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How To Pay For Emergency Home Repairs
For many people across the country, owning a home is part of the American dream. But homeownership is also a major responsibility—including cleaning, maintenance and the financial wherewithal to handle an emergency home repair when the need suddenly springs up.
In 2015, a survey found that 25% of homeowners had no money set aside for emergency home repairs—and of those who did, the majority only had $1,000 or less available. When the sudden need for home repairs—such as fixing a leaky roof before it causes further damage—means that you have no choice but to act, it can be difficult to find the necessary funds. Here are a few options that homeowners may want to consider for emergency home repairs.
Is it Time to Tap Into the Emergency Fund?
If you thought the statistics above didn’t bode well for most homeowners’ ability to fund their emergency repairs, consider this: According to a 2017 survey, more than half of adults had less than $1,000 in total savings, although others—some 27% of respondents—had $10,000 or more saved.
The concept of an “emergency fund” is popular among personal finance gurus, because having an emergency fund in place means that homeowners can pay for something like emergency home repairs without ... more
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