What are Your Options for Funding Emergency Home Repairs?
Owning your own home is undoubtedly a massive achievement in today’s economic climate. But, one of the biggest downsides to being a homeowner is that you need to always be mentally and financially prepared for if anything goes wrong with your property. Home insurance doesn’t cover everything, and if something breaks down or is damaged, there’s no landlord to call – you’re wholly responsible. So, what are your options when faced with emergency repairs at your home? Sometimes we get lucky and following a minor accident, Noll Law trucking accident lawyers help us get a settlement. That money can be used to renovate. However, in many cases money is not quickly available so here are some things to remember.
#1.Have an Emergency Fund:
It goes without saying that you should have an emergency fund stashed away to help you in the event of damage to your home. This could be in the form of money that you’ve saved up in a separate bank account, or a credit card that’s set aside solely for emergencies. If you’ve just bought and moved in to your own home, you might want to consider putting aside a small amount of money each month for this purpose as soon as possible. It doesn’t have to be a lot but having at least some funds available will offer you greater peace of mind.
#2.Borrow from Family and Friends:
If you’re struggling to get back on your feet financially after buying a house, then you’re not alone. A property is one of the largest, if not the biggest purchase that you’ll ever make during your lifetime. After scraping together as much money as you can spare for a deposit and making further financial commitments to paying off a mortgage, it’s no surprise that new home owners often find themselves with less money than they’re used to. It might be worth asking your parents, grandparents, other relatives or a close friend to help you out if you need money in a home emergency. It’s less formal than taking out a loan and won’t affect your credit score.
#3.Car Title Loans:
If borrowing money seems to be your only option, then it’s worth looking into the various routes that you can take. For homeowners with a mortgage, one of the biggest concerns is keeping their credit score intact. If you own a vehicle, you may want to consider title loans. This is great news for anybody whose credit score has taken a knock due to a mortgage since your car will be used as collateral, meaning there’s no need for the lender to run a credit check. However, bear in mind that if you’re unable to repay the loan, you’ll lose your car!
Lastly, another option that you might want to consider if you want to borrow money is a short-term loan. These are usually easier to obtain than a loan from the bank, and you’re usually able to borrow small amounts of money, meaning that there’s no need to borrow thousands of dollars if you only need a couple of hundred extra bucks. Most will allow you to repay the money in full when you get your next wage, or in small monthly instalments.
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