Home ownership is a dream of many, but in just a few years, that dream may turn into a nightmare if you’re faced with unexpected repairs. However, with just a few strategies, you can cut the cost of home repairs significantly and leave more money in your bank account.
1. Try to fix the problem yourself. If you’re at all handy, you may be able to make the repair yourself. There are many do-it-yourself repair videos on YouTube that you can use to learn how to do what’s needed.
2. Get several estimates. If you can’t figure out how to make the repair yourself, compare costs for the price of the repair from several companies. For instance, for more on washing machine repairs, visit Repair and Protect. Getting several estimates will help you understand how much the repair will truly cost, and you can pick a repair person based on service provided as well as how much they charge.
3. See if you can buy the parts yourself. Often, buying the parts yourself and only paying the contractor for labor is the cheapest way to go. See if your contractor will let you buy the necessary parts yourself.
4. Barter services. If you have a neighbor or friend who can do the repairs, see if you can barter services instead of paying in cash. Maybe you’ll cook for the neighbor for two weeks to offset the cost of repairs or watch his children after school for a set period of time. Not everyone likes to barter, but it doesn’t hurt to ask.
5. Save the money upfront. When you purchase a home, the rule of thumb is that you should save 2 to 4% of the home’s purchase price a year for future home repairs. It’s tempting to avoid putting that money aside, but in the long run, you’ll be glad that you did. If you have the money available, you won’t have to pay interest on your credit cards or a home loan for repairs.
If you own a home, you know that home repairs are inevitable. From kitchen and laundry appliances, to a new roof, to leaky pipes, your home will need repairs. Set aside the money from the beginning so you are prepared. Then, when you need the repair, try to minimize the expense by repairing it yourself, if possible. If you can’t do it yourself, compare bids and see if you can barter.