Skip to content

Closings:

All Security First Bank and Insurance locations will be closed on Monday, May 27th in observance of Memorial Day. For access to your account, please use our Online and Mobile Banking, ATMs, and night drop boxes. Regular business hours will resume on Tuesday, May 28th.

Posted January 11, 2022 in Lifestyle

BEST WAYS TO FUND SPRING HOME REPAIRS

home repairs and updates - painting wall

The next time you venture out, take a moment to do a walk- around inspection of the old homestead.  See some room for improvements?  Maintaining, repairing and upgrading a home can range in cost from a minor trickle to a major cash drain.

Paying for minor repairs

If you see the need for only modest repairs, you might be able to tackle them within the bounds of your cash flow.  But remember, your emergency fund is best left intact for unexpected cash needs, not for replacing a gutter or downspout.

If the need exceeds the cash

If your home-repair needs are more costly, you might consider turning to your secondary tier of financial resources: a credit card.  While average credit card interest rates are in the double digits, you can do a lot better, particularly with introductory rates that can last more than a year. 

Raising the roof on expenses

Larger home upgrades or repairs are going to require bigger investments.  A new roof, exterior painting, foundation repairs or other projects will protect your home’s value and can end up costing more the longer you delay.  Under these circumstances, a loan often can get you more than your credit card limit will allow, as well as save you money. 

Covering the cost of major upgrades

From a small repair to a major improvement, there are prudent ways to fund whatever spring home project you decide to undertake.

Copyright 2017 NerdWallet, Inc.  All Rights Reserved