Home ownership can be expensive, especially when there’s an emergency. While there are some expenses for which you can prepare, when an emergency occurs, it usually catches you off guard, happening at the worse possible moment. Even if you’re someone who has insurance and money set aside for an emergency, there are some home improvement projects that create a financial burden.
More than 30 percent of homeowners don’t have money saved for home improvements or emergency repairs, despite the fact that billions of dollars are spent every year in this area. It goes without saying that establishing a savings account is necessary. In order to get to the point where you’re prepared for an emergency, you’ll have to set up a savings plan. This is something that can also alleviate the stress associated with emergency home improvements.
As part of your home improvement plan, you’ll have to create a budget and maintenance schedule that tracks ongoing tasks, such as replacing air conditioner filters or other items that have to be replaced periodically. Your budget should include repairs that can reduce expenses, such as sealing doors and windows to reduce your electric bill. You can also include large projects, such as replacing tiles on the floor, carpeting or kitchen cabinets.
Your home improvement plan should detail all of the costs involved. Adding dates will help you to prioritize the projects based on importance. Sometimes having a preventative maintenance schedule can save you money down the road. Tracking maintenance and necessary repairs will allow you to identify consistent issues, solutions and the amount of money that you’ll have to set aside each month. Another benefit of keeping up with home repairs is that you’ll be in a better position to sell your home when the time comes.
Some repairs are more important than others because ignoring them can exacerbate the problem and cause more damage that will result in a much greater expense. For example, a leaky pipe is not something that can be ignored since it could affect other parts of your home, and possibly even create a health issue as a result of mold or mildew. If you live in a condo or townhouse, it could affect your neighbor’s property too. Whether you need a new shower base or new pipes, anything related to plumbing should be resolved promptly.
There are some home improvement projects that can be taken care of on your own. Do-it-yourself projects can significantly reduce the cost involved because you’ll only have to pay for supplies and materials. Since a large portion of the costs involved in home improvement projects is associated with labor, you can get a lot more done if you do it yourself.
When making a decision about whether you should complete a project yourself or hire a professional, make sure you have the skills necessary to complete the project without causing any additional damage. If you are uncertain of your capabilities, you might want to solicit the help of an expert.