Don’t spend time stressing about paying for home repairs. 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:
1. Hot Water Heater Replacement
- Signs that 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
2. Roof Repair
- Signs you 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 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 install new pipes: $1041.
4. Damaged Gutters
- Signs you may need new gutters:
- Large, visible cracks and leaking
- Broken seams where gutters meet
- Pools or water or mildew around the house foundation
- Gutters have pulled away from the house
Approximate cost for gutter installation: $920. To repair gutters and dry spouts: $330.
5. Restore Walls & 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
Approximate cost to install drywall: $1710. For ceiling installation: $1570. To install trim: $1234.
6. Replace Flooring
- Signs you may need new flooring:
- Stained, weathered, or frayed carpeting
- Chipped, stained linoleum or wood
- Water stains from flooding or leaks
Costs to replace flooring varies based on the material and size of the room. Expect to spend at least a couple hundred for repairs. For replacements: $1100 – $10,500.
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.