If you own you own home then you will be responsible for any repairs that need doing. This can be quite costly at times and some repairs will not be covered by your house insurance. So if you do need a repair to be done, then you may consider whether you should get a loan or wait and save up before you get it done.

Advantages of saving

If you save up then you will avoid the costs of a loan. Loans vary in cost but you can never avoid paying something for them. This means that you will need to find some extra money on top of the cost of the repair to repay it.

As loans are expensive then we may only be able to afford to borrow a small amount. This could mean that we cannot afford to do a good repair. If we wait and save up, we have the opportunity to get more money together and therefore we are able to afford a better job. This might not only look better but it may last longer as well.

A loan can be a burden for some people. Some may stress about having a loan and worry that if they have one it will be always hanging over them until it is paid off. Not all people feel like this but it is worth thinking about whether it will apply to you and if you might be better off saving up so that you can avoid this feeling.

It is really important to make sure that you can afford the loan repayments. It is too easy to take out a loan and focus on what the money is going to pay for and the advantages of that. It is also to remember what will happen in the future and that you will be responsible for finding the money to repay that loan. With most loans you will need to be paying out each month for a year or more. You need to find out how much you will be expected to pay and see whether you will be able to afford this. If you are not sure then look back over previous bank statements to see how much you normal spend and how much you have left at the end of the month and whether you can afford to cover those repayments. There may be alternative loans that have lower repayments and it will be up to you to compare them and think about which will be the best for you to manage. It is wise to also look at the total costs of the loans so you can pick one that is relatively cheap as well. Make sure that you do not borrow more than you need and that you allow for increases in interest rates when you are calculating what you can afford.

Advantages of a loan

It may be that the repair needs to be done quickly. It could be causing further damage and if you do not get it done it could be a lot more expensive to repair in the future. If you do not have the money then a loan can be a very convenient way to get the money quickly and get the job done.

Some people also are prepared to pay a bit more to get work done sooner. They would prefer to just know that it is sorted out and that they need not worry about the repair and they may not worry about having to make the loan repayments.


Although the loan does not have many advantages the fact that the repair may need to be done quickly is a really important one. If it is not done and more damage occurs as a result then you could end up paying out more and this could be a lot more costly than a loan. It is not always easy to calculate this risk but if you talk to those that will be repairing it, they might be able to give you a better idea. Get several opinions though, just so that you are sure and getting several prices is good too as you can think about how much you are prepared to pay. You may not want to go for the cheapest as you may not feel they will do such a good job, but go with the person you feel will give you the best value for money.

If you are saving up then it is still wise to try to save up quickly, even if the repair is not vital. You will feel better once the work is done and if you leave it too long the cost of the work will increase. It is therefore worth having a plan on how you will save. You could start by putting aside as much money a month as you would be if you had to repay a loan. You would have to find those repayments so you should be able to find the money to save as well. If you can, try to put extra in as well so that you can save up more quickly. You may want to try to find opportunities to earn more or to spend less so that you can do this.

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