Home Improvement: Which Projects Are Worth Financing and Which Should

Home improvement projects can cost a pretty penny. Some are worth fixing quickly and financing to avoid further, more expensive problems. Others should wait until the funds are save. Here are some ideas to help you know which projects to finance, and which to finance.

Finance

Roof repair

If your roof needs fixing, financing to fix the problem quickly is your best option. When your roof first leaks, you do not need to replace the whole thing, “Just because a section of the roof leaks does not mean the entire roof has been damaged,” explains Morrow Roofing & Siding in Atlanta, GA. The damage could spread, however, and a leaky roof can lead to larger issues in the home such as mold, mildew, and further water damage. To avoid paying for future repairs, finance your roof repairs quickly.

Plumbing issues

Plumbing leaks, like roof leaks, can lead to water damage in the home. Mold can grow within the walls that is not only bad for your home, but also for your health because it leads to respiratory problems. Removing mold and possibly rebuilding walls costs much more than paying a plumber to come fix a leaky pipe.

Electrical problems

Electrical problems can be beyond dangerous. One of the largest causes of household fires if faulty wiring. You can tell you have an electrical problem from circuit breakers tripping, electrical shock when you touch appliances, hot light fixtures, switches or outlets that only work sometimes, burning smell, or unnecessary sparks. If something feels off with your wiring or electricity, call an electrician immediately.

Save

Garage door

Although it may be annoying, a garage is not a necessity that deserves debt. Park your cars on the street or driveway and save for the garage repairs. Do not operate the door until it is fixed as to not cause damage or injury.

Appliances

Hand washing dishes or hang drying clothes is obnoxious, but not life threatening. You can go to the laundry mat or use less dishes if you have to. Avoid debt by saving for appliance repairs that you don't need. Your bank account will be happy you did.

Decor

While some people think they must have the newest and greatest right away, it is not a necessity. If you want to give your house an upgrade, start saving some money every paycheck. Your new interior design will look even more gorgeous to you all paid off.

Whether you're saving or financing, set aside money each month for your home repairs and remodels. Saving before an emergency saves on interest. Finance when necessary to avoid further damage.

Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing about home and finance and spending time with her dog, Max.