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Main Street Mason City

Sources of Funding for Your House Repair

House being repairedNo matter how much you take care of everything in the house, some things will break. Old pipes need replacement, and hardwood flooring could give in to decades of foot traffic. When something goes wrong, you need the money to have them repaired or replaced before they turn into even bigger problems.

But where will you get the money?

Loan

Yes, you have a mortgage, and you’re still paying for the home loan until the terms are over in a couple of years, but this doesn’t mean you can’t apply for a home renovation loan in the meantime. A loan officer at Mortgage Investors Group will understand that you want to protect the value of the home, so any necessary repairs need to be funded. Ask your mortgage company in Hendersonville if they offer home renovation loans; if not, you can also use the equity you’ve built up on your home to fund the repairs.

Grant

Residents of Tennessee, particularly those in Hendersonville, are lucky to have the government backing a grant to help them do the repairs in the house. The grant is for repairs that are not cosmetic in nature, of course, to prevent people from flipping their house. In the event that they do want to sell, they will need to pay back the grant. This is a great source of money for when you need to have the gutters replaced or if the roof has been damaged by a hurricane.

Insurance

If the damage to the home has been caused by something covered by your home insurance, then you can collect some money to pay for the repairs. For instance, if your insurance covers for natural calamities and a storm has left you with damaged roofing, you won’t need to pay for the replacement yourself. Ask your insurance company if the repairs are covered, and be ready to provide proof to make the process easier.

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We get it; you don’t want to spend on repairs. But if they are necessary, you need to address them and get the funding before it’s too late. Thankfully, there are options that don’t require you to pay out of your own pocket.

  • Posted on October 29, 2017