A functioning water heater is necessary, but you’ll face major expenses if yours breaks down. Absent an emergency savings fund, you may need to find creative ways to pay for repairs or a new water heater. Luckily, there are many resources available to you.
Before you panic and refinance your home, consider these four payment options. They can help you set things back in order without breaking the bank.
Do Your Homework
Before diving into the repairs process, you should do your homework on how much an average hot water repair heater costs. On average, homeowners don’t need an entirely new system – they pay between $203 and $800. That’s a pretty wide range, but that’s because not all hot water repairs are created equal.
No, if you’ll pay for repairs, seek a plumber who will save you money in the long run. A great repair job will keep your water hot longer, reducing your monthly energy bill. Before you know it, you’ll have recuperated the money you spent on the repair.
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Spot The Small Stuff
If your water heater has rusted through or burst, you’ll need a new system, but before you jump to this conclusion, inspect the heater and look for small problems you can fix yourself. For example, the cold water could mean the pilot light has gone out or the thermostat is malfunctioning. You can relight the pilot and monitor it for further problems, and a new thermostat can be purchased at your local hardware store. When the problem is small, trying to fix it yourself is worth the savings.
Seek Community Services
Another way to pay for urgent home repairs is by contacting a non-profit organization in your community. These groups work hard to make sure people have access to necessary services and may be able to offer you a small loan. A loan from a non-profit will come at a lower rate than one from a bank, and these are often available even if your credit isn’t in great shape.
Consult Your Insurance
A burst water heater may have caused significant damage to your home, so contact your insurance company to determine if any of the repairs are covered under your plan. Though they may not pay for the actual water heater repairs, they may cover other home damage, such as to floors and carpets, that the leak caused.
To avoid a home repair emergency, keep an eye on the state of your water heater. As with many things, major repairs can often be avoided by timely, minor maintenance.
