Attention: You are now leaving the Wintrust website.

4 ways families can save cash on regular home repairs

by David Leto
January 05, 2018

4 ways families can save cash on regular home repairs

by David Leto
January 05, 2018

Share

Home repairs can become costly very quickly, which is why making a plan and scouting out ways to save money ahead of time is a good idea. Check out this list to learn some ways to save money on your next home repair.

Make a Budget and a Plan

Most people groan at the idea of making a budget, but having a clearly laid out plan at the start of a renovation project can help you prioritize spending and anticipate all the costs.

While it wouldn't seem like it, making a plan does save money. Unexpected purchases can eat into finances heavily. Anticipating potential costs allows homeowners time to shop around for deals, consider all their options, and set aside the needed funds for the upcoming repair project.

Don't Forget Upkeep

Minor repairs are much more affordable than major renovations. Taking time to make minor repairs as needed can save thousands of dollars in the long haul. For example, make sure bathroom fixtures are properly sealed with caulk so that water doesn't seep into cracks and cause major mold and rot which is costly to repair. Other small repairs that can save you money include doing plumbing repairs, such as taking care of leaky faucets to avoid high utility bills.

Other things, like inspecting and possibly replacing your sump pump so your home doesn't flood in the next big storm are also good ideas. Make sure to also regularly replace HVAC filters so your system doesn't suffer damage.

Shop Around

Don't be afraid to ask multiple contractors for quotes or check out the pricing of supplies from multiple vendors. The first price you come across might not be the best price.

Also make sure that if you are hiring a contractor the prices you are comparing include labor, parts, and potential warranties. A great quote won't pay off if it leaves out a long list of hidden costs.

Look for Tax Cuts



You may find that the IRS will offer tax cuts for home repairs. Talk with an accountant and track your spending to see what home repair costs you can claim on your taxes. This is especially true for energy efficient updates.

If you can anticipate potential rebates ahead of time this will help you to budget and make repair choices that give you the most bang for your buck.

Home ownership can be costly, but thinking creatively and planning ahead can lessen those costs and make owning a home an affordable and enjoyable experience.

These tips are a starting point to thinking outside the box to save costs. Making repairs can be stressful, but are also a great opportunity to increase the value and efficiency of your home. 

 

This article was written by David Leto from 50plusfinance and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

Stay Connected