(Newswire.net — September 2, 2020) — A leaky faucet, storm damage, or structural damage to your property—emergency home repairs are something that most homeowners dread. But what happens if you don’t have enough savings on hand to pay for the cost?
Funding home repairs can be a challenging time, especially if they are an unexpected and sudden cost. How can you pay for the repairs when money is tight?
If you need money for home repairs fast, keep reading for five tops ways to get your home fixed fast.
1. Fund Emergency Home Repairs with a Personal Loan
If you need help with home repairs, sometimes the quickest way can be with a personal loan. You can get the money you need fast to pay for necessary repairs, ensuring your home is safe to live in.
If you need help with a quick loan, captaincash.ca can help.
2. Apply for a Government Grant
In some circumstances, you may qualify for government grants for home repairs. Both the FHA 203(k) and Limited 203(k) government loan programs offer funds that can be used to fund repairs.
You may also qualify for a loan under HUD, the Department of Housing and Urban Development. Or, if you live in regional areas, some low-income homeowners can also qualify for funding under the Department of Agriculture.
3. Use Your Credit Card
For lower-cost home repairs, the easiest way to pay may be on your credit card. Depending on your credit card limits, you may be able to pay in total on the card, then pay it off each.
This can be an effective way to pay, but just be mindful of your credit card interest charges.
4. Pay with Your Home’s Equity
For larger-cost projects, like home roof repairs, you may be able to pay for the repairs with your home equity.
Through the Home Equity Line of Credit (known as HELOC), you may qualify for a loan based on the amount of equity on your home. Just remember it’s a loan backed by your home, so only use it when needed.
5. Consider Asking Family for Help
It’s not an option for everyone, but can you ask family or friends for a loan to help. If they can offer you an interest-free loan, or a low-interest loan, it can save you the trouble of going through your bank.
A loan through family can relieve some of the stress when you’re already going through worry about your damaged home.
Fund Your Home Repair with These Top Tips
Emergency home repairs always seem to come at the worst possible time and can be a big stress if you don’t have the funds easily accessible.
If you have a home emergency, use some of the tips above to find funding quickly and easily. You may also want to consider starting an emergency home repair fund and store away a small amount of money for any home repair job.
Before you know it, you’ll have your home repaired and it’ll be as good as new!
Did you find this article useful? If so, please read some of our additional content to learn more.