When you’ve felt limited by the restriction of a tenancy agreement for a long time, buying your own house feels hugely liberating. Finally, you don’t need to worry any longer about what your landlord might say about the framed photos you’ve hung in the hallway, or about your choice to add a colourful accent wall to the living room. You are free to choose as you please, and there’s no need to fear the consequences of your choices. You're a homeowner, and you only decide what should go in your home. However, with the freedom of choice comes the responsibility of maintenance. You can’t rely on a landlord to pay for the necessary repair and renovation works. When something breaks, you’re the one who has to pay for it. Unfortunately, for many homeowners, the maintenance costs can drag the household budget in the red. What happens when you receive a bill that you simply can’t pay?
You’re not the only one
It’s not just you. Life is getting more expensive for everyone. Economists have confirmed that the UK is currently going through a period of financial instability as the result of the Brexit referendum. Prices have been all over the places for two years now. Needless to say, the pound exchange rate is falling as a consequence of the political turmoils in the country. In fact, the pound is so low at the moment that the exchange rate against Euros is almost 1 to 1. So, if you thought you could buy less with your money, ultimately, your budgeting skills may not be the cause of your problems. People have been suffering from this financial chaos for a while, and therefore are shopping less altogether. Even a giant like John Lewis has registered a considerable drop in sales since the referendum as the profit fell 77%. As long as there is no stability, the situation will continue, making every invoice more difficult to pay.
Be creative: are there other funding solutions?
Admittedly, just because you don’t have the money in your bank account doesn’t mean that there is no way to tackle this unexpected home-related invoice. You can choose to spread the cost over a few months by using your credit card, assuming the credit limit is sufficient. Some maintenance and improvement works can also receive partial funding through government schemes, especially if you’re trying to add energy-efficient solutions. You can also apply for a loan for major improvement projects. If you find it difficult to obtain a loan, you can apply for homeowner loans from Evolution Money, which is a solution that lets you use your house as a guarantee. And if you live in an ancient house, you’ll be surprised to know that crowdfunding platforms might be interested in your story.
Can you do it yourselfYou may not be a professional builder, but it doesn’t mean you can’t do anything in your home. DIY-addicts claims to have saved several £10,000s by choosing not to hire anybody to do the job. Doing it yourself might sound daunting at first, but if you do it well, you can save a fortune. If you’re planning an extension, you could save around £23/m² doing your own brickwork. Tiling is an easier place to start as an amateur, and you can save a similar amount too if you take the time to learn the skills.
It’s teaching you a valuable lessonUltimately, there’s nothing more annoying than asking for a quote and realising that you’ll have to postpone the work for a long time because your bad credit history is an obstacle to payment. But you need to find the bright side in this tricky situation. You’re not running into a financial impediment: you’re learning a lesson for the future. As you learn to manage debts, you develop a new financial acumen which can be helpful the next time you ask for a quote. Besides, if the work needs to be done urgently, you know that YouTube is filled with tutorial videos to guide you through it.
Minimalism beats consumerism every day
The problem with modern houses is that they are crammed with things nobody needs anymore. How many pairs of shoes do you own? How many books do you have? If you choose to declutter your home from everything you don’t use anymore, you’ll find a new sense of freedom in this minimalist approach. Indeed, you could sell your unwanted items in a bid to pay your invoice. Besides, you’ll find that costs become less substantial when you enjoy a minimalist lifestyle.
In conclusion, there’s no need to worry about the cost of unavoidable home maintenance bills. Sure, it might take a little bit of juggling and planning, but there are ways to cover the expenses, eliminate them, or monitor your house expenses appropriately!