Surviving the Stress of a Major Home Repair

A major home repair is every homeowner’s nightmare— but also one that will eventually come true. At some point, something in your home will need repairing or even replacing, and that will mean a lot of time and money spent problem solving. Some of the most common major home repairs include:

  • Roof repair
  • HVAC system replacement
  • Upgraded plumbing
  • Addressing water damage
  • Repairing a cracked foundation


These repairs can cost homeowners anywhere from several hundred to tens of thousands of dollars. The cost to make the repair depends on:

  • The severity of the issue
  • How long a contractor needs to make the repairs
  • How many professionals should be hired to complete the job
  • Any permits or licenses that must be secured in order to make the repairs
  • Insurance coverage and costs


While the time and money you can expect to spend depends on the work being done, there are ways you can start preparing your finances now for potential repair costs.


Know the ins and outs of your homeowners insurance

The repairs you need may be covered by your homeowners insurance, which can really help soften the financial blow of a major repair. Every policy is different, so the first thing you need to do is talk to your insurance agent to get the details on yours. It’s fairly common for homeowners policies to cover fire, frozen pipes and theft. Many policies tend to exclude coverage for damage caused by mold, floods, pets and intentional damage. This means that if you try to make a repair on your own and mess up, even if it would have been covered by insurance, it now won’t be.


Be ready for unexpected costs

Even with the best contractor on board, unplanned expenses can still easily pop up. For example, let’s say you’ve had the plumbing in your home replaced. That means there could be a lot of dust, dirt and debris in some of your most frequently-used rooms— namely, the kitchen and the bathroom. You can get your house back into shape more quickly by hiring a cleaning company to tackle any leftover messes. This can run a homeowner in Middletown anywhere from $122 - $220. Other costs might creep up, like additional tools or materials, so a best practice is to set aside around $500 to cover unplanned costs.


Start setting aside an emergency fund

You have a savings account, which is great, but your savings shouldn’t be just for saving the day. You should be able to tap into those funds for vacations, holidays and exciting family adventures. When it comes to unexpected home repairs, you’ll want to tap into a different fund— an emergency savings. This kind of account is one you only use when you are experiencing a high cost situation, like a roof replacement or a major car repair. This way, you can be assured you are putting more into the account (and more often) than you are taking out. Even if you can only set aside a small amount each paycheck, because you are only using it for emergencies, it can build up nicely over time.


Home repairs can cause anxiety and worry, especially where finances are concerned. Planning ahead can help you not feel stressed or burdened when a serious repair situation arises. A home is where you make memories, celebrate traditions and grow your family, but it’s also an investment. When you make the effort to prepare for major repairs, you are helping to ensure your home stays comfortable while protecting your investment

Be sure to talk with your Highland Mortgage lenders for the perfect loan to help you out.

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