Owning a home comes with major set of responsibilities. You’re in charge of your own budget, but you’re also in charge of your own maintenance and repairs. When home issues arise, you’ll need to fix it right away...but what if you don’t have the funds? Setting aside a home emergency fund before problems arise is a smart financial decision. Here’s why.
First, you’re probably wondering how much you should save. While different home issues will cost different amounts, you don’t have to segment savings into different buckets of home repair. You can simply dump some savings into one large “home emergency account” separate from your regular savings.
Financial advisors recommend you saving no less than 1% of your home’s value each year. That means if your home is worth $200,000, you should have no less than $2,000 put away for maintenance and repairs per year.
First and foremost, having a substantial home emergency fund will give you peace of mind. Imagine being able to relax in your space without worrying about how you’ll pay for the next structural damage or AC failure. When you have the extra funds to maintain your home, you can usually avoid uncomfortable financial strain from home-related expenses.
Maintaining your home regularly will also ensure your home’s value remains high. Fixing smaller issues right away can help you avoid major breakdowns and, with a home emergency fund, you can make sure this happens. Second, when it’s time to resell your home, you won’t be overwhelmed by the upgrade costs. If you save roughly 1% of your home’s value each year, you should be in a great position to do some upgrading before you put your house on the market. New flooring, updated appliances, or a fresh coat of paint can do wonders for your resale value.
Again, fixing little quirks around the house now will help you avoid major breakdowns in the future. Let’s say you find mold in the basement. You might be inclined to ignore it. “I don't have the extra money to call in a mold professional,” you think to yourself.
That’s where you’re wrong because the mold growth could be a sign of water leak in the wall. In a few weeks or months, it could turn into a burst pipe and leave you with a flooded basement. Restoring a flooded basement will cost you even more—and without a home emergency fund, you’ll be stuck financing your home repair.
At 970 Services, we understand each family’s unique situation in a disaster and aim to make it right every step of the way. Has your roof experienced hail damage? Is water seeping through the ceiling? Have shingles disappeared after a late-summer hurricane? We are the #1 emergency restoration company near Denver. For a FREE quote, contact our team by phone at (970) 888-0970 or online here.
We also offer disaster clean-up, roof repair, roof replacement, and home restoration service in the following areas: Fort Collins, Loveland, Ault, Greeley, Denver, Windsor, Boulder, Longmont, and throughout Northern Colorado.
I can’t recommend 970 Services enough! We had extensive hail damage & Andrew Golding came out & was so kind, grace filled & helpful. We had a hard time dealing with insurance & they partnered with me on the process making the roof replacement the easiest part of our hail damage experience. A++ you can’t go wrong! I absolutely would hire them again in a heartbeat.
We are very pleased with 970 Services work and their customer service. Our roof was damaged from hail and needed to be replaced. Aaron worked with our insurance supplemental team and ensured we got the full amount that was owed to us. He also made sure the work was done correctly on our roof with a post inspection. Very professional and friendly. Thank you 970 Services for all your help! Definitely recommend!
Steve and his crew have done several projects at our house (water remediation, painting, plumbing, minor electrical, etc.), and I would use them again in a heartbeat. They are professional, responsive, and do top quality work. Their detailed estimates show where every penny goes, and they let you know if something needs to change. It's a great feeling to know that I can reach out to Steve if there's a problem, and he'll find a way to solve it.
We had a water leak from our hot water heater and our insurance company recommended 970 Services. I cannot tell you how great they were. Steve scheduled us quickly, did a very thorough inspection of damages, set up drying equipment and got things headed in the right direction. He then coordinated all necessary sub contractors for drywall, flooring, and even requested to be present when the insurance adjuster arrived so that they couldn’t skimp on us. This is the company you want to work with and I will never call anyone else! Thank you Steve & 970!
WOW is the best word to describe our experience with this company and it’s employee’s! Talk about having integrity in what you do!!😃 The professionalism, attention to detail, craftsmanship and personable interactions blew my husband and me away. We have had plenty of not so good experiences and this company has restored our faith to trust a precessional to not only do their job well but to go above and beyond expectations. I’ve referred them to my family and friends and would refer them to any stranger. Thank you guys for taking such good care of our home! C. Rhamy