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Available Financing Options for Making Costly Repairs

If you own a home you know all too well that it’s only a matter of time before something needs fixing or replacing. Things such as a door lock or outlet cover are easy to replace, but what happens if your HVAC unit begins to malfunction. As a homeowner, you also have choices. If you plan on staying in your home for several more years you could opt to make the repair and save replacing it for down the road. However, if you are looking to sell, an older or outdated central air conditioning unit can reduce the value of your home as well as prevent or delay a sale. 

Repairing the unit can Offer a quick fix and an inexpensive way to enjoy your air conditioned home. If you’re tight on money and living week to week on your paycheck, this may offer the best option. Make sure to get a few estimates and check out the rating of the company ahead of time instead of simply using the first one and going in blind. There are many trustworthy sights that offer this service for free.  After all, if you hire someone and they do not do it right, it can end up costing you more, and maybe even nearly as much as a new system. By making the choice to repair rather than replace you can save money for the short-term. Since the amount is considerably less you can put it on a credit card or draw from your savings. If you’ve maxed out your credit cards and you don’t have a savings account you still have another option. Companies like Blue Trust Loans provide personal cash loans and installment loans in amounts up to $1250 as an alternative option to payday lending. Key benefits include minimal eligibility requirements, fast-funding and flexible repayment. Qualified applicants must have a social security number, an active checking account, and a verifiable source of income. 

If you’ve decided to bite the bullet and replace the HVAC unit you can check around and then acquire a few written estimates. If any of the prospects refuse to give you one, cross them off the list. Most reputable companies will give you a written estimate and advise that if anything changes the price may go up. Many of these companies also offer in house financing with low-interest rates. You can also try your local bank and see if you qualify for a HELOC or a personal loan. Provided your credit is in good standing you should have no problem getting the approval for either one. Even if you’ve had a few late payments with your bank, usually they will still issue the loan based on the credit score and an explanation of that short period of time. You can also borrow from your 401K and repay yourself or use a no-interest introductory rate credit card. Many of these credit cards offer this promotion for six months up to a year, giving you time to pay for the new unit interest-free. 

Regular maintenance is part of homeownership. If you’ve recently acquired the home and you elected to eliminate the home inspection to cut your costs, you may actually end up spending more than you might imagine. Having a home inspection is a vital step in the buying process that you should never avoid. It can reveal hidden things like mold, wood rot or a foundation problem that can end up costing you thousands in out-of-pocket expenses that you may not be able to absorb. If you’ve owned your home for years, performing regular maintenance can help you achieve nor only your asking price but a quick sale. 



This post first appeared on Grad Money Matters, please read the originial post: here

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Available Financing Options for Making Costly Repairs

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