Minimize Your Home Repair and Maintenance Costs
As a tropical country, the Philippines is prone to various weather conditions that can easily damage our homes. In the past year, we have experienced a mix of about 25 tropical storms, severe tropical depressions, and typhoons – one of which caused 70 recorded deaths in our country alone. Add to that the intensity of earthquakes we’ve had and we can more or less kiss our newly-renovated patios and home gardens goodbye.
Apart from weather-related home damage, houses are also prone to pests that can easily finish off our wooden furniture and destroy our walls. Plus there’s also the regular wear and tear throughout the years as well as accidental occurrences – fire, anyone?
Not every homeowner has the specific carpentry or plumbing skills to perform even the basic home repair needs. As such, home repair contractors are called in to get the job done. Whether by word of mouth or through online ads, there are several companies that can provide you with licensed professionals to help.
Hourly rates for carpenters range from Php200 to Php400 per hour, with daily packages that cost about Php1,300 with a maximum of 7 hours of service. Plumbers cost a bit highter, with an average of Php450 per hour and Php1,500 for a day’s work, also a maximum of 7 hours of service. Electricians, on the other hand, can cost you Php1,550 a day or Php450 an hour. Meanwhile, painters can cost you between Php250-500 an hour or as much as Php20,000 depending on the surface area of the paint job and the kind of artistry required. Take note though that these prices are simply the average estimate of the cost of labor. It does not include the additional expenses you may incur for the materials your workers will need.
Home repairs will cost you. And for every hardworking Filipino who deserves security and peace of mind in their own homes, we’ve listed down some of the ways that can help to keep the costs at a minimum:
Pag-IBIG or SSS Housing Loan for Repairs and/or Improvement
As a member of the Home Development Mutual Fund (HDMF) or Pag-IBIG Fund and of the Social Security System, Filipinos can apply for housing loans program to help alleviate the costs of home repairs and improvement. These home improvements and repairs may include roof replacement, bathroom retiling, adding more bedrooms, etc.
Most banks in the country offer home loans that borrowers can use for home acquisition or improvement. These loans come with a higher interest rate as compared to Pag-IBIG or SSS loans.
If you’re a smart shopper, chances are you’ve availed a comprehensive home insurance that effectively protects your property from some of the most distressing and devastating losses you may experience. While not all types of home insurances cover minor home repairs, it’s always best to check with your agents what kinds of repairs are covered by your plan. That way, you won’t have to spend a couple extra thousands when it’s actually already covered by your insurance company.
So are you prepared for home repairs and possible home renovations?