Don't Get Stuck In The Cold - What You Can Do If You Can't Afford To Repair Your Broken Heater

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When your heater breaks down, the repair costs can reach into the thousands. For many homeowners living on a tight budget, that number can be scary. However, you don't have to resign yourself to a cold home just because you don't have enough cash on hand. Here are a few options to consider that can help you get your heater running again in a jiffy.

The Government May Offer You A Home Improvement Grant

The Canadian federal government offers several types of home repair grants to those in need, so you should first check to see if you qualify for any of them. Grants are primarily awarded to seniors and to those who live in rural areas whose homes need vital repairs, including heating and plumbing fixes.

Your local province may also have its own grant program for needy homeowners, so don't lose hope if you can't get a federal grant. Visit your local government website or get in touch with city officials to find out if you might qualify for help paying for your heating repairs.

You May Qualify For A Loan

If you can't get any help from the government, you might be able to get it from the banks. You can use your home equity to take out a repair loan with most major banks, even if you have a low credit score. However, keep in mind that borrowing against the value of your home does mean you could potentially lose it if you default on the loan.

On the other hand, if you don't have enough equity to borrow against, but you have a retirement account, some banks will allow you to borrow a capped amount from your retirement funds to pay for home repairs. You can also put up other expensive items for collateral on a loan, such as your car.

Ask About Payment Plans

If all else fails, shop around for repair services that can offer you a payment plan to fit your budget. Be frank about your situation, and come prepared with evidence of income like pay stubs or tax returns. Some businesses won't be willing to negotiate with you, but others might find a way to fit their services to your needs, so it's important to persevere.

No one deserves to live in a home without heat. If your heater is broken and you're worried you won't be able to pay the cost of repairs, give one of these tips a try before giving up. With a little luck and a lot of perseverance, your heat will be back on in no time. Contact a business, such as SDA Armstrong Mechanical Services Ltd, for more information. 

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