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3 Benefits of a Home Emergency Fund

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. 

How Much Should I Save in a Home Emergency Fund?

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. 

3 Benefits of a Home Emergency Fund

1. Brings peace of mind.

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. 

2. Preserves your home’s value.

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.

3. Helps you avoid major breakdowns.

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. 

970 Services: Emergency Restoration Company Near Denver

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.

970 Services in Loveland
102 S. St Louis Ave., Loveland, 80537
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  • 5 star review  Zach was able to work us into his schedule the same day I called. He was very informative and professional! We would recommend 970 Services to any of our friends and family!!!

    thumb Lisa Ferguson
    January 19, 2022
  • 5 star review  Paul and Adam delivered on an unbelievable bathroom renovation that met the needs for my girlfriend’s ADA requirements and to make necessary updates to the floor plan. The 970 Services team showed up on time everyday, worked tirelessly on every little detail, and cleaned the working areas after each day. The resulting bathroom was phenomenal and outperformed my expectations. I’ll be using 970 Services on future home renovations knowing that I’ll be getting the best service in Fort Collins.

    thumb James Hartsig
    December 23, 2021
  • 5 star review  My primary contact with 970 Services was through Zach. I found Zach to be very knowledgeable and expert in our conversations about our roof replacement. He was very honest and considerate of our limited time schedule for selling our home. An inspection ordered by the prospective buyers revealed a significantly damaged roof, requiring replacement. Zach confirmed the roof damage and showed us photographs as proof. Zach got back to me the same evening of the inspection with an estimate and schedule for work. All roofers working for Zach were extremely professional and efficient. They cleaned up our yard and neighboring yards as it was an extremely windy day. 970 Services did an excellent job of installing a new roof. The materials and work product are excellent and within budget. Their price was far less than another roofing company had estimated for our prospective buyer. I highly recommend 970 Services for any and all roof work.

    thumb Tom Willingham
    November 23, 2021
  • 5 star review  We had 970 do just about everything- drywall, paint, trim, two stories worth of flooring, bathroom tile black splash, caulking, etc, I cannot speak highly enough of their work ethic and quality. There is not one error in the entirety of their work, and I truly couldn’t be happier working with them. They were flexible when I had unexpected medical situation that disrupted my schedule and they worked with our insurance. 5+ stars!!!

    thumb Kristen Coleman
    September 13, 2021
  • 5 star review  Amazing people!! Great business and they always support veterans and local charities!!

    thumb MATTHEW WEBER
    July 30, 2021

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