You turn on the shower and it won’t heat up, even if you wait five full minutes. Next, you check the kitchen sink, and it doesn’t have hot water either. If every tap and appliance in the house is spewing out freezing cold water this winter, you have a problem with your water heater.
There’s never a good time for this appliance to go on the fritz, but a wintertime breakdown is especially annoying. It’s too cold outside to be dealing with cold water!
Worst of all, you’re spending more than usual to celebrate the holidays, so you might not be able to afford to call in an expert for repairs.
So what can you do? Keep reading to find out how to handle this issue below.
Table of Contents
Check Your Warranty
The first thing you should do is check for a warranty. Most heaters come with warranties, regardless of whether you rent or own.
If you don’t have this paperwork handy, you can call the manufacturer to inquire about your coverage. They’ll be able to tell you if your warranty is still available with just your model and serial numbers.
As long as the appliance is still under warranty, the manufacturer might cover the repairs free of charge.
Put it on a Personal Line of Credit
If your water heater is over 10 years old, there’s a good chance you’ve passed the warranty expiry date. At this point, you’ll be expected to cover repairs on your own dime.
If you don’t have two nickels to rub together, consider getting a personal line of credit online for help. An online line of credit comes with a simple application that you can fill out in a matter of minutes using basic financial information.
A convenient online application cuts through a lot of the red tape that can slow down traditional in-person loans. You’ll have more time to compare rates and terms and still cover your repair faster by going online.
Negotiate with Your Water Heater Tech
If you don’t qualify for an online line of credit, speak to your water heater tech. Some repair companies offer financing in extenuating circumstances for customers facing significant financial challenges.
A financing plan may work out to be a lot like a short-term personal loan, except you’ll owe money to the repair company instead of a financial institution. This way, you’ll get to pay off what you owe in multiple installments, spread out over time.
Like other short term personal loans, it may come with interest and fees, so you should get the full cost in writing before you agree.
Why Isn’t a DIY Repair on the List?
Armed with a DIY attitude and the right tools, you can take care of a lot of household repairs to save money. However, you should be wary of tackling an issue with your water heater.
Water tanks are under immense pressure to supply your home with hot water, and in many cases, these appliances attach to a gas line. Improperly installing or repairing this appliance puts your safety on the line; it may even lead to a devastating explosion.
Other mistakes can cause extensive water damage. Your tinkering could also nullify your warranty homeowner’s insurance, meaning you have to pay for everything on your own.
The Takeaway:
If you lose hot water this holiday, remember these tips above. A financing plan, personal line of credit, or warranty can help you afford an essential repair.
