How to Pay for Emergency House Repairs in Canada

Homeowners must cover many house-related costs, such as mortgage repayments, utilities, insurance, and taxes. While these can sometimes be challenging enough to manage, some homeowners find themselves needing to pay for emergency house repairs.  If you live paycheck to paycheck and haven’t budged for unexpected costs, coming up with funds to cover such expenses can be challenging. However, you might be able to pay for them in some of the following convenient ways.

Payday Loans

If you have a small bill due before your paycheck arrives, a payday loan provider like My Canada Payday might be worth approaching. Payday loan providers can offer small loans to cover unexpected costs like appliance repairs and plumbing leaks when you need the problems rectified immediately. Rather than letting the issue worsen while waiting until you can afford a plumber or electrician, you can request a payday loan and repay it when your paycheck arrives.

Homeowners Insurance

Depending on the house repair you need to pay for, your homeowners’ insurance might cover the majority of it. Typically, homeowners’ insurance policies cover damage related to windstorms, hail, lightning strikes, and fires. However, you might still need to pay a deductible when making a claim, which is often between $500 and $1,000.

Credit Cards

Some homeowners can find themselves in such a desperate situation that they must rely on credit to cover emergency costs. While high interest rates can deter people from using credit cards, they might be worth considering when your repair is urgent. Roof leaks, plumbing failures, and broken windows can all be emergency problems that worsen when not remedied promptly.

However, it’s important to remember that high interest levels can result in your emergency house repair costing more than what your contractor is charging. If you don’t pay off your credit card within the no-interest period, you might pay an average of 20% extra.

Disaster Relief Programs

If your house damage results from a natural disaster, such as a flood or hurricane, you might be eligible for a federal or provincial disaster relief assistance program. These programs enable you to apply for grants and financial help to cover significant repairs affecting your home’s liveability, such as roof and septic system failures, foundation cracks, and utilities.

While the application process can be complex, receiving financial help through such a scheme might be a weight off your mind when you’re not in a financial position to cover repair costs on your own.

Friends and Family

Consider friends and family if you’re not eligible for disaster relief programs and prefer not to borrow from payday lenders, your bank, or credit card companies. Borrowing from loved ones should always be a last resort, but you’re bound to find someone willing to help you out of a tough spot.

To avoid disagreements or conflicts, create a loan agreement stipulating the borrowing terms. These can include the amount you’re borrowing, when it needs to be paid back in full, and whether you will need to make interest payments.

Paying for emergency house repairs when you’re not financially stable can be stressful, but you have options. Consider payday loans for minor repairs or even explore disaster relief programs and support opportunities with friends and family.