If you own your own home, then you will be aware that you are responsible for keeping it in good order. This means that if tiles blow off the roof, you get rising damp, windows break or the house gets subsidence, then you will be responsible for paying for the repairs. This can be expensive and it may be hard knowing how you can afford to pay for these things.

Most people have an insurance policy that will cover them for things like this. However, it is important if you are taking out insurance to check exactly what you are covered for. Many policies will not cover wear and tear, for example and a lot of damage can be due to this. It is sensible to have cover in case the house is in a fire or anything else nasty happens and causes considerable damage as it is likely to be impossible for you to be able to afford to rebuild it. You will have to pay more if you want accidental cover but you may feel that it is worth it. It all depends on how you think you might cope should you have to pay for a repair and how much risk you are willing to take. It is worth calculating the risk, thinking about the types of things you may have to pay for and whether you could afford it and deciding if insurance is the right thing for you.

Some people make sure that they have a significant amount of savings so that they can afford to do any repairs necessary to their home. This can sometimes be better than paying into an expensive insurance because you can keep the money for yourself and if you never have to have a repair you have not wasted all of those insurance premium payments. However, you may enjoy the peace of mind that the insurance gives you and worry that you would not build up enough savings to cover the costs of repairs.

Of course, some people may just choose to take out a loan if they need to do repairs. You wold need to be confident that you would be accepted for a loan and that you would be able to afford the repayments. Some people do not like the idea of borrowing money at all, but others do not mind as much. You will have to decide whether it is something that you would like to do or if you would rather avoid it.

Sell Items
It may be possible for you to sell some things in order to cover the cost of the repairs. If you have items of furniture, things that you have made or even clothing that you no longer wear, you could sell it to make some extra money. The more things that you have available to sell the more money you can make. However, once you have sold them, you will not be able to make money out of them again, of course. This means that you will need to have a plan in case you need to pay out again and have nothing left to sell.