According to experts, you should spend 1% to 4% of your home's value per
year for repairs and maintenance. You should keep your home repair
emergency fund in a separate high-yield savings account. If you don't
have the money and need to pay for home maintenance, consider a home
equity line of credit (HELOC) or home equity loan.
Well, you can take out a home
equity loan for making payments for your home maintenance costs. And the
good news is, interest on home equity debt is tax-deductible on a loan
of up to $750,000 if you use the funds for renovations to your home.
There are a couple of ways to
reduce your home maintenance cost. For example, you can try to avoid
malfunctions. It takes time and money to fix damaged items. That is why
it is important to monitor the technical operations of all the devices
in your home periodically.
According to experts, you should spend 1% to 4% of your home's value per year for repairs and maintenance. You should keep your home repair emergency fund in a separate high-yield savings account. If you don't have the money and need to pay for home maintenance, consider a home equity line of credit (HELOC) or home equity loan.
Thanks!
Sub: #1 posted on Thu, 10/29/2020 - 00:10
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