Home repairs can be one of the biggest costs of being a homeowner. Even the most well-constructed properties suffer from wear and tear - as a result, it’s something that you should prepare for. Certain home repair mistakes could cost you a lot of money, while others could even be dangerous. Here are some of the biggest mistakes to avoid and what you should be doing instead.
Not setting aside savings
Without savings set aside to spend on home repairs, you’re more likely to resort to a loan. Borrowing money means paying more in the long run due to added interest charges. By creating a rainy day fund for unforeseen costs, you can prevent the need to take out a loan. You may even be able to earn money on your savings by choosing the right account (you can compare savings accounts here at Bankrate).
Failing to shop around
Unless you’re in immediate need of home repairs, you’ll likely have time to shop around for tradesmen. This could allow you to find the cheapest quote and potentially save yourself a lot of money. Not all tradespeople will be able to offer a quote over the phone - they may have to inspect the problem to give you an accurate price. Most companies will offer free quotes (i.e. they won’t charge for the visit) although you may want to double-check this. You may also be able to shop around for parts. For instance, you may be able to save money on Heil furnace parts by looking online. If you rely on a tradesperson to buy the parts they may then try to make a profit on these parts, costing you extra money.
Overestimating/underestimating DIY skills
You can save a lot of money by going DIY. Some people underestimate their DIY skills and end up calling out tradespeople for repairs they could have done themselves (spending unnecessary money in the process). Other people take on more than they can chew, making failed attempts at DIY repairs that end up causing costly damage or even possibly create dangers. It’s important to know when to call the pros and when to handle repairs yourself - assess your own ability before you make a decision.
Using temporary fixes as permanent fixes
Sealing cracked pipes and frayed wires with tape can be a useful temporary fix, however, you shouldn’t substitute these temporary fixes for permanent fixes. Tape isn’t going to hold together a broken pipe forever - you could just be putting off inevitable professional repairs and possibly making the fault worse, which leads to the next biggest mistake...
Letting damage get worse by putting off repairs
Many home repairs can be less costly if you get them done in good time. Keep putting off repairs and the damage could get worse. A good example is a crack in the roof. It could eventually get bigger, letting in rain and leading to added water damage and mold. What could have been a simple cheap fix could turn into an expensive major repair.
