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Can you suggest a few ways to save money on the home maintenance cost?

Date: Wed, 10/28/2020 - 19:08
Submitted by Kandie on Wed, 10/28/2020 - 19:08
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The home maintenance costs are eating up a large portion of my paycheck. Can you suggest a few ways to save money in this sector?



Hello Kandie!

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!


Submitted by Ryan Miller on Thu, 10/29/2020 - 00:10

Ryan Miller

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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.


Submitted by Craigh.terry on Sun, 11/01/2020 - 21:40

Craigh.terry

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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.


Submitted by David Martin on Sun, 11/01/2020 - 23:40

David Martin

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