A 2024 report by Thumbtack found it costs around $10,433 to maintain a single-family home. That’s per year. And a 5.9% year-over-year increase. And with finances already being squeezed tight, the ongoing rising costs of maintaining a home of their own can be all too much. And the reality of not getting them fixed can mean putting safety at risk and living in a home that’s not fit for habitation.
If your home has tipped from “needs a bit of work” to “I can’t afford this,” there are some real and simple options for you to check out.
Handle Essential Repairs Only
These aren’t the decorative bits that look good; they’re the ones that make the property safe – electrical issues, leaks, mold, roof damage, structural costs. While all are still costly, they are the repairs that make your home safe to reside in, so they need your immediate attention over other, less pressing repairs or updates.
You don’t want to be wasting your money making the house look pretty if you have major problems at play; invest in safety. The rest can wait.
Use Grants or Aids
Many homeowners don’t realise there are grants or resources that can help them out. Things like energy efficiency schemes, grants for essential safety upgrades, or accessibility modifications can help you out with some or all of the cost.
If you genuinely can’t afford the repair you need, do some research in places like
- The US Department of Housing and Urban Development lists
- The United States Department of Agriculture for the “Single Family Housing Repair Loans & Grants Program”
- Local and state websites for programs that offer assistance via grants or zero-interest loans for repairs like roof replacements, HVAC replacement, accessibility ramps, or storm proofing.
Sell The Property As Is
If you really want to sell my house fast to relinquish responsibility, finding reputable cash buyers who can give you a fair price means you don’t need to do anything at all. They will buy regardless of the condition and you walk away with the money. You don’t get full market value, but you will get a fair price and an easy, fast experience, meaning you can cut your losses and move on without worrying about getting it ready for listings and viewings on the open market.
Rent It Out
If the repairs aren’t structural or risky in any way you might find that renting out the entire house or rooms could work for you. You might want to move in with family members and turn the property into a rental to generate an income, or you might choose to let it out on a short-term basis or just rent out a room.
It’s essentially buying yourself time, and the work will still need to be done, but if you can “paper the cracks,” so to spea,k and make it look good without it being unsafe, this can give you time to get money together to address everything that needs fixing.
