Home repairs are a key reason many homeowners have an emergency fund. When an emergency strikes, you need to be able to protect one of your largest investments. If a repair isn’t an emergency, you’ll be able to take your time and save even more money on your repairs.
How can you save money?
1. Call Around and Ask for Quotes
If you have repairs that you’ve been putting off, sit down and write down a list of the repairs you need to make. Do-it-yourself repairs will require you to sit down and determine all of the materials you’ll need to make the repair, including tools.
Once you’ve done this, you’ll want to call different hardware stores and check online for the best price possible on materials.
But if you want to call on a professional, don’t be afraid to call multiple professionals and ask for a quote. You need to know the going rate for all of the repair work you need complete, and this is the absolute best way to determine local, fair pricing.
2. Manufacturer Rebates are Your Friend
Being frugal pays off in the long-term. Manufacturer rebates allow you to save a lot of money on home repairs, and if you buy expensive equipment, this can mean thousands of dollars in savings.
Ask retailers about any rebates that may exist, or call the manufacturer directly.
Incentives often include products that are environmentally-friendly, so if you keep the environment in mind when making your purchase, you’ll be able to save money in the process.
3. Search for Deals from Contractors
If you plan on hiring a contractor, don’t be afraid to scour their site for deals. You’ll find contractors or service providers won’t tell you the deals they’re offering unless you ask or find them yourself.
I opt to try and find deals before negotiating on price.
You can do a quick Google search for the company name and “discounts” or “coupons.” I did a quick search on Miranda, and I’ve found savings of $30 on a variety of services. Some service providers will openly promote these deals on their website, too.
If you happen to see a deal, print it out and have the website available on your smartphone for further validation.
4. Qualifying Tax Credits May Exist
Tax credits often exist for home improvement and remodeling projects. These deductions can be significant in the long-term, and you can often find out how much you’ll save by checking out the latest rebates and credits.
Every country is different when they offer tax credits, and your country may not offer a tax credit at all.
New homeowners, and this can extend up to four years for Canadians, may also be able to apply for a tax rebate. These rebates may not lower your repair bills, but they’ll be able to offset costs, which is a welcomed money-saving opportunity.
If you wait too long to make a repair, you also risk causing further damage, which is costlier in the long-term. So, stop putting off those much-needed repairs and start saving on potential future repairs.