What You Should Know About Home Repair & Improvement Loans in the U.S.

When it comes to owning a home in the U.S., most first-time homebuyers concentrate on the mortgage and insurance costs that they will have to pay. They calculate how much it will cost to pay for utilities month after month, but often homeowners can overlook the cost of home repairs and improvements.

If you own a home or plan to own one in the near future, Western Shamrock Corporation can help you obtain traditional installment loans that can provide the additional financial flexibility you may need in order to tackle much-needed home repair and improvement projects.

The Cost of Home Repairs and Home Improvement

Home Advisor reports that the average cost of home maintenance is around $1,100 for American homeowners. This amount typically only covers the cost of small repairs, usually performed by homeowners themselves. For bigger issues, homeowners need to rely on professionals. The services and the materials provided by professionals can be quite a bit more expensive than a run-of-the-mill home repair. Many times these costs are difficult to cover out-of-pocket, and homeowners might find themselves seeking a home improvement loan to help them finance their project.

Each year almost 90% of homeowners face an unexpected repair cost. While some home repairs are fixable with do-it-yourself solutions, others inevitably require professional attention. Things like fixing a roof or a cracked foundation slab should not be done without professional help. Repairs demanding professional assistance can easily run in the thousands of dollars, and the average repair cost for American homeowners each year is about $5,000. Western Shamrock helps homeowners maintain their homes by providing traditional installment loans that can be used to cover home improvement and repair expenses.

Common Types of Home Repairs and Improvements

Some of the most common home repairs include:

  • Roof replacements. These can cost $10,000 or more depending on the size and style of roof.
  • Foundation slab repairs. This can cost $5,000 or more.
  • Window replacements. These repairs vary in price depending on the size, type, and number of windows replaced at a time.
  • Plumbing fixture repairs, including water heaters, pipes, bathing, and toilet fixtures. All these issues can cost hundreds or thousands of dollars depending on the severity of the issue and the type of equipment used in repair.
  • Water damage repairs. Depending on how extensive the water damage is, this type of repair could range anywhere from a few hundred to several thousand dollars.
  • Heating, ventilation, and air conditioning repairs. Standard HVAC service is generally affordable, but projects like duct replacement or new AC unit installation can be very expensive, sometimes costing $1,000 or more.
  • Storm damage repair. While some homeowners’ insurance policies may cover storm damage, it is not uncommon for some types of repairs to fall outside what an insurer will cover, leaving the homeowner to pay the remainder out of pocket.

Unfortunately, these issues can appear at virtually any time, with little warning or no warning at all. American homeowners may also wish to update their homes, install new technologies, and renovate in various ways to increase the comfort of their homes and boost resale value. These projects can come at great cost. In order to cover an unexpected repair or to upgrade your home, an installment loan from Western Shamrock can provide the leeway necessary to get started.

Budgeting for the unexpected is difficult. While many people have savings put aside “just in case,” this isn’t always feasible for many American families – and some repairs can’t wait. Western Shamrock is here to help when unexpected home repair costs arise. We can also help when you want to reimagine part of your home.  Discover how Western Shamrock can help to cover home repair costs or streamline the home improvement process with traditional installment loans of up to $2,000 for qualified borrowers.

Resources:

https://www.thebalance.com/home-maintenance-budget-453820
https://www.fool.com/retirement/2019/04/07/heres-what-the-average-american-spends-on-home-rep.aspx
https://www.homeadvisor.com/r/true-cost-report/