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Keep Home Improvements From Destroying Your Budget

by Rebecca Shahan

Owning a home is an investment that, as we all know, will need repairs and improvements as the years go by. Many people prepare for the mortgage payment and other costs, but sudden repairs can catch anyone off guard. In fact, around 31% of homeowners don't set aside enough for home repairs.

What are some steps you can take to make sure you're ready for your next repair job or improvement project?

1. Always have a plan

Since there's many items on your to-do list as a homeowner, then logically you should make a real to-do list on paper or spreadsheet program to keep track of it all. Keep track of your regular maintenance items, such as filter replacements and gutter cleaning, as well as projects you want to take care of in the near future. Then make a list of larger updates you would like to do eventually.

Doing this will not only help you remember regular items to keep up, but you can prioritize repairs that will save money down the road. This list will also come in handy when you want to look back at repairs on particular items over the years to see if they justify replacement. And when you go to sell your home, the buyer will appreciate knowing when those items were taken care of.

2. Add to your emergency fund

Setting aside money for repairs is always a good idea, especially if you don't live in a new home. Having an emergency fund can help you take care of unexpected situations, or if you lose income. And you don't have to aim for the stars to start with. Setting aside as much as you can will add up over the months and years. There are also apps for your phone that can help set money aside.

3. Act quickly when it comes to repairs

Take care of a repair as soon as it pops up. Don't wait for the problem to get worse. For example, a leaky faucet can rot the subfloor. Fixing a faucet is far easier than replacing a floor.

4. Know your financing options

Sometimes a repair may exceed your cash on hand. Make a plan to take care of these larger repairs, such as borrowing from a bank or family member. Home equity loans and home equity lines of credit (HELOCs) are also financing options.

5. Consider doing it yourself

Younger homeowners tend to do projects themselves rather than hiring a pro. This can save hundreds on a project. But there's a risk in making huge mistakes that can cost more in the end. Make sure you can handle a project before you DIY.

6. If you go pro, do your research

There's nothing wrong with hiring a pro. But make sure that you research the pros in your area and get several estimates. Ask questions, such as how they intend to do the job, what the estimated timeline is, whether they’re insured and how much experience they have with projects like yours. Don’t simply go with the cheapest contractor to save Money. Yes, they could be the best person for the job, or you may wind up spending more to fix their mistakes.

Check back on our blog twice a week for more real estate news, ideas, and local events in Austin and Lake Travis. You can search for the perfect home on our website using our powerful home search tools. You can also get free listing alerts of homes as they hit the market at WelcomeToLakeTravis.com. And you can always feel free to call us at 512-657-4467​ to talk to an experienced agent today.

Home Repairs You Should Never Do Yourself

by Rebecca Shahan

Owning a home can be a pain at times. Home repairs can be expensive and at times, highly inconvenient. It might seem like a good idea to do a DIY on that annoying repair, but some fixes are better left to the pros. Here's a few examples for you to consider.

Electrical Repairs

Electrical repairs are at the top of the list. You might think calling in your relative or friend who's a "great handyman" to do the repair for you, but often that can cause more problems or dangers than it will solve. Electricians can be expensive, but that is because they've spent many years studying and training to get the job done safely for you and them.

Basement Makeover

A basement renovation might seem like a dream come true to a DIYer, but the basement is a very important part of a homes structure and mistakes, some possibly fatal, could occur. Even if it isn't fatal, it could wind up costing you far more than you bargained for.

Fun with Plumbing

Plumbing issues. Not a whole lot of fun to deal with one every day, leaving you tempted to take care of it yourself. You might think too, that plumbing, along with simple electrical repairs will be a walk in the park, but a fix done wrong can cause serious damage. To your home and wallet. So try calling a plumber. Why else are there at least a dozen in every town?

Gas Appliances

When it comes to gas appliances it could literally be an explosive situation if an appliance is not fixed and reconnected correctly during a repair. Similar to electrical repairs, if not done right, you could cause a leak, which could create major health problems and even a fire or explosion in your home or worse. So when it come to your gas appliances, don't DIY. Call a professional.

When it comes to health, safety and caring for your home, erring on the side of caution is always the best option.

Check back on our blog twice a week for more real estate news, ideas, and local events in Austin and Lake Travis. You can search for the perfect home on our website using our powerful home search tools. You can also get free listing alerts of homes as they hit the market at WelcomeToLakeTravis.com. And you can always feel free to call us at 512-657-4467​ to talk to an experienced agent today.  

Displaying blog entries 1-2 of 2