What to Do When Your House Needs Major Repairs
Does your home need major repairs that you don’t even know how to begin taking care of? Read on to learn your options for what to do next.
Maintaining a home is expensive.
Americans pay a pretty penny each year trying to keep up with the necessary housing repairs and improvements.
A study published by the Joint Center for Housing Studies at Harvard University in 2015, found that approximately $300 billion is spent on home improvements and repairs each year in the United States.
Of course, not everyone can afford to fix what’s broken in and around their house.
When necessary maintenance starts getting overlooked, ignored, or neglected, it doesn’t take long before the tasks become more overwhelming than you can manage.
Are you concerned that your home is in need of extensive (and expensive) repairs? Not sure if you can afford or take on all that needs to be done?
If your home needs major repairs that you aren’t prepared for financially, what should you do?
Read on to find out what your options are!
Weighing the Options When Your Home Needs Major Repairs
When you own a home that has fallen into extreme disrepair, you actually do have a few options. Although, everyone’s circumstances are unique and the options that are available may not be feasible in your situation.
Let’s take a look at what you can do when your home’s major repairs are mounting faster than you can keep up.
Option #1: Pay for Necessary Repairs and Improvements
You can foot the bill for the maintenance required to get your house back into a livable, or sellable, condition. However, if the repairs are so costly that you can’t afford them, this may not be a feasible choice.
In today’s market, it can be difficult for an average homeowner to afford even the basic expenses associated with a home’s maintenance and upkeep. Owning a home costs much more than its price tag.
GOBanking Rates recently compiled data from various sources and found that the average cost to maintain a home is about $1204 dollars per month, not including a mortgage payment.
In addition to standard monthly maintenance, their calculations included such non-negotiables as homeowner’s insurance, property taxes, and necessary lawn care. That brings the total cost of regular home maintenance to a whopping $14,448 dollars annually.
Although expensive, these numbers don’t allow for any major repairs that you might encounter. The site recommends that you put additional money aside to pay for any extensive jobs that you run into throughout the year.
When you do the math, owning a home and keeping it up can get pricey, quick.
If your home has serious work needing to be done, it may cost several thousands of dollars. And, if you haven’t set aside a hefty chunk of savings, the cost of repairs might eliminate the possibility of paying to have the needed work completed.
This brings us to our next option.
Option #2: Ignore the Problem
Sometimes, the maintenance required to keep up your home can quickly become more than you can handle. Or, perhaps you have inherited a home that a relative was unable to maintain properly.
Whatever your situation, it’s possible that the repairs needed have snowballed out of control, and now the problem is too big for you to face head-on.
You could turn your head and let the repairs go.
But, unfortunately, ignoring the problem often means that more problems will follow, causing your home to continue depreciating in value. In addition, when you do decide to face the facts and deal with your home’s condition down the road, you will almost surely face even greater expenses and more serious issues than you had initially.
If you choose to ignore the necessary repairs, the expense isn’t the only thing you have to worry about. You may be posing a risk to the safety and health of yourself or others.
A 2013 study from the National Center for Healthy Housing reports that 35 million metropolitan homes in the United States contain one or more health and safety hazards. That’s 40%, almost half, of all homes in the study’s area, that were found to be in a potentially unsafe living condition.
According to the Healthy Housing site, these statistics include health and safety hazards that can cause significant illness, injury and even death. Their recommendation for homeowners includes performing ongoing maintenance and repairs as needed.
Option #3: Sell Your Home to an Investor
So, what to do when your house needs major repairs or maintenance work that you can’t afford?
This brings us to our third option.
Aside from getting a loan to cover the repairs and improvements that your home needs, it may be impossible to finance the work. And, if your home is in serious disrepair, it could be difficult to get a loan to cover the expenses it would cost to get the house back in shape.
If you were to try to sell a poorly-maintained house on the market, you would likely be disappointed. Most buyers will require any major repair work be completed prior to closing. In addition, the majority of buyers require a home inspection, and this could be a problem if your home doesn’t pass inspection.
Luckily, you still have an option, even if you can’t afford the repairs needed to sell your house on the market. You can sell your home fast, for cash, no matter what its condition, if you know the right investor to contact.
Sell Your Home and Get Paid Within One Week!
If your home needs major repairs and you can’t afford them, we can help. You aren’t without options.
We pay cash for homes in disrepair. Often, we can close the deal and have the money to you with one week.
Contact us today if you are ready to sell your house for quick cash!