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Ceiling Leak Fiasco

December 27th, 2017 at 08:34 pm

I briefly mentioned in passing that my house had had a leak and there were repairs to be made. Here are more details:

My HVAC unit sits on the roof. The drainage (for condensation) system failed and water was leaking into the ceiling, directly above a bedroom. Before it was noticed, it caused extensive damage to the ceiling and ruined the flooring.

My homeowner's insurance handled the bulk of the costs for clean-up and repair. However, I still need to replace the HVAC unit. I do not want to spend money repairing it as it is 20+ years old, I do not want to go through this again, and I ultimately wish to sell my house. So, replace it is.

The lowest estimate was $7880. I have 8k in my emergency fund. So currently, I am deciding whether to pay cash and hope nothing else goes wrong, or take a Heloc draw and hold on to the cash. Paying cash makes more sense, but I am finding I DO NOT want to drain my emergency fund.

For several months now, I have been bleeding cash. My new take home pay is much lower than before, and I was juggling new expenses while still covering the old ones. At this point, the house is rented and the utilities are out of my name. Hopefully, the cash bleed is behind me. But, you never do know for sure, do you?

Edit: It turns out, I am even more reluctant to take a Heloc draw! I just couldn't bring myself to do it. I hate this debt I have accumulated and don't want still more. So, I'm going to cough up the cash. Thank you all for your input.

5 Responses to “Ceiling Leak Fiasco”

  1. jp Says:

    Ask the HVAC company if they have a 0%, same as cash offer for the unit. we've replaced 3 units (2 rentals and our primary) and all three have had those offers...also of note: all 3 came to about the same amount as your quote.

  2. Out of the Dark Says:

    Pay with cash. The HELOC is now your emergency fund. Pound every extra cent back into the depleted cash.

    Also, have a trusted contractor inspect every square inch of your house including fixtures, appliances, etc. Take a preemptive approach to any "unexpected" issues. Review your budget and find ways to drive money to your cash reserves. Best of luck!

  3. crazyliblady Says:

    I also dealt with this issue early this year. It appears you have over $10K in savings. I would pay with that. In the coming year, you will likely save money on your electric bill. Plug that money back into savings. Another thought would be to ask your friends and neighbors if they have any recommendations as to contractors. A third thought would be to make the payment to the contractor with a rewards card and then use savings to pay the credit card and get the rewards.

  4. rob62521 Says:

    So sorry this happened. Hopefully you can move on and things will look up for you.

  5. frugaltexan75 Says:

    That's no fun to deal with - ugh!

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