penalties and closing fees
Harder to access the money over the term period
Personal loans, like Best Egg Home Improvement Loans can be used for home improvement projects. You receive your rates and terms based on your credit profile and what you need.
They do not require a borrower to place their home or other assets up for collateral, and you don’t need to have the magic home equity value to get the money you need.
What customers have to say about Best Egg Loans
"I have to give Best Egg an A+, When I first made my loan of course you are always hesitant, but Best Egg financial was so easy to work with, no pressure and with them being BBB Accredited I was ready to go with ease and it worked so well the first time I have gone back again for a second loan for a home improvement loan. Great Job Best Egg!"
What can you do with a Home Repair Loan from Best Egg?
Emergencies happen. Appliances break, pipes burst, and sometimes we need a little extra money to help us get back to normal. With a Best Egg Home Repair Loan, you could have your money in as little as one business day, which means you can pay to make repairs as quickly as possible.
We don’t think our customers should be held up in limbo because they can’t access the money they need. The process of home repairs can and should be simple. A personal loan from Best Egg may just be the right option for your home repair financing.
While we can’t stop appliances from breaking or pipes from leaking, we can help you get the money you need to make repairs and get back to your life. Apply for a loan to see what we can do for you and your home.