Category Archives: Finance

Posted by June 18, 2025Business, Finance

Bridging Loans for Broken Property Chains: A Smart Short-Term Fix

Property chains are a common feature of home buying and selling in the UK. When multiple transactions are linked—each dependent on the success of the next—one delay or failed sale can bring the entire process to a halt. For buyers caught in this situation, the consequences can be frustrating, costly, and potentially deal-breaking. Bridging loans offer a short-term financial solution that can help keep transactions moving, even when part of the chain falls apart.

This article explores how bridging loans can be used to manage broken property chains, who benefits most, and the key considerations involved in using this form of finance.

Understanding the Property Chain Problem

A property chain is formed when a sequence of buyers and sellers are interdependent. For example, a person buying a new home may need to sell their current one to release the funds. The seller of that new home, in turn, may be waiting for funds from their own buyer, and so on.

If one party in the chain pulls out, faces financing delays, or encounters legal issues, the entire chain is at risk. This can lead to collapsed sales, missed opportunities, and wasted expenses on legal fees, surveys, and valuations.

Bridging loans are often used to prevent these outcomes by allowing buyers to proceed with their purchase even if their own sale hasn’t yet completed.

How Bridging Loans Help Break the Deadlock

A bridging loan provides fast, short-term capital secured against a property or asset. In the context of a broken chain, the buyer can use the loan to complete their new purchase before their own sale goes through.

This means the transaction can continue as planned while the borrower waits for their buyer to catch up—or finds a new one altogether. Once the borrower sells their existing home, they use the proceeds to repay the bridging loan, including any accrued interest and fees.

The ability to act independently of the chain not only reduces stress but also strengthens the buyer’s position with sellers who may otherwise choose another offer.

Who Can Benefit from This Strategy?

Homebuyers experiencing chain delays are the most common users of bridge loans in this context. However, the solution is also valuable for homeowners involved in complex multi-property transactions, downsizers wanting to move first and sell later, and anyone whose buyer has pulled out at the last minute.

Sellers in competitive markets may also prefer buyers with bridging finance in place. These buyers can often move faster, without waiting on third-party funding, giving them an edge over chain-dependent competitors.

Risks and Challenges to Consider

While bridging loans can solve urgent problems, they’re not without risk. The most significant concern is the potential for the original home to take longer to sell than expected—or not sell at the desired price.

This delay can push the borrower past the loan’s term limit, leading to penalty interest charges or legal action. Additionally, if the sale price is lower than anticipated, the borrower may not be able to cover the full loan repayment.

Another issue is the cost of bridging finance. Interest rates are typically higher than conventional mortgages, and fees such as arrangement costs, legal expenses, and valuation charges can add up quickly. While many of these are rolled into the loan balance and paid at the end, they still affect the overall return from the property sale.

A well-structured exit plan is critical. Before taking out a bridging loan, the borrower should ensure their home is market-ready, priced realistically, and listed with a reliable agent. Contingency planning is also advised, in case the property sale doesn’t happen within the expected timeframe.

P.S. For anyone weighing up their options in a stalled transaction, the bridge loan calculator from Bridgeloandirect offers a straightforward way to estimate costs, understand repayment scenarios, and assess financial viability before proceeding.

Choosing the Right Type of Bridging Loan

In cases where the borrower already has a confirmed sale date or exchanged contracts, a closed bridging loan—with a fixed repayment date—is likely to be the better option. This typically comes with lower interest rates due to the reduced risk.

For those without a confirmed sale or still marketing their property, an open bridging loan offers more flexibility but often at a higher cost. Borrowers must still present a realistic exit plan and may need to provide evidence that the property is on the market and actively being sold.

Approval times are fast—often within a matter of days—making bridging loans well-suited to time-sensitive scenarios like collapsing chains.

Final Thoughts

Broken property chains can cause significant financial and emotional disruption for homebuyers. Bridging loans offer a way to regain control, allowing buyers to move forward with their plans without being held hostage by another party’s delays or issues.

