Tackling home repairs can feel overwhelming, especially when it comes to costs. In fact, research shows that paying for home repairs is one of the top three challenges for homeowners. A survey conducted by kitchen and bath retailer Hausera found that 33% of homeowners worry about funding home projects, with many citing budgeting as a key concern.
Fortunately, planning ahead can make it easier to stay on top of repairs while keeping finances on track. Below, we share expert answers to common questions about budgeting, along with tips to help you get started.
What are the most common repairs homeowners face?
From a new roof to plumbing upgrades, you may encounter a number of repairs as a homeowner. Most of these will depend on the age of your home and how long you live there.
If your home is relatively new, repairs are likely to be minimal for the first few years. These may include fixing a leaky faucet, unblocking a garbage disposal, or patching a section of drywall. If your home is older, more substantial repairs may be needed such as electrical upgrades, replacing a driveway, or even fixing a foundation.
Which home repairs will have the biggest impact on my home’s resale value?
While most repairs can improve your quality of life, a few repairs can also increase the value of your home. The most common ones include:
- Bathroom and kitchen remodels
- Exterior improvements such as new siding
- Upgrading large appliances
- Refinishing your basement
- The addition of a deck or patio
Although these projects tend to be more expensive, the return on investment can be significant. Studies show that homeowners often recoup more than 100% of the costs associated with kitchen and bathroom remodeling. If increasing your home’s resale value is important to you, prioritizing some of these repairs could be a good long-term investment.
What is the best way to finance home repairs?
Paying for home repairs can be challenging, but planning ahead can take the guesswork out of the process. For smaller repairs ranging from $500 to $1,000, relying on savings or a credit card can be useful. For more substantial repairs, the right financing option can make a big difference.
A Discover® personal loan is a great option. You can borrow between $2,500 and $35,000 and choose a repayment term that works for you. Plus, there are no loan origination fees and no closing fees. And since funds can be sent as soon as the next business day after acceptance, you’ll be able to start your home improvement projects more quickly. Best of all, you can check your rate with no impact to your credit score.
While tackling home repairs may not be easy, they can be a great way to maintain your investment and even add value to your home. Whether you’re a new homeowner or you’ve owned your home for years, planning ahead can be a great way to avoid unpleasant surprises and stay on top of your finances. By having a clear plan in place, prioritizing important projects, and knowing your financing options, you can ensure you’re able to handle any repairs that come your way.
Hausera. “The Truth about Kitchen and Bathroom Renovations Survey, https://apnews.com/press-release/pr-businesswire/3076b9150e7d4fc5bfc1377defacacbd.” Accessed July 6, 2021.
HGTV. “Which Home Improvements Pay Off?, https://www.hgtv.com/lifestyle/clean-and-organize/which-home-improvements-pay-off.” Accessed July 6, 2021.