Is it Financially Prudent to Wait to Do Home Repairs?

Many financial planners concur that it is important to have a home emergency fund with 1% to 3% of your home’s value in cash on hand so that you will not have to scramble to pay for unexpected home repairs. In a perfect world we would all have set that money aside and just watch it accrue interest. Unfortunately, we don’t live in a perfect world, and many of us have not been able to set aside that kind of money, or money that has previously been set aside has already been used for home repairs.

So if you do not have 1% to 3% of the value of your home in available cash, how do you decide if you should take on a project now? First, ask yourself if the project is really an emergency. Will delaying the project cause more damage to your home and therefore cost you more in the long run? Will delaying the project cause your home to be unsafe for you or your family? If the answer is yes to any of these questions, then it is likely that proceeding with project is the most sensible choice.

There are a number of issues that can come up in a home that can create more damage if they are not fixed right away. There are also issues that don’t just damage the structure of your home, they can damage the health of the people living inside. One issue that has both of these components and has been discussed a great deal over the last few years is mold. After large scale natural disasters the news is full of stories of people needing to leave their homes because of mold. Unfortunately mold is not just a product of large natural disasters; something that seems as insignificant as a high humidity or a leak can cause real mold damage in a home.

If you suspect mold in your home, even if you do not have an emergency fund, contact Mold Solutions by Cowleys. We will let you know if you do in fact have a problem, and will help you understand what different options are available for solving it. Additionally, we will work with you to come up with the most cost-effective way of solving your problem. We utilize the most innovative technology that, in most cases, will not require a tear out and have you back in your home the same day!