How to Tackle Unforeseen Financial Challenges of Homeownership

Last Updated on December 8, 2023 by SampleBoard

The financial downsides of owning a property may not have entered your mind, especially if you’ve been working really hard to save to buy your own home.

Unlike renting, it’s your responsibility to pay for anything that goes wrong and if you’re not quick off the mark, these problems could escalate into more expensive problems.

While home insurance can sometimes help cover some of these costs, it’s not always the best option. So, what do you do when something like this crops up?

Let’s take a look at some of the things you may face and how you can help yourself.

Drain problems

There’s nothing worse than having a toilet that won’t flush or drain that’s overflowing and beginning to smell.

If you don’t have the equipment such as drain rods to solve the issue, you’re going to be left with a very stinky problem indeed.

There are plenty of guides online that can help you solve this issue, but if you don’t fancy tackling the problem yourself, it’s time to call in a drain unblocking service to take a look.

To avoid the expense of hiring a plumber to sort problems like these, remember not to pour any thick liquids like oil or debris down your drain that could clog your pipes.

You should also try and use the minimum amount of toilet paper to prevent the chance of blockages. That paired with regular cleaning and pipe unblockers should keep everything flowing as it should be!

Boiler issues

One of the most expensive costs to crop up in the home is a broken or faulty boiler.

Not only do you have the worry of how you’re going to pay for the repairs, but you may also have a small family you’re worried about keeping warm, particularly in the cooler months.

However, there are some ways of solving your problem until you can get your boiler fixed, such as:

  • Use halogen heaters to warm your home. They’re inexpensive to buy and cost next to nothing to run per hour. Another bonus? They can head to an average-sized room with ease, and they last for years.

  • Get yourself some boiler insurance. This will save you from claiming your home insurance and give you that peace of mind as soon as possible.

  • A longer term solution would be to install a wood burner in your home. Rather than rely on your boiler, you can use wood or coals to keep your home nice and toasty.

The loss of a job

No matter your reason for losing your job, it can be hard to see a silver lining when it comes to paying for everything on top of your mortgage.

If you have some skills you could utilise online, consider picking up some freelance work through Fiverr, UpWork, or even People Per Hour while you’re looking for your next job.

While it may not match your previous salary, it will certainly help towards costs and who knows - it may even kick start a new career!

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