However, this type of finance requires careful consideration. Borrowers must be confident in their exit strategy, understand the full cost of the loan, and be prepared for the possibility of delays. Working with experienced lenders and solicitors can help mitigate these risks and improve the chances of a successful outcome.

Posted by December 24, 2024Finance, Legal

The Work Injury Compensation Act (WICA) in Singapore

The Work Injury Compensation Act (WICA) in Singapore, traditionally centered on physical injuries, is increasingly addressing the growing recognition of workplace mental health issues. As mental health conditions such as stress-induced disorders and post-traumatic stress disorder (PTSD) gain attention, updates to WICA policies are beginning to cover related claims. This article examines the rising prevalence of mental health challenges at work, the evolving WICA framework, and the implications for employees and employers, offering a comprehensive guide to understanding and navigating this critical intersection.

Introduction

Mental health has emerged as a significant concern in modern workplaces. With increasing work-related stress and burnout, employees are experiencing a range of psychological challenges that affect their well-being and productivity. Historically, compensation frameworks like Singapore’s Work Injury Compensation Act (WICA) have focused primarily on physical injuries, often sidelining mental health issues. However, recent developments indicate a shift toward recognizing the importance of mental well-being. This article explores how WICA addresses mental health claims, the challenges involved, and the benefits of integrating mental health into workplace compensation policies.

Mental Health in the Workplace

Mental health disorders, such as anxiety, depression, and stress-induced conditions, have seen a marked increase in workplace settings. The World Health Organization estimates that depression and anxiety alone cost the global economy USD 1 trillion annually in lost productivity. Singapore is not exempt, with surveys showing a rise in employee stress levels across industries.

These issues not only diminish workplace productivity but also impact employee morale and retention. Chronic stress and untreated mental health conditions can lead to absenteeism, presenteeism, and even physical health problems. For businesses, these effects translate into higher operational costs and reduced efficiency, underscoring the necessity of addressing mental health proactively.

WICA’s Traditional Focus on Physical Injuries

Historically, WICA provided a framework for employees to claim compensation for physical injuries and occupational diseases arising from workplace accidents. The focus was clear-cut: claims for tangible, medically verifiable physical conditions. Mental health issues, however, posed a challenge due to their subjective nature and difficulty in proving causation.

The 2019 amendments to WICA made significant strides, yet they largely overlooked psychological injuries, leaving a gap in the protection of employees experiencing work-related mental health conditions. This gap has fueled discussions about expanding the Act to encompass mental health, aligning it with the realities of today’s workplace challenges.

Recent Updates Addressing Mental Health

Recognizing the pressing need to adapt, recent updates to WICA have begun to include provisions for work-related mental health conditions under specific circumstances. These changes aim to support employees suffering from conditions directly linked to workplace incidents, such as PTSD following traumatic events or stress disorders caused by excessive workloads.

The inclusion criteria emphasize that the mental health condition must be directly attributable to work-related events. Employees claiming compensation must provide evidence such as medical reports from qualified practitioners linking the condition to their job. While these updates are a step forward, they highlight the complexities involved in addressing psychological injuries within the framework of WICA.

For more information on WICA insurance, visit wicainsure.cheap singapore.

Examples of Covered Mental Health Conditions

WICA now recognizes certain mental health conditions as compensable, provided they meet the criteria for work-related causation. Examples include:

  1. Stress-Induced Disorders: Chronic workplace stress leading to diagnosable conditions like anxiety or depression.
  2. PTSD: Resulting from exposure to traumatic events, such as workplace accidents or incidents involving violence.

These examples reflect the growing acknowledgment of mental health as a critical aspect of employee welfare.

Filing a Mental Health Claim Under WICA

Filing a mental health claim involves several steps, including:

  1. Documentation Requirements: Employees must provide detailed medical records, including a diagnosis and evidence linking the condition to work-related causes.
  2. Challenges in Filing: Proving causation remains a significant hurdle. Unlike physical injuries, mental health conditions often lack a single, identifiable incident that can be directly tied to work.

