Is it Worth Borrowing to do Home Repairs?

If you house needs some repairs then you will have to think about how you are going to pay for them. You will have a selection of possible options. You may have savings you could use, you may be able to wait and save up or you may want to borrow the money. The choice will depend on your circumstances and it is worth thinking about each option to see whether it will be the best one for you.


Some insurance policies might pay out for things that need repairing. It will depend on what type of damage it is, what caused the damage and whether the insurance covers for that. There are prs and cons to claiming on insurance. Obviously, you have insurance so that you can get money for this sort of thing when you need it. However, when you make a claim, your premium will go up so will pay for it in increased payments. So, you have to decide whether it is worth making a claim or not. This will probably depend on how much the repair will cost and how easily you will be able to afford to pay for it.

Use savings

If you have some savings then it could be good to use these. It can be tricky to part with savings though for a number of possible reasons. We may want the money there to fall back on in emergencies or we might want to use it to pay for something specific in the future like a holiday. It is hard work to save up money and it can be hard to part with those savings. However, it is a good idea to think hard about the benefits of using the savings. You will be able to pay for the repair right away and you will not have the additional costs that you would have to pay if you borrowed the money.

Save up

You could wait and save up the money. This could help you to be able to save the money that you would otherwise have spent on the loan. You will also then not need to use any savings that you already have as well. However, it will mean that you will have to wait to have the repair done. This could be okay, but it will depend on what the type of repair is needed. If your roof is leaking, you will not want to be wait to repair it though, as any wet coming in will cause rot in the house and cause further damage. Therefore, you will only be able to delay the process if delaying the repair will not cause further damage.


Borrowing the money will mean that you can get the repair done quickly. This will enable you to ensure that there is no further damage caused by delaying the process. However, you will need to be aware that this will cost money and you will need to make sure that you are happy with paying that extra money. You also need to think about the fact that you will need to make repayments on the loan. Often these will be regular monthly payments and in this case, you will need to make sure that you are confident that you will have the money available to pay for these. They can be quite a lot, so make sure you find out how much they are going to charge so that you can look at your household finances and check that you will be able to afford them along with the other things that you need to buy.

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