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How do I prepare for unexpected home expenses?

By Bob Millaway, South Jersey Community Expert & REALTOR®

Build an emergency home repair fund of at least 3 to 6 months of housing costs. Start with a smaller goal of $2,500 to $5,000 for common emergencies like a failed water heater or plumbing leak. Add to this fund monthly as part of your regular budget. Consider a home warranty for extra protection in the first year. Keep a credit line available for major emergencies.

Why It Matters

When the water heater fails on a Sunday, having cash on hand means you can fix it immediately rather than waiting or going into high-interest debt.

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