Eliminate the Woes of Surprise Home Repairs


 Eliminate the Woes of Surprise Home Repairs

"Sometimes life hands you surprises that can be quite unwelcome. Those icky surprise homeowners call “home repairs”- holidays, home improvements, or replacement windows that cost hundreds more than expected. An unexpected repair usually leaves a homeowner with little to no options on the table and no time for actions of desperation."

As if the economy wasn't going to crumbling down everywhere else, in this case many people are left without a job as well and must rely on their insurance company for help after suffering some unforeseen damage at home. For example: "the wind blew my screen right off my house," "my water heater exploded," or "someone stole my car. These can be some of the most frustrating times in a person's life."

When facing a sudden unexpected repair expenses, the homeowner usually has to put their life on hold to get caught up on their bills. "A homeowner might have used up all their savings and may need a loan or put other major expenses like car repairs and others on hold while they figure out what to do with this unexpected expense." Some other things that might be considered after getting hit with an unexpected home repair bill would be: selling items, borrow from family and friends, get a new credit card or increase your credit line and even taking out another mortgage.

Not only is it frustrating for the homeowner having an unexpected expense, but for the insurance company as well. "Some companies might not be too happy about making a claim for an item that hasn’t been covered for the entire term. The homeowner will have to pay the deductible on top of the claim which can add up to a lot of money."

Even though this topic seems completely opposite of saving money, it is going to save you money in the next case you get hit by an unexpected repair bill. Having emergency savings available as a backup plan can ease your worries and get your life back in order much quicker than trying any of the other options listed above.
"It is recommended to accumulate 3-6 months worth of living expenses as an emergency fund or backup plan for those unexpected events. With a decent savings account, you will have access to the funds you need and not be forced to make decisions that could jeopardize your other financial obligations."

"If you are constantly facing unexpected home repair bills, it might be time to start building up your emergency fund."

"An unexpected home repair can really turn a bad month around or even derail it all together. Having an emergency fund available to take the burden off of your shoulders can help alleviate some of the stress, and get life back on track in no time."

This article was written by Laura Petrunia. She is a Mortgage Broker with CMC Mortgage Corporation. The information in this article was taken from a CMC Mortgage Corporation blog post. The original article is located here: https://www.cmcmortgage.com/blog/blog/post/2011-02-05-emergency-funds/.

"Home Repairs and Emergency Funds" is a good place to start if you are getting into the idea of starting your own emergency fund."

The best way to save money when facing unexpected home repair bills is by rationing and assessing what can be saved and what can be spent. "There's no right or wrong way to approach the situation, but instead there are several different ways that might better suit the individual's life. There are also several home repair expenses that have some budgeting involved."

"Many people may want to save money for the future or pay off their debts. This choice is completely up to each individual. There are many ways to save money, but there are only so many ways to spend it. When facing unexpected home repair bills, talking about how much you can afford or if you can afford it is key."

"There's no "right" way, but some people may choose to pay off debt first and then eat an expense like a home repair bill. However, there are some home repair bills that might be unavoidable making it to where you have to save for the future first. In this case, it's important to estimate how much money is needed for the unexpected repair."

"A person might be able to make a list of things that are most important and rank them from how much they need or want it. When facing an unexpected home repair with a deadline date, having a plan of action is the best thing you can do."

"Considering whether you should get a loan or take out a credit card is just an example of one way to deal with something like this. The most important thing in this situation is understanding your budget and not getting into too much debt. It is also a good idea to estimate if you would be able to afford the home repair bills in the future."

"One other way you can save money on an unexpected home repair bill is purchasing items on sale or getting them online for cheaper prices. There are plenty of ways to save money in this situation, but in the end, if you don't have enough it's going to be a tough one considering all the options out there."

"For some people, saving for the unexpected might be difficult considering their jobs or other circumstances. However, there are some ways to save for specific needs like replacing a water heater or fixing your roof. Saving for a home repair bill is not impossible."

"There are many different ways people save when facing an unexpected bill. There are people who don't have enough money to begin with, and there are those who have more than they need. It's important that you create a plan of action which will help you make the best decision."

Another thing to consider when saving for an unexpected home repair is whether or not you should put some money aside every month or wait until you need it. "Waiting is not recommended because you will be forced to either buy a more expensive version of what was previously considered, borrow from someone, or suffer some sort of loss like being without heat in the winter. "

"Necessary home repairs or replacements can cost quite a bit of money."

"Having an emergency fund at the ready can help when faced with unexpected costs."

"With savings accounts at their lowest rate since 1963, savvy savers should consider moving part of their cash into investments that generate a more attractive return."

The following are some news articles and other online sources that cover this topic.



Saving money is a great way to prepare for an unexpected home repair. Different people have different ways of doing this, and there is definitely not one right way. If you want to learn more about an emergency fund and how it can help you avoid being caught off guard by these unexpected costs, contact a company like Excel Mortgage. They will be able to go over your options and help you make the decision that is best for you.

This applies to getting a mortgage in Ireland

Saving money is the best way to prepare for an unexpected home repair. Different people have different ways of doing this, and there is definitely not one right way.

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