Your home is in desperate need of repairs. Or maybe you just know that with a little home maintenance, you could save a lot on energy bills. Either way, you need to put some money into your house. However, you don’t have any money to spare. What are you going to do? Here are some options to pay for home repairs with no money.
Do It Yourself
There are some projects around the house that you’re able to do yourself. Oftentimes, you have the supplies already. The only cost is the labor, and if you do it yourself then that’s free. Therefore, your go-to solution to pay for home repairs with no money should be to do what you can yourself.
Of course, if you’re not qualified to make repairs, then don’t take chances. For example, mistakes in plumbing and home electric systems could end up costing you thousands. However, for small repairs that you’re confident to DIY, go for it.
Barter with Friends
Perhaps you can’t DIY your own home repairs. However, you know someone who would be great at doing them. If so, then work out a barter trade. You might offer computer services, childcare, or landscaping to someone who can do your home repairs and maintenance. Therefore, you pay for home repairs with no money exchanged.
Check Out Grants and Tax Breaks for Home Improvement
There are state, federal, and non-profit grants available for home repairs. Each one has its own unique requirements. If you fall into a specific category (disabled, veteran, senior, low-income, etc.) then you might qualify for specific loans. If your repairs improve your home energy, then you might be able to get green grants to make those repairs. Do some searching and see if there’s a grant out there that will work for you.
Similarly, make sure that you review your tax credit options for home repairs. If you can offset the cost of repairs by getting a comparable tax credit, then you can effectively pay for home repairs with no money. Of course, you’ll pay up front. However, then it will balance out in the end. Therefore, if you have an emergency fund, you might consider using that for home repairs.
Use a 0% Interest Credit Card
Find and apply for a credit card that offers a 0% introductory interest rate. Once you get the card, use it to pay for your home repairs. Then make sure that you make steady payments each month. Pay enough each month to pay off the balance before the 0% interest rate runs out. Of course, you still pay for the repairs. But you can do it at no added interest rate with a manageable payment plan.
There Are Loans for Home Improvements
You can look into getting a Home Equity Line of Credit (HELOC). Alternatively, look into home improvement and home repair loans. Usually you’ll be able to get a secured loan (with your home as the security), which gives you a low interest rate. If you don’t have any money right now but do need to make home repairs, then this can be a sustainable option.
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