Employees must also navigate stigma and employer resistance, which can complicate the claims process.

Employer Responsibilities in Mental Health Cases

Employers play a pivotal role in managing workplace mental health:

  • Preventing Workplace Stressors: Implementing policies to mitigate stress, such as manageable workloads and realistic deadlines.
  • Supporting Affected Employees: Providing resources like counseling services and facilitating the claims process without bias or delay.

By fostering a supportive work environment, employers can reduce the incidence of work-related mental health issues.

Challenges in Proving Mental Health Claims

Mental health claims present unique challenges:

  • Evidence of Causation: Establishing a direct link between the condition and workplace factors requires thorough documentation and expert testimony.
  • Stigma and Misunderstanding: Employees may hesitate to report issues due to fear of judgment or retaliation, further complicating the claims process.

These challenges underscore the need for a clear, supportive framework to address mental health claims effectively.

Benefits of Including Mental Health in WICA Coverage

Expanding WICA to cover mental health offers several advantages:

  • Improved Employee Trust: Demonstrating a commitment to mental well-being enhances morale and loyalty.
  • Cost Savings for Employers: Early intervention in mental health cases reduces long-term costs associated with absenteeism and turnover.

These benefits align with the broader goals of creating healthy, sustainable workplaces.

Proactive Steps for Employers

To address mental health proactively, employers can:

  • Build Awareness Programs: Educate employees about mental health and available resources.
  • Encourage Open Communication: Create a culture where discussing mental health is normalized and supported.

These measures not only enhance employee well-being but also contribute to a more productive and resilient workforce.

The Future of Mental Health in WICA Policies

As mental health continues to gain prominence, WICA policies are likely to undergo further evolution. Potential expansions could include broader definitions of compensable conditions and streamlined claims processes. Advocacy and public awareness will play a key role in shaping these developments, ensuring that workplace mental health receives the attention it deserves.

Conclusion

The integration of mental health into WICA coverage represents a crucial step in addressing the realities of the modern workplace. By recognizing and compensating mental health conditions, WICA fosters a more inclusive and supportive environment for employees. Employers, too, stand to benefit from healthier, more engaged teams. As Singapore continues to refine its approach to workplace mental health, WICA serves as a vital tool in safeguarding employee welfare and promoting sustainable business practices.

Posted by May 17, 2022Finance

What are the Requirements to Apply for a Quick loan in Sweden

What are the Requirements to Apply for a Quick Loan in Sweden?

 

 

Loans are one of the ways most adults prefer to meet their end meets and life requirements. In Sweden, a good number of people rely on loans not because they can afford to sustain themselves but due to the reliability that comes with it. There are many organizations that offer loans to people living in Sweden, although you need to have certain requirements. If you have been planning to request a loan and don’t know the way forward, this article will provide you with the guidelines to follow to acquire a good loan in Sweden.

 

How to get a loan in Sweden

 

Getting a loan in Sweden is easy for both citizens and non-Sweden residents. For the non-Sweden, the first process is to ensure you get registered by the government for you to pass the legal binding action. For the citizens, the steps are quite simple since you need to be an adult who is 18 years old and above. The next thing they will ask from you when requesting the loan is your proof of income. It is usual to consider such since the organization needs to know you can pay back the money. Another thing to put in mind when planning to request a loan is to be debt-free. There is no way you can ask for more money when you still haven’t paid the previous be it from a different organization.

 

Who can get a loan in Sweden?

 

Anyone can get a Låna pengar snabbt in Sweden only if you meet the stated above requirements. People are always advised to register for their personal identification number, which will help them in various ways. Since most people in Sweden are fluent in English, that means you won’t face any problems when applying for an identification number or a loan.

 

What happens if you don’t pay back the loan?

