Whether you buy a new or older home, you should expect to budget for necessary repairs on occasion. Lucky for you, there are plenty of ways you can save on home repair spending and upgrades. Learn how to be savvy about purchasing appliances, hiring professional help, or find quality construction materials without breaking the bank.
Leave it to the pros
Some jobs may be out of your league, and that’s okay. If there is something in your home that needs repairing or installing that you don’t feel comfortable executing, call in a certified professional. Make sure to do your research, compare client reviews, and consider the bid price for jobs before making a final decision.
Follow the 1% rule
It pays to be prepared in case of an unexpected home repair, like a burst pipe or a short-circuited wire. Make an effort to save at least 1% or up to 3% of the purchase price of your home on a regular basis. Stashing away money frequently will cushion your finances from taking a significant blow when something needs fixing or replacing fast.
Don’t miss minor fixes
Have a leaky pipe? Maybe you feel a draft coming from your window? Don’t let procrastination get the best of you, and eat away at your budget for home repairs and replacements. Many minor problems can balloon into expensive problems before you realize. Try to tackle small fixes on your own before you call for the experts, and don’t wait until it’s too late.
Don’t snub half-price supplies
Installing some beautiful custom wood, tile, or stone in your home may radically improve the look and value of your home. If you want to save more money on installations, repairs, or upgrades, consider scooping up materials from salvage yards. It is possible to score high-quality construction materials without paying full price.
Track home projects
If you think the home repair project you’re focused on feels like deja-vu, you might not be wrong. Keeping track of spending on projects, when maintenance happens, and noting when things get fixed or replaced will help you save moolah. Seek to prioritize projects that can’t wait for a repair. Also, try to schedule repairs and upgrades when there are deals on construction materials.