Whether you’re a first-time home buyer in a fixer-upper, or a long time house dweller in a property that clearly needs an upgrade, the potential cost of home repairs can send shivers of dread down just about every homeowner’s spine. J.G. Wentworth, the nation’s leader in purchasing future structured settlement and annuity payments for cash, would like to confront this fear head-on and help all our customers stretch their hard-earned dollars the farthest. Here are six tips on how to save money on home repairs so you can keep this most precious possession in tip-top shape.
1) Do your research
The first mistake many homeowners make is rushing into a home repair project. Regardless of the scope and size of your plans, decide exactly what you want done, research the best way to complete the project, and set your budget – all before lifting a finger to begin the actual work. The more planning you do in advance, the better and more on-budget your project will turn out.
2) Decide whether you need a contractor, and if you do, find the right one for you
When it comes to finding a contractor, you want someone licensed, with an excellent local reputation. Don’t always settle for the lowest bid on the project, because if it translates to shoddy work it could cost you more in the long run than if you had simply a more qualified contractor for the job at the beginning.
3) Find the materials on your own
Even if you are working with a contractor, you should consider buying the materials for the project yourself. This will not only help you avoid any possible markups the contractor may charge you but also ensure (provided you do your research, of course) that you are buying the highest quality materials for the job.
4) Look into tax credits, government rebates, and potential long-term increases to the value of your home
Some home repair and improvement projects can earn you a tax credit or a deduction, and there may be government rebates associated with projects that improve your home’s energy efficiency. You could also save – and even make – money on your project depending on how much it may add in the long run to the value of your property.
5) Practice preventative maintenance
Much like a car, you’ll save a lot of money by properly caring for your home before trouble strikes. Caulk your sinks, countertops, and bathtubs the moment you see things begin to loosen; changer filters if you suspect your furnace is working too hard; fix leaks in your plumbing the moment you hear that first drip after you’ve turned the faucet off. These, and many other minor home repair fixes, will keep your costs low in the long run.
6) Shop for tools and materials wisely
You don’t necessarily have to buy new tools, especially if you’re only going to use them for a single project; consider borrowing tools from others or even renting tools from stores that offer this service. When it comes to materials, you can also look for coupons and rebates from stores like Home Depot, or even better, make sure to store your old materials from previous projects so you can have them at your disposal.
We hope these six tips will help you make the most of your home repair project, and that you will both save money and do a terrific job towards improving your property. Please also be aware that if you find yourself needing extra funds to pay for a necessary home repair or improvement project, and are either receiving or scheduled to receive from a structured settlement or annuity, you can call J.G. Wentworth to discuss your specific financial situation. Our customer representatives are available anytime at 877-227-4713.