How Much Do I Need to Make Home Repairs?

How Much Do I Need to Make Home Repairs?

/ 11:35 PM November 14, 2022

There is no such thing as a “typical” home repair because the cost of repairs varies depending on the severity of the problem and the materials used to fix it. However, here are some averages based on common home repairs:

  • Replacing a roof – $5,000 to $10,000
  • Replacing a furnace – $3,000 to $5,000
  • Replacing windows – $300 to $1,500 per window
  • Replacing a water heater – $1,000 to $2,500
  • Fixing a clogged drain – $100 to $200 per drain

As you can see, even basic repairs can be expensive. So how do you pay for them? Here are some options: 


Using Loans to Pay for Home Repairs

Using Loans to Pay for Home Repairs

If you don’t have the cash to pay for repairs, you may need to take out a loan. You can use several loans: personal, home equity, and lines of credit.

Personal Loans

Personal loans tend to have lower interest rates than credit cards, making them a good option if you need to borrow money for home repairs. In addition, personal loans also have fixed interest rates, which means your monthly payments will stay the same for the life of the loan.

You can typically borrow anywhere from $1,000 to $100,000 with a personal loan, and you’ll have anywhere from 12 to 84 months to pay it back. However, one downside of personal loans is that they typically require a good to excellent credit score to qualify. So, if your credit score is on the lower end, you may not be able to get a personal loan. 

If you are someone with less than perfect credit, lenders such as SimpleFastLoans offer personal loans to customers with good or bad credit. They offer same-day approvals that allow you to get the cash you need to make those urgent home repairs.

Home Equity Loans

Home Equity Loans


Home equity loans are another option, but they typically have higher interest rates than personal loans. With a home equity loan, you’re borrowing against the equity you have in your home. Equity is the part of your home that you own. It is the appraised value of your home minus any outstanding mortgage or other liens you have against it.

Home equity loans usually have terms of 5 to 30 years, and you can typically borrow up to 85% of your home’s value minus any outstanding mortgages or liens. The interest on a home equity loan is also tax-deductible if you itemize your deductions. 

Lines of Credit

Lines of credit are similar to credit cards, but they usually have lower interest rates. A line of credit is an open-ended loan that allows you to withdraw money up to your limit whenever you need it. The interest rate on a line of credit depends on several factors, including the prime rate and your credit history.


Lines of credit typically have terms of ten years, but some lenders may allow you to renew your line of credit once it expires. One advantage of lines of credit is that you only pay interest on the portion of the line that you use. 

Using Credit Cards to Pay for Home Repairs

Using Credit Cards to Pay for Home Repairs

One of the biggest benefits of using a credit card to pay for home repairs is that many cards offer 0% APR financing for 12 months or more. This means you can pay for repairs without paying interest if you pay off the balance during the promotional period. Remember that if you don’t pay off your balance within the promotional period, you will be charged interest retroactively from the date of purchase. 

Another benefit of using a credit card is that it can help you build or improve your credit score. This is because using a credit card responsibly—which includes making on-time payments and keeping your debt-to-credit ratio low—can help improve your credit score over time. And having a good credit score can save you money in the long run by qualifying you for lower interest rates on loans and other lines of credit. 

Drawbacks of Using a Credit Card to Pay for Home Repairs 

Of course, there are also some drawbacks to using a credit card to finance home repairs. One of the biggest dangers of using a credit card is that it can easily overspend. So when you use cash or write a check for repairs, you’re limited by the amount available.

But spending more than you intended is easy when you use a credit card, especially if you’re making expensive repairs. So, it’s essential to be mindful of your spending when using a credit card and stay within your budget. 

Another drawback of using a credit card is that you could pay more interest than the repair cost if you’re not careful. This is why it’s vital to understand your card’s terms and conditions before using it to finance home repairs.

Once again, if you don’t pay off your balance within the promotional period, you’ll be charged interest retroactively from the date of purchase, which can add up quickly. 

What are the Most Common Home Repairs, and How Much Do They Cost?

The cost to repair a roof can vary depending on the type of roof, the size of the roof, and the severity of the damage. For example, a minor repair on a shingle roof may only cost a few hundred dollars, while a complete replacement of a tile roof can cost upwards of $10,000. 

Roof repairs are typically divided into two categories: emergency repairs and scheduled repairs. Emergency repairs are usually necessary when there is severe damage to the roof, such as after a storm. Scheduled repairs are typically smaller in scope and can be planned for in advance. 

The type of roof also affects the cost of repairs. Shingle roofs are the most common type of residential roof in the United States, and they are also one of the most affordable to repair. Tile roofs are less common but also more expensive to repair. Metal roofs are relatively rare, but they are often the most expensive to repair. 

The size of the roof also affects the cost of repairs. A small roof will require less material and labor than a large roof. The severity of the damage also plays a role in determining the cost of repairs. For example, a small leak may require patching and sealant, while a large hole may require replacing multiple boards or shingles. 

Replacing a Furnace

Another common—and costly—repair is replacing a furnace. If your furnace is over 15 years old, it’s probably time to upgrade. Plus, replacing an old furnace can cost anywhere from $3,000 to $5,000. 

Replacing Windows

Replacing windows is another repair that varies widely in cost. The price will depend on the number and size of the windows being replaced and the type of material. Expect to pay anywhere from $300 to $1,500 per window. 

Replacing a Water Heater

If your water heater is over ten years old, it’s time to start thinking about replacing it. A new water heater will cost you between $1,000 and $2,500. 

Clogged Drains

Lastly, fixing clogged drains is a repair that every homeowner must deal with at some point. Depending on the severity of the clog, as well as the number of drains that need to be unclogged, repairs can cost anywhere from $100 to $200 per drain.

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