Butget for home reapirs and plan for the worstHomes are complicated structures, containing hundreds of moving parts that can wear out over time. Sooner or later they'll need to be replaced. That means that it's essential to budget for emergency repairs. When something essential breaks and causes damage, you usually have no choice but to repair it immediately.

How much should you save?  Financial planners suggest saving about $5000, which is usually enough to cover most emergencies. Another suggested figure is to save between 3 - 6 months equivalent to your home expenses.

Setting aside money can be a challenge for some people. One way to set aside money is to set up a savings account that automatically transfers a set mount of money every time you make a deposit or get a paycheck. You can also find apps for your phone or pad that help save and budget money. When you have money automatically set aside, you tend to forget about it, so it seems to build up faster.

What if you don't have money set aside right now? If you have a credit card, make sure it has enough available balance to cover emergency repairs. But of course, you should default to spending cash if you can, so you can avoid interest.  Or make sure you quickly pay of any repairs charged to your credit card if you can. Another way you can take care of repairs is to refinance your home or take out a line of credit.

Setting aside money is not the only way to plan for the worst.  Getting a professional home inspection can be a wise investment, as it can be a great insight on what repairs need to be made in the near future. Also make sure to check your homeowners insurance to see which repairs are cover and what are not.

Planning in advance for emergency repairs can save time and headaches, while making sure no further damage occurs to your home.  Check back twice a week for more real estate advice and article about Flagstaff events and attractions.