Table of Contents
About 70% of homeowners believe it’s important to be able to perform maintenance on their home without the help of professionals but may not know how much work that entails, according to a recent survey from Cinch Home Services.
“While it may be important to maintain your home yourself, sometimes it seems like calling for professional help is the only option,” the study stated. “For many, this admission is an embarrassing one – especially if it ultimately concludes that you probably could have succeeded on your own.”
Fifty-eight percent of all survey respondents said they believed it was embarrassing that they couldn’t fix one of their home repairs themselves. Breaking it down by generation, 46% of Gen Z homeowners, 72% of millennials, 62% of Gen X and 49% of baby boomers shared this viewpoint.
If you are struggling with home repairs and are ready to call in a professional, there are several options that can help you pay for it. Your home’s value may be high enough to get a cash-out refinance to pay for repairs, and possibly even reduce your mortgage payments due to a lower interest rate. Visit Credible to find your personalized rate and see how much you could save.
Homeowners’ most embarrassing repair needs
While most homeowners agree it is important to know how to do basic home repairs such as fixing a fence, leaky hose or even cleaning the gutters, they also have embarrassing moments where they didn’t know how to repair something but thought they should have.
For example, Gen Z and Gen Xers were most embarrassed by not knowing how to fix a clogged drain, sink or toilet, according to the study. Millennials said they were most embarrassed by not knowing how to mount a TV and baby boomers were embarrassed by not knowing how to fix a running toilet.
In fact, 37.9% of homeowners admitted to hiring a professional for a job that turned out to be an easy repair. And another 35.7% said they had an awkward moment with a home maintenance professional.
If you need home repairs and are looking for ways to finance them, consider taking out a cash-out refinance. Visit Credible to compare multiple mortgage lenders at once and choose the one that has the best options for you.
How to pay for your home repairs
If your home is in need of repairs such as a leaky water faucet or fixing a sprinkler head and you’re looking for a way to fund it outside of your typical household income, there are several options you can explore. Here are a few:
Repair through DIY projects
With the development of social media, there are now videos online that can walk Americans through the steps of completing a home improvement project on their own. While this may be much more time-consuming than hiring handymen, homeowners may find simple life hacks to their problem that can save them money and remove the embarrassment of not knowing how to fix something.
Take out a cash-out refinance
While homeowners may be able to navigate some repairs like a loose step or caulk cracks, other problems may need a professional touch. Depending on the type of repair, these costs could add up quickly. Over the past year, home values have surged, rising 18% annually in September, according to the latest CoreLogic data. With interest rates near all-time lows, homeowners can take advantage of this new home equity by taking out a cash-out refinance or a home equity line of credit (HELOC) to fund the repairs on their home. Visit Credible to get prequalified in minutes without affecting your credit score.
Take out a personal loan
If you don’t have enough equity in your home for a cash-out refinance, or the repair is more urgent and you need the money faster, you could consider taking out a personal loan. Interest rates on personal loans are higher than they would be on a refinance but are still historically low. Contact Credible to speak to a loan expert today and get all of your questions answered.
Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.