For example, a family emergency or
unexpected house repair bill that can't be avoided.
Not exact matches
That means if an
unexpected emergency expense comes up (like your car or
house needs sudden
repairs), you can postpone paying off your credit card balance for a month or two to free up funds that can cover the more - pressing issue.
You can use a personal loan to meet short - and long - term financial goals, whether it's covering an
unexpected expense, making some
repairs around the
house or consolidating debt.
While over-obligating yourself or
unexpected repair bills may jeopardize your ability to keep up your
house payments, the primary causes of foreclosure and bankruptcy are unanticipated personal crisis.
Home equity loans are a good example of this type of credit: As a homeowner, you can put your
house up as collateral in exchange for borrowing against some of the value it has accrued over time to cover things like medical bills, major
repairs or other
unexpected expenses.
That way if you need some money to pay for an
unexpected bill such as a car
repair,
house repair, medical procedure — you don't need to borrow money to cover it.
But I never enjoyed yardwork and I hated dealing with
unexpected repairs, including replacing an aging sewer line in one
house — to the tune of $ 10,000.
So in the event you have an
unexpected expense such as a
house or vehicle
repair, you'll have access to readily available funds without having to tap into your retirement fund.
Some
unexpected life events wherein an emergency fund would be helpful include abrupt unemployment,
house or car
repair, and medical expenses.
(Although we anticipate the
repairs to be minimal with all the work we put into the
house, it's never a bad idea to plan for the
unexpected.)
Mahoney, who recently bought a renovated row
house in Washington, D.C., contributes $ 100 to $ 200 a month as a hedge against
unexpected repairs and wear - and - tear.
There may be
unexpected repairs needed that were not apparent in the walk through of the
house.
Protect yourself from
unexpected repair costs by investing in a home inspection before you buy a
house.
You'll need supplies like bubble wrap, boxes, strapping tape, take - out dinner because you are too busy to cook, hiring movers, and if you are buying a new home, you might need extra for staying in hotels while
house hunting or waiting for your
house to close, you'll need to plan for earnest money, home inspections and
repairs that might be required, appraisals, reserves, realtors, excise and other taxes and other even
unexpected items like
repairs on a new home or fees to set up your utilities or other move - in expenses.
But you're right, the
unexpected repair costs, as well as lack of insulation, are reasons for buying a more modern
house.