Just like a car, houses need to have regular maintenance and upkeep. However, it can get expensive repairing things that need done in your home, and it can be challenging to get lines of credit when your credit is in desperate need of repair itself.
But, where there is a will, there is a way! Here are some tips to fixing your house even when you have bad credit.
Get Estimates
Usually, you don’t have to pay for an estimate. Get estimates on the things you think need to be fixed. Find out what can go a little longer and what needs to be fixed, right now. Estimates for the things that need fixed allow you to make a budget, save money, and set goals.
Take it One Thing at a Time
Start with the one thing in your house that desperately needs repaired, save up to get it fixed, and then pay for it outright. Then, you don’t have to worry about your credit or about having another debt to pay. It may take longer to get everything fixed, but you will save a lot of money in the long run.
Additionally, you can work on getting your credit score higher, so you can take out a loan to fix some of the things that need done.
Do Things Yourself
We now have the infamous Youtube right at our fingertips. There are so many “how to” videos for just about anything and everything. You don’t need to pay those huge estimates. The great thing about getting an estimate is that includes the supplies. So, get a print out of exactly what you need, but the materials yourself, and school yourself with some Youtube videos.
Ask for Discounts
Many wholesale stores and discount stores will offer you bigger deals than what you see on the shelf. Go in there with a budget and how much you want to spend. Tell the person what you need and how much you want to pay for it. If they can’t give you that price, proceed to walk out. They don’t want you to walk out, so they will most likely stop you and find you what you need at the price you want. Don’t be afraid to get what you want.
Barter or Exchange with People
You can do this right on Facebook! Some people have materials they will gladly give away for some babysitting time, or maybe you can find a contractor that is willing to install something if you are willing to help fix his car. No two people have the same skill set which is to your advantage. Look for bartering groups on Facebook and do work to get work done on your home.
Look for Free Materials
Sometimes people just want to get rid of the old things they have. Maybe they aren’t looking to make any money off of it, but just want someone to pick it up. Facebook, Craigslist, and other sale sites will list items people just want off their property. If you look around, you can score free stuff to fix up your home.
Consider a Refinance Loan
Sometimes, you just have to grit and bear it. When it comes to repairing your roof that is leaking or fixing something like your basement flooding, you really don’t have time to save up or find free materials. When this happens, you can find loan options to help you get the repairs you need. One of these options is to refinance your home and pull money out.
For example, https://www.crediful.com/bad-credit-mortgage/ will help you find a mortgage refinance loan whether you have bad credit or not.
You may not qualify for good interest rates, but if you have been in your home for 7 or more years, you will most likely be able to refinance your home and pull some money out for those major repairs.
Take out Another Loan
If you have a good interest rate on your home and you really don’t want to refinance, there are other options as well. Here are some other options:
- Improvement loan: Housing of Urban Development (HUD) offers homeowners Title 1 home improvement loans and 203 k rehab loans.
- Personal loans: You can usually only get about 10k with these loans and the interest is pretty high.
- Apply for home equity: This is similar to refinancing. However, a home equity loan or home improvement loan uses the value of your home to take money out for renovations. Ask your lender for a loan based on your home’s equity.
No one should have to suffer in their home just because they have bad credit. What other ways have you found to fix your house up without your credit affecting you? Share some tips in the comments below!
