No matter what it is, everything will eventually need to have maintenance or repairs done on it. While you can just get a replacement for many things, large investments like heavy machinery or your own home are going to simply need to be fixed or upgraded rather than completely replaced. And while this can often save you money in the long-run, maintenance costs are often more than people would like to have hoped. So to help you not break your bank every time you need maintenance or repairs done, here are three ways you can save money on your home repairs.
Budget For One Percent
With home repairs, Paula Pant, a contributor to The Balance, writes that many people choose to create a budget based on the principle of the “One Percent Rule”. This rule theoretically means that each year, you plan to save one percent of your home’s value to use on home maintenance or repairs. While you may not actually use that amount, planning and budgeting for repairs will help you be prepared financially when the times comes that repairs are necessary. Some years you might not use hardly any of that money, but other years might require more than that one percent. So if you plan to budget saving one percent each year, you should be covered or at least off-set most costs for home maintenance over the life of your home.
Practice Preventative Maintenance
Arguably the best way to not have to spend a ton of money on costly home repairs is to practice preventative maintenance. By simply taking good care of your home and noticing when something seems like it might need to be looked at, you could save yourself from getting into a situation where you need to take emergency action. John Riha, a contributor to HouseLogic.com, shares that some of the preventative maintenance you should periodically do on your home includes surveying the interior and exterior for red flags, using caulk to fix small sealant problems, being gentle on your HVAC and hot water systems, and cleaning your gutters. By doing these things, you’ll better get to know your house and be able to tell when bigger repairs need to take place.
Do What You Can On Your Own
When maintenance and repairs are needed, if you can do the work on your own, you’ll be able to save a lot of money when compared to hiring help. However, it’s not only the small projects that you can lend a hand with. Claes Bell, a contributor to BankRate.com, advises doing any work you can on your own before calling in help. This means that you can take care of some of the demo work or painting before calling in a professional to finish the job with the plumbing or electrical. Just make sure you’re comfortable with what you’re doing so you don’t end up having to make additional repairs based on your own work.
If you want to be able to save money on costly repairs, use the tips mentioned above to help you do just that.