3 House Expenses that Require Savings

3 House Expenses that Require Savings

October 5, 2021 Off By Laura TMOT

Owning your own home can be a wonderful feeling. When you have a young family, having a secure place to live is imperative. However, there are costs associated with owning a home that those in a rental property may not need to consider. For this reason, it can be a good idea to ensure you have savings put aside, in case any repairs or alterations need to be made. Using a high-interest savings account could help to bump your money up that little bit further, which can be perfect in a time of need.

Boiler Repairs

Having your boiler serviced yearly can help to minimise the likelihood of significant problems. However, there may come a time where you wish to upgrade your boiler, or fixing it may cost more than it is realistically worth. Considering that the cost of a new boiler can be several thousand pounds, without even including an installation fee, it is clear why having savings can assist here. While your boiler might be tucked away in a cupboard, its role is crucial for your household. Without it, you may not be able to heat your home or have access to hot, running water. Saving some money each month could be of great assistance should your boiler die an untimely death.

Extensions

If your family is growing and you need more space, or you simply want to maximise on living room, you may want to think about extending your property. Prior to doing so, it can be a good idea to check if any planning permission is required. Families who love their home may not want to move house simply to gain extra bedrooms, which is why extending a property can be invaluable. This can come with a hefty bill, especially when you take into account all the services that may be required. Saving as much money as you can prior to this could help to reduce any loans you may need, or even allow you to purchase some of the materials yourself.

New Windows

There may be a number of reasons why your windows leak or condensation is building up between the panes. This could lead to you needing to invest in replacements. Likewise, you may want to help insulate your home further, and one of the ways of doing this can be to have uPVC windows installed. Paying for each window, as well as the fitting fees, can be expensive, especially when you want a few optional extras, like blinds built into the frame itself.

If you don’t have money put aside already, this could lead to you needing to rely on a loan or credit card, which can cause you to spiral into debt. Instead, start building up a supply of spare money now, so that you are prepared for the unexpected. Even if you don’t have all the money you need for the project, at least then you can minimise the amount you need to borrow.