Why Would I Finance Home Repairs?
The older I get the more wisdom I see in things our grandparents would say, like “save some money for a rainy day.” And as good as that advice is, for whatever reason, not all of us have a rainy day fund set up yet. Turns out the rain doesn’t care if you are ready for it or not, it’s still going to rain.
Let’s face it, not many of us have a “cash on hand” emergency fund that could take the hit of a $5,000, $10,000, or $15,000 emergency home improvement project. A project that is unexpected and needs to be addressed as soon as possible, something like a furnace going out in the middle of winter or a sewer mainline that needs to be replaced before it backs up in the basement again.
Knowing this and in attempts to provide options for customers, some companies will provide financing options. This usually comes in the form of a 3rd party finance company and there are various programs and varying interest rates involved.
Here are the top reasons homeowners would finance their unexpected home repair projects:
- You don’t have the total amount necessary - Maybe you do have a little saved but just not enough to make the needed repairs. In this situation, it is great to have financing options available.
- You can’t borrow from family & friends - Chances are your friends and family are in a similar financial situation and don’t have the money laying around to make the repairs you need. Or you don’t feel comfortable asking to borrow the money. Financing comes in very handy here.
- You don’t have the money right now - Some people have the money but it is not liquid. It may be in some kind of investment account that takes time to access, time you don’t have. You can borrow the money short term and then pay it back quickly.
Author: Mike Wilson
Copyright © 2019 by Any Hour Services
Nov 30th 2019
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