 

Paying your loan in time is very important since the organization also depends on that. When you

don’t pay, expect certain things like extra fee addition and payment reminder. The bank or the organization will collect your belongings for those who won’t pay for a long period. In order to avoid not qualifying for a loan in the future, ensure to always pay in time and grow your limits.

 

Always make sure to do your own research when planning to acquire a loan. For the best quick loan, ensure you meet all the requirements and uphold deadlines as per the agreement.

Posted by January 18, 2021Finance, sticky

What are payday loans?

A payday loan usually helps cater to some of your immediate cash needs until your next paycheck arrives. The interest rates for such loans are high, and they should be repaid within a short period of, let’s say, two weeks.

Before applying for a payday loan, you should take time and learn more about how they work. You should know what you’re getting and what you should expect in return.

 

About How Payday Loans Work

Payday loans are different from other types of loans. Depending on your state of residence, you can apply for a payday loan online or through the help of a payday lender.

In each state, the laws governing payday loans vary. There are limits on the amount you can borrow and the interest and fees that the lender can charge. In some states, payday loans are also prohibited.

After your payday loan has been approved, you will receive a check, or the money can be deposited into your bank account. You will then pay for the loan and the finance charge within 14 days.

The finance charge usually varies depending on the loan amount. Although the costs associated with payday loans are high, there are many households in the U.S. that usually apply for payday loans annually. In most cases, people usually apply for payday loans since they cannot access other financing options because they don’t have a source of income or have a poor credit score.

Other reasons why people apply for payday loans is because they fear the available alternatives or they lack the necessary knowledge. For instance, someone may fear to request for a loan from a friend or family member. Although alternatives are available, they are not easily accessible.

The requirements by payday lenders are also few. Some of these lenders also don’t check the credit scores. They may also fail to inquire whether the lender is in a position to repay the loan. You only need to present your identification documents and a bank account that has a favorable standing. If you are scared of getting suied due to being unable to pay, please read this page.

 

Will the Payday Loan Affect Your Credit Score?

Since payday lenders rarely run a credit check, the payday loan will not affect your credit score. Also, it will not appear on your credit report. Your credit score will not improve either.

If you fail to pay the loan on time, the lender can present your details to a collection agency that will eventually report the matter to the credit reporting bureaus. Your credit score will be affected in the process.

 

Conclusion

Debt consolidation comes in handy when repaying the payday loan despite having a bad credit score. Although the debt consolidation loans have more requirements before the approval process, the interest rates and fees are low. Also, the repayment period is longer.

Posted by January 14, 2021Business, Finance

What Does A Bitcoin Tumbler Do?

A Bitcoin mixer, or tumbler bitcoin, is a third-party provider that serves to create anonymity for holders of Bitcoin by breaking the connection between the sender and the receiver addresses.

For a small fee, a Bitcoin tumbler will effectively disassociate any purchased Bitcoin from the identity of the purchaser. This process will provide the holder with privacy regarding where coins were purchased or sent.

Bitcoin tumblers are a legal and established means to create untraceable Bitcoin. The user simply provides their Bitcoin wallet address and then sends their coins to a newly generated address. After a short duration, for the mixing process to complete, the new coins are returned.

Bitcoin Tumbling Benefits

Bitcoin Blockchain itself gives the appearance of anonymity, since no names or obvious identifiers are captured in the transactions. The general public understanding seems to lean towards a belief in this creating an anonymous structure. However, given the use of public keys in the blockchain to reference a holder’s cryptocurrency wallet it is easily traceable by a security service.

Therefore, the obvious and overriding benefit of using a Bitcoin tumbler is privacy. The Bitcoin holder can use the tumbling process, also known as mixing or laundering, to become anonymous within the blockchain. This effective cloaking of send and receive transactions results in eliminating the ability to trace the activity.

