Owning a home comes with many benefits, but emergency home repairs certainly aren’t one of them! Emergency repairs seem to come at the worst times when you’re least expecting them. They can cost a lot of money, which means you’ll have to pull from savings, borrow from a family member or put the repair on credit. None are ideal, but you can’t ignore significant issues. 


According to a NerdWallet study, 65 percent of homeowners say their homes need repairs to make it safe or free from costly damage. Cost is a main barrier for people, with many needing over $7,000 to address their current problems. If you have been faced with a costly emergency home repair, rest assured that there are many ways to pay for them. Let’s explore what options you have. 


Home Equity Line of Credit, or HELOC


A home equity line of credit lets you tap into the value of your home as you need, such as to replace windows and household appliances. However, do be aware that borrowing against your home equity can put your home at risk if you can’t repay. If you do choose to go this route, spend the money wisely and make your payments on time. 


Homeowners Insurance Claim 


Some types of home repairs may be covered under your homeowner’s insurance. Check your policy to see what is covered, or call your agent directly. As an example, many insurance companies will pay for a new roof or new siding if it was damaged by a storm. 


Government Home Repair Assistance 


The FHA 203(k) and Limited 203(k) loan programs allow you to buy or finance a property with additional funds. These funds can then be used to fix up the property and make it safe. If you are interested in these government-backed loans, you can refer to the Department of Housing and Urban Development or the U.S. Department of Agriculture. 


Credit Cards 


While not ideal, using a credit card to pay for a home repair can at least get the issue fixed right away. Credit cards are best used when the cost of the repair isn’t too expensive, and you’re able to make more than the minimum payment every month. If you can’t, you’ll end up in debt quickly, as credit cards carry high-interest rates. 


Cash-Out Refinance 


Another last resort to consider is a cash-out refinance. You’ll want to shop around for the best rates. Keep in mind that this option requires you to refinance your loan, which may not be ideal depending on your situation and interest rate. But, if you were looking to refinance anyway, it’s worth looking into a cash-out refinance. 


Sell Your North Las Vegas House for Cash 


If your home requires a lot of repairs, and you’re not interested in fixing them, you can sell your property. But how can you do this when you have a leaky roof, mold in the home, or other issues? You can sell your house for cash! 


When you sell your house to our cash buyers in North Las Vegas, you can expect a smooth process that involves a few simple steps. Because the transaction is between you and us, the process moves quickly and there are no middlemen, such as banks and lenders. We also cover most closing costs and waive the appraisal and inspection. 

To get a free cash offer for your North Las Vegas home, contact We Buy Any Vegas House today!

Categories: Selling a Home

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