Repairing Your Home Without Breaking the Bank

Home » Money Management » Repairing Your Home Without Breaking the Bank

Repairing Your Home Without Breaking the Bank

There are many financial benefits to owning a home instead of renting. Unfortunately owning also comes with the responsibility for making repairs and improvements. Between cosmetic upgrades, emergency repairs, and seasonal maintenance, being a homeowner can feel awful expensive at times.

In preparation for the winter season, recently highlighted seven ways to save on home repairs. Their first tip is to perform maintenance during the off season. Obviously if your furnace conks out in the winter, you’ll likely want to get that fixed and have to pay a premium to do so. However, having the furnace serviced during the summer will likely to save you a significant sum .

Perhaps the most obvious way to save money on repairs is to do them yourself instead of calling out a contractor. While some things should be left to the professionals, you may be surprised how straightforward and DIY-friendly a majority of smaller projects can be. But how do you know where to start?

Known for its collections of cute animal videos and pop song covers, YouTube is actually a spectacular resource for repair tutorials. Personally I’ve learned everything from how to install a new garbage disposal to how to reset the annoying oil change light on my car thanks to YouTube videos. However, one problem you may encounter after watching one of these tutorials is realizing you have inadequate tools.

There are some tools you likely have (or should have) on hand, such as a wrench, hammer, and set of screwdrivers. But there are larger and more expensive items you will likely only need to use a handful of times. This is where renting tools can offer great savings. Today a number of retailers and websites offer tool rental services making it easy to secure what you need for your project. Alternatively you could also ask your neighbors to borrow some of their equipment… just be sure to return it.

Having the right tools is only half of the equation; you’ll also need materials. One way to save some cash is to purchase salvaged goods. Whether you’re fixing up an item to get it back in working order or repurposing it entirely, this approach is both economical and environmentally friendly.

If you do hire a contractor, another tip is to see if you can purchase the materials separately from the labor. Not only will this allow you to be more hands on with what’s installed in your home but could also save you money since many contractors will mark up their cost. Just make sure to get a full list from your contractor of what they’ll need for the project so that they won’t have to make any more expensive runs to the store.

Finally whenever you purchase new appliances or materials be sure to check for rebates or other discounts. Once again, buying off season can often result in bonus cash back or deals. You should also look into government reimbursements or tax credits associated with energy saving projects for your home.

Home improvements and repairs can be costly. This is especially true when contractors or other professionals are involved and even more so when demand for similar repairs is high. By keeping up with off-season preventive maintenance, looking into deals and rebates, and exploring DIY options, you can make a healthy habit of saving money on home repair projects.


Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Apple Pay Now Accounts for 5% of Global Card Transactions

It may have taken more than half a decade but it seems that Apple Pay is making major inroads. As Quartz reports, Apple Pay share of transactions are on the rise and could reach even larger milestones in the years ahead. Currently Apple Pay payments account for 5% of global...

Sales of Small Businesses Dip 5% in 2019

It seems that fewer small businesses changed hands last year than in 2018. According to data from brokers reporting to the business listing site BizBuySell, 9,746 businesses were bought and sold in 2019 compared to 10,312 the year prior. That marks a year over year decrease of 5.5%, snapping a three-year streak...

Varo Money Gains FDIC Approval, Nears Becoming a Real Bank

Over the past few years, several FinTech companies have introduced their own banking services — rolling out savings accounts, debit cards, or both. These products are often the result of partnerships that the startups have with one or multiple banks in order to meet regulatory requirements and provide their customers...