Recently it was revealed that less than a quarter of families have savings set aside to help with any emergency home repairs that they may face. This is a shockingly low number of households that are prepared for the worst case scenario. Is this something that we should be worried about?
It’s good to have savings in your bank account. Lots of people have savings that they occasionally dip into when they want to go on holiday or buy a new car. However, not many people have sufficient funds that are large enough to cover the costs that usually come with emergency home repairs. Think that you and your family could afford the repairs and maintenance that may be required if, for instance, one of your windows get smashed, or your property suffers from flood damage? Here are some of the costs that you may incur and that you should plan for.
During periods of bad weather when there are regular storms, your roof could take the brunt of the damage. In some extreme cases, you may even need to replace your entire roof, which, as can be expected, can work out extremely expensive. This type of home repair is often when an online cash advance can come in useful for families who do not have any savings in the bank. When it comes to roof repairs, extensive maintenance can cost around the $11,000 mark. Ideally, you should hire experts to do this job for you, which can make the costs add up even more. However, if you have the appropriate home insurance, you will find that this can take care of most of these costs for you.
There are various reasons why households decide to completely remodel their kitchen. It could be because of damage, such as from flooding, or it might just be because they think it’s time for a bit of a redesign. Whatever the reason, this isn’t something that should be quickly decided on, as you will need to take into account all of the costs that will come with this large job. Thankfully, if you need to get a new kitchen in an emergency, there are some options you have that can make the work affordable. For instance, you will be able to pick and choose which aspects of the kitchen that you replace. This is perfect if only part of the room has been damaged. For instance, in the event of a flood, you may only need to replace hardware and paintwork.
Did the kids from your neighborhood get a bit too excited during their ball game, and their ball ended up flying through your window? It’s a good idea to get over this as soon as possible, as you will need to get to work on replacing the window so that your house isn’t drafty for too long! Even if the glass in your windows haven’t been smashed in this kind of scenario, you may still want to replace them if they are old and very drafty. This can work out very expensive if you want to replace all the windows in your property. The average price is between $250-$400 per window. As you can see, the costs can quickly add up! Some home insurance policies might cover this but, more often than not, you will need to fund this maintenance yourself. So you better get saving now before you are faced with these costs!
Damaged Home Systems
Home systems, such as a hot water boiler and air conditioning, can often break without any notice. One minute, your system can be working fine, and the next minute they just aren’t working as you would expect. As these systems can be extremely difficult to fix and repair, it’s a good idea to just call out a handyman to take a look rather than try and fix it yourself. Even if the handyman doesn’t take too long to fix the problem, you will still have to pay them for any extra parts and his labor time. Generally, these types of repairs cost between $300 and $900. If your current home insurance policy doesn’t cover your systems, you should call your provider to see if you can add them. This will mean increasing your monthly premiums slightly, but at least you won’t have to fork out for the high costs of emergency boiler or air conditioning repairs.
Not got any savings for home repairs? You best get started now!