2 Major Home Issues You Might Miss (And What To Do About Them)
Financing Home Repairs
Before we look at types of damage, it’s crucial to have a plan in place for how to pay for home repairs. Considering that you might face $10,000 or more for serious damage, it’s always in your best interest to look ahead.
Realtor.com recommends establishing a home maintenance fund. This should include the cost of daily, weekly, monthly, and annual maintenance. But you should also hold back approximately 1% to 3% of the value of your home to handle emergency issues. So if you have a $200,000 house, hold out $2,000 to $6,000 each year. Keep in mind, however, that you may not use your available funds at the end of each calendar year, but, rest assured, you will use them.
If you don’t have a home maintenance fund and you find yourself sitting on a potentially big bill, cash out refinancing can help you pay for unexpected repairs. A PennyMac refi, for example, can get you a lower interest rate and help you cash out some of your home’s equity. If you don’t want to go through a full refinancing process, your bank may offer a home-equity line of credit, but the interest rate may be higher, and you’ll have less time to pay it back.
Damage after a natural or man-made disaster may not always be easy to spot. If your house has suffered water damage, for example, you can have mold hiding in the basement, ceiling, and between the walls. And, even if you aren’t allergic to mold, Health asserts that you can still experience symptoms of exposure. If you notice that your home has a musty odor or visible mold – which may not look quite like you think – consider bringing in a mold remediation expert.
To remove and prevent mold, you’ll first need your home to undergo water extraction. This might entail removing drywall to air out hidden dampness. Xpress Restoration starts the process by performing a thorough inspection, and then working with you to formulate a plan on how to minimize impact to your daily life.
Foundation problems are another significant issue that many homeowners deal with. Unfortunately, it’s also one of the most expensive and can make your home unsafe for habitation.
Diagnosing foundation and structural issues is a matter of knowing what to look for. United Structural Systems explains that you’ll have to learn how to decipher foundation cracks. Some are no big deal, while others mean you need assistance ASAP.
Once you have foundation issues diagnosed and repaired, you’ll also want to ensure the problems don’t arise again. This might include anything from grading the landscape around your home to investing in new (or larger) gutters if rainwater is part of the problem.
When Is It Time To Move?
Each of the issues mentioned above can usually be fixed. But, depending on how much damage has happened, repairs might not always be within a reasonable budget or time span. If it is unsafe to live in your home and spending the time and money fixing the issues causes you undo hardships, it may be time to move on. You may take a loss if you have to sell your home as-is; contact a local realtor to get a better idea of what your home is worth in its present condition.
Owning a home means facing issues you would’ve never considered as a renter. These are just two of them, but they are ones that require expert help. While there are many things you can handle on your own, damage restoration and foundation issues are not on this list.