As the New Year starts, it's an ideal moment to set financial goals, particularly for vital home repairs that can save money over time. Many homeowners delay repairs until they turn into urgent issues, which can cause unexpected stress and expenses. Planning in advance allows you to make essential improvements without overspending.
In this guide from Fast Payday Loans, Inc., we will explain New Year financial goals for house repairs. We will review home repair budgeting tips to ensure you can afford to fix any issues around your house to start the new year. We will also explain how a payday loan can help if you cannot afford urgent home repairs.
Why Should You Plan Important House Repairs In Advance?
Dealing with essential house repairs isn’t the same as getting other things fixed, like your car or digital devices. That’s because household repairs often require careful planning and resources to go smoothly due to their cost and time investment. Unfortunately, some people wait until things become an emergency before getting necessary repairs done on their homes.
Here are five reasons why you should plan your critical house repairs as part of your New Year financial goals:
- Code compliance: Some major household repairs are regulated by local building codes. That means you’ll want to avoid rushing those repairs to ensure compliance with all relevant codes.
- Contractor selection: Planning ahead also gives you time to shop for the best contractors. You can speak to friends and family to find good ones and speak to them before committing to any repairs.
- Materials sourcing: Some repairs require specific materials or equipment. For example, you might want a particular material for your kitchen countertops or a hard-to-find model for your new boiler. Whatever the case, planning ahead gives you time to get the items you need.
- Cost reduction: Repairs become significantly more expensive if they happen at the last minute. Planning them helps you minimize your overall costs.
- Regret avoidance: Lastly, planning essential household repairs helps avoid future regrets. These necessary repairs are meant to last years or decades, so they’re worth getting right the first time.
How To Set New Year Financial Goals For Home Repairs
If you’re looking for how to save money on home repairs, your best path is to prepare a plan. You cannot go into home repairs without a solid plan because that can lead to overspending that isn’t necessary. Learn more below about home repair budgeting tips to ensure you can mitigate spending on your repairs around the house.
Here is a step-by-step guide for how to prepare a home repair plan:
Step 1: Identify All Repairs
One way to plan your new year household repairs is to conduct a home inspection, prioritize the most urgent and vital maintenance, and create a savings plan to cover them. First and foremost, you must identify all repairs your household needs in the near future and their estimated costs. Don’t worry if you can’t get the exact costs yet; ballpark figures will do for now.
Here are some repairs you may need to do around your house:
- Fixing plumbing issues (leaky faucets, running toilets, clogs, etc.)
- Replacing broken windows
- Repairing roof and foundation issues
- Patching drywall
- Removing mold
- Fixing HVAC issues (air conditioning, heating, etc.)
Step 2: Prioritize Repairs
If you’re like most people, you’ll have limited resources in the coming year to pay for all important repairs. That’s why you’ll want to prioritize them to ensure that you handle the most important ones first. The highest priority repairs are urgent and can make your home unlivable.
Start with repairs that impact safety and home value, such as leaky roofs, electrical issues, and plumbing concerns. Less urgent repairs, like cosmetic updates, can be scheduled for later in the year. Just remember, the essential repairs will likely cost more than minor ones.
Step 3: Optimize Your Budget
Now that you know what needs to be fixed and how much it’ll cost, you can begin optimizing your budget. To plan your household repairs, you need to assess the current condition of your home, estimate the cost of potential repairs, and set aside a budget for them.
Here are ways to optimize your budget for home repairs:
- Cut unnecessary expenses – When paying for your home repairs, you will need to save money somewhere to funnel into those repairs. The best way to do this is to cut your costs, which can include cancelling subscriptions, eating at home rather than going out to restaurants, and enjoying free entertainment.
- Write down the cost of your repairs – Use the internet and quotes from local contractors to get a ballpark estimate of how much your repairs will cost. This can provide a financial goal to work toward in the new year.
- Create a savings plan – Once you know how much you have to spend, you can start saving to reach your goal. You can save a certain amount from each paycheck (Ex, $100 every two weeks) and create a home repair fund while you work toward your goal.
Step 4: Use Home Repair Budgeting Tips
Before hiring a contractor, you must ensure you have all of the money you need. That includes using budgeting tips to save for your home repairs. The last thing you want is to start the process with a contractor only to realize you still need to save more money. Getting this money beforehand is vitally important.
Here are some home repair budgeting tips:
- Use budgeting apps to track expenses
- Research government grants or tax deductions for home repairs
- Set up a high-yield savings account for home maintenance
- Cut unnecessary expenses to save money for repairs
- Budget $1 per square foot of your property annually
Step 5: Find The Best Contractors
At this step, you know what repairs you want to do, how much they’ll cost, and how much you can afford. That information is enough for you to look around for the best contractors. These should be highly-rated experts who can do the repairs you need at affordable prices.
Here are some affordable contractor hiring tips:
- Seek personal referrals
- Compare rates between local contractors
- Look at BBB, Yelp, and Google reviews
- Ask for references
- Get written bids to compare costs
Even with the best planning, unexpected costs can arise. If you find yourself needing extra financial support, there are quick solutions to help keep your repair plans on track.
How Can Payday Loans Help With Unexpected Home Repairs?
Issues around your home can happen when you least expect them. For example, your air conditioning can break down unexpectedly, which some residents in hotter areas of Florida, such as Miami, Fort Lauderdale, and Lakeland, will still need during the new year. An emergency repair won’t give you the time to save cash, which is where a payday loan can help.
A payday loan, otherwise known as a cash advance, allows you to borrow up to $1,000 from a future paycheck. As long as you can prove your income, you can borrow money based on your income level and ability to repay with your next paycheck.
The following are the required items you’ll need for payday loan approval:
- A driver’s license or state-issued photo ID that displays your name and date of birth
- Your most recent pay stub
- A blank check from an active checking account
To get started, you will just need to fill out our online form on this website. It takes just a few moments. We will call you after to discuss how the process works. You can then gather your required items and bring them to the nearest Florida store location. Once there, you can get your requirements verified in less than 30 minutes. Sign the agreement, and you can receive your funds within one business day.
Get A Florida Payday Loan For Emergency Home Repairs – Receive Up To $1,000 Today!
If unexpected repair costs arise, consider alternative financing options to avoid delays. A payday loan can provide quick cash when needed. At Fast Payday Loans, Inc. in Florida, we can help you get same-day payday loans. Just fill out our online payday loan form and visit us in person to get approved in less than 30 minutes; receive your cash advance the same day or by the next business day!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
