Surprise repairs can be stressful!
The Lawhead Team would like to share the latest One Cool Thing about surprise home repairs and how people usually are able to pay for them.
Nearly half of homeowners experienced an unexpected home repair in the first year of homeownership and almost one-third did not have money set aside for home repairs or improvements. Homeownership involves more than just paying for your mortgage. Be sure that you’re prepared for unexpected expenses.
Paying for home improvements:
- 12% had to tap into or exhaust savings to pay for the majority of home repairs/improvements.
- 52% were able to easily pay for most home repairs/improvements without tapping into savings, going into debt, or making other sacrifices.
- 13% had to take on debts to pay for the majority of home repairs/improvements.
- 20% had to make sacrifices in other areas in order to pay for the majority of home repairs/improvements.
- 3% had other ways of paying for the repairs.
Source: “2018 Home Improvement Report,” Nerdwallet and CAR.