A functioning hot water heater is a necessary household appliance, but if yours breaks down, you’ll be facing major expenses. Absent an emergency savings fund, you may need to find creative ways to pay for repairs or a new hot water heater. Luckily, there are many resources available to you.
Before you panic and refinance your home, consider these 4 payment options. They can help you set things back in order without breaking the bank.
Do Your Homework
The first thing you should do before diving into the repairs process is do your homework into how much an average hot water repair heater repair costs. On average, homeowners – when they don’t need any entirely new system – 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’re going to pay for repairs, seek out a plumber who will save you money in the long run. A great repair job will keep your water hot longer, reducing your energy bill each month. Before you know it, you’ll have recuperated the money you spent on the repair.
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, cold water could just mean the pilot light has gone out or the thermostat is malfunctioning. You can relight the pilot yourself and monitor it for further problems, and a new thermostat can be purchased at your local hardware store. When the problem is small, it’s worth the savings to try to fix it yourself.
Seek Community Services
Another way to pay for urgent home repairs is by reaching out to 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 to 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 find out 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.
In order to avoid a home repair emergency, be sure to keep an eye on the state of your hot water heater. As with so many things in life, major repairs can often be avoided by timely, minor maintenance.