Being a homeowner can be a great thing for a lot of reasons. Mortgage payments are often much cheaper than paying monthly rent and you can make whatever changes you want to your home. The freedom of knowing that the home you live in belongs to you is wonderful. However, it also means that you don’t have a property management company who can cover the costs of repairs for you.
This means that if your water heater goes out, it’s on you to get it repaired or replaced. If this is a problem you are facing and you’re unsure of your options due to finances, continue reading for some helpful tips.
Will Your Homeowners Insurance Cover It?
This is a good question to ask yourself in the event that your water heater is damaged in some kind of accident. Whether it’s due to flooding or a fire, you might be able to get your homeowners insurance to cover the cost of replacement or repairs. This is one of the less likely options because it’s more likely that the water heater is broken due to regular wear and tear over time. However, it is still something to consider under special circumstances.
Can You Borrow the Money?
Another option is to borrow money from a friend or family member. A personal loan is often an easy way to get something fixed or replaced without having to worry about high-interest rates or low credit. If you know someone who would be willing and able to help and you know you can pay them back, this is a good route to consider. However, it can also be dangerous if the person chooses to go back on your terms and demand the money before you are able to return it. It’s often best to get some kind of agreement in writing, just in case. Treating is like normal water heater financing will help to avoid problems in the future.
Have You Considered Actual Water Heater Financing?
Water heater financing might seem like a scary option at first. This is especially true if you know you don’t have the best credit. In fact, the average American only has a FICO score of 700. However, there are plenty of finance options available to you that you might not know about. Bad credit financing and no credit needed financing is available through a variety of companies. If you look around you can find someone who is willing to finance water heaters to people who might not be able to finance one elsewhere. This gives you the chance to replace your appliance without having to break the bank and without having to risk the issues that can arise with a personal loan.
However you choose to replace your water heater, just know that there are options available. Being a homeowner can be difficult at times, but don’t stress and take some time to make the decision that is right for you. When you’re ready to invest in water heater financing, rely on Okinus to help.