How to complete housekeeping projects

Are you procrastinating on a home improvement project? If so, you are not alone. Many homeowners have a long list of deferred maintenance projects, from plumbing inspections to roof repairs. Often homeowners are waiting for the roof to leak or some other emergency to arise that needs to be addressed immediately.

These types of home repairs can get significantly more expensive the longer you put them off. Today’s pipe clogs can turn into tomorrow’s sewer backups – and the sooner you replace your roof shingles, the sooner you’ll protect your home from the kinds of leaks that require you to replace your ceiling or your carpets.

Plus, home improvements can increase the value of your home – whether you pay cash for these improvements, take out a home equity loan or home equity line of credit (HELOC), or work with a service like Unlock. to get the cash you need to tackle deferred home maintenance projects.

Here’s what you need to know about how to get your home repairs off the to-do list as quickly as possible — and how to do it without breaking your budget.

Home maintenance projects people usually put off

Home maintenance can be a lot of work, which is why deferred maintenance projects are so common! Here are five of the most often postponed home improvement projects:

  • Roof: You can often avoid the high cost of a roof replacement with simpler, less expensive repairs, but only if you don’t put off regular roof maintenance.
  • Pipes: Hiring a trusted plumber to do an annual pipe inspection could avoid costly repairs in the future. Have your pipes checked annually for clogs and leaks.
  • Chimney: If your home has a chimney, it needs annual cleaning to prevent buildup. During this annual maintenance project, your chimney specialist may also caulk potentially leaky areas.
  • Water heater: Hot water maintenance is an essential part of home ownership. So make sure you understand your water heater manual and know when to call a professional for maintenance.
  • HVAC: It’s usually easy to change your HVAC air filters yourself, so add them to your home maintenance to-do list. If your HVAC system isn’t heating or cooling as quickly as it used to, it might be time to call in a professional or purchase an upgrade.

Why are these projects postponed?

Often, home improvement projects are postponed for three reasons: time, money and uncertainty.

If you’re unsure whether you can do an at-home repair yourself or need to seek professional help, you may procrastinate on the repair, especially if you’re worried that hiring a professional will cost very expensive. money.

Plus, the time it takes to research the problem, decide whether to DIY or hire the professionals, choose between reputable service providers, and a budget for expenses all add up. You could spend several hours (or days) working on your home improvement project before you have the information you need to start solving the problem directly.

The more effort a home improvement project is likely to take, the more likely you are to put it off. This is why many people put off roof repairs until they wake up with a leaky ceiling, and why people neglect their water heaters until they find themselves in a cold shower.

Why it can be useful to tackle it as soon as possible

Home repairs are like any other type of repair – the sooner you fix the problem, the easier it is to fix. Regularly cleaning your chimney to remove creosote buildup is much easier than dealing with a chimney fire. Repairing roof shingles is easier than dealing with a leaky moldy roof.

Home maintenance projects are also less expensive when you tackle them early. Deferred maintenance projects can quickly turn into more complex and costly issues. Fixing that loose shingle on your roof is much more cost effective than dealing with leaks, mold and water damage.

We’ve put together a seasonal home maintenance checklist to help you understand what problems to fix and when.

How to fit maintenance projects into your budget

Home maintenance projects can be expensive, but don’t worry. Here are three ways to fit home repairs into your budget:

  • Set up money in advance: Each month, set aside some money specifically for home improvement. This money should be separate from your emergency fund, if possible. By setting aside money before you need it, you’ll be more likely to have cash on hand when it comes time to deal with important homeowner issues.
  • Request a payment plan: Before you start working with professionals like plumbers, roofers, and HVAC specialists, ask them if they accept installment payments. With a payment plan in place, many home repairs can become much more affordable.
  • Consider HELOCs and home equity loans: Both HELOCs and home equity loans allow you to borrow against the equity in your home. You can use the money to improve your home, pay off the loan, and potentially increase the value of your home.
  • Home Equity Sharing Agreements: Unlock is one such company that provides homeowners with the funds available now and takes a percentage of the home’s value later.

Why use a solution like Unlock

Want access to cash for deferred home maintenance projects without having to borrow against the value of your home? You might want to consider unlocking, a new service that lets you access the equity in your home without taking out a loan or paying interest.

How does unlocking work? It’s simple: Unlock gives you money now in exchange for a percentage of the future value of your home. The money offered is based on four factors: the current value of your home, pre-existing home debt, your creditworthiness and the use of your property. For example, Unlock could provide you with 10% of your home’s value in funds for 16% of your future home’s value.

Then you can use that money to tackle deferred maintenance projects. Improvements can in turn add value to your home. If you decide to sell your home in the future, an appraiser will determine how much value your home will add to the improvements made. This amount will be deducted from the percentage due to unlock and, in the example above, deducted from that 16%.

Each Unlock contract lasts 10 years, during which time you can sell your home and give Unlock its share of the sale. You can also choose to end the Unlock agreement after six months – with no prepayment penalty – whereby you can redeem Unlock’s share in your home.

Unlock gives homeowners the ability to make much-needed home repairs or start dream home improvement projects, potentially increasing the value of your home without having to pay loans or interest charges. Read our 2022 Unlock review to learn more.

The bottom line

Many homeowners don’t realize how much maintaining their home can cost them – which is why deferred maintenance projects are so common. Fortunately, there are plenty of ways to manage the cost of home repairs. You can pay for repairs in installments, take out a home loan, or work with a service like Unlock to access the money needed.

Remember that home repairs are likely to get more expensive the longer you delay them, so it’s best to complete deferred maintenance projects as soon as possible. Plus, any home improvement projects you undertake today could increase the total value of your home tomorrow.

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