Using a reputable Bitcoin tumbler, such as Coinomize, the holder can send coins for mixing and when the process is complete receive back untraceable coins. Logs are not stored by the tumbler and therefore remove the connection between send and receipt, or trackability to the user.

Features of Bitcoin Tumbling

The mixing process is 100% anonymous. The tumbling service does not store a log of the activity, nor IP address information.

The process can vary in the length of time (from several minutes to a few hours) it takes to receive the returned “clean” Bitcoin. With some tumbler services the user can set the duration, though it is recommended to vary the turnaround time to maximize the effectiveness of the mixing process.

One must be cautious in engaging with a Bitcoin tumbler. There certainly are disreputable services out there, so it is important to ensure engagement with an established and well recognized Bitcoin tumbler, such as Coinomize.

Fees typically range from roughly one to five percent of the transaction value to conduct the service.

Overall, Bitcoin tumbling is a safe, effective and cost-effective means to create transactional anonymity and thereby avert traceability of Bitcoin send and receive activity. It is an accepted and legal mechanism to ensure ongoing cryptocurrency freedom.

 

Posted by December 18, 2020Business, Finance

What You Should Know About SSI Payday Loans

People all around the US spend billions of dollars every year on short term loans. Payday loans are the most common loans that people borrow. This is simply a loan that you borrow, and on payday, you pay with interest. The loan is mostly offered to those who have a payday check.

However, even those with different earning forms a secure these loans. Sometimes people struggle to pay their daily bills. The government and other recourse options usually have fewer resources compared to demand. With the development and access to online loans, even those who depend on government checks have more options. However, it is essential to know which lenders offer SSI loans. The basic requirements that the lenders will need from the applicants include the applicant’s identity. This can either be a passport or driving license and any other document to prove that you are a US native; applicants must also have active bank accounts and, finally, documents that confirm your income.

 

The qualifications For SSI Applicants

Every applicant must provide the documents as we started above. The forms must be present at the time of the application. There also might be other additional requirements depending on the lenders’ terms and conditions, especially for the self-employed applicants. The self-employed people who apply for these payday loans always face tough times due to their irregular income trend. It may also be hard for them to prove their income since most of them lack documentation. There is another category of those who do not have bank accounts but still have an income source. This category, too, can apply though for shorter durations. Other income alternatives maybe from self-employment, disability payment, child support, and many others. This category of people is required to submit their yearly tax forms and bank statements.

 

What happens To Those with Bad Credits?

Any borrower should note that the lenders are very keen on the creditworthiness of the applicants. Another important thing that they check is the applicant’s debt to income ratio. The applicants should be aware of the payday loans that do not charge any credits. These are scammers and misleading. The applicants should also be aware of the high-interest rates that are charged by payday loans. According to research conducted back in 2016, it showed that the interest rates could go up to 662% in some states. This is way much higher compared to the average APR, which is usually 17.55%. The high-interest rates can cause trouble to the borrowers leading them to a debt burden. According to experts, if you want payday loans for ssi recipients, you should consider borrowing for a shorter period.

Posted by October 15, 2020Finance, sticky

Be on Look Out For These Car Insurance Scams

Believe it or not insurance scams are quite common. In 2019, more than half a million insurance cams were busted. It is easy to become a victim of car insurance scams without even noticing. Many of the most common scams are subtle so you have to be careful. Insurance scams cause insurance rates to be raised. Imagine being in a car accident and you just simply want to make a fair recovery claim. Instead, you are victimized by a scam that targets accident insurance. This can be quite frustrating. Being observant during the claims process is important. This can help you avoid being victimized by insurance scams.

Popular Insurance Scams

It is important to know the different types of car insurance scams so that you can protect yourself. As absurd as this may sound, many scammers purposely cause accidents so they can make insurance claims. It’s crucial to stay focused while driving as these persons will swerve in front of you and force your vehicle to rear-end theirs. This is known as Forced Rear-Ending Insurance Fraud. Because you are the driver behind, the accident is automatically your fault. These scammers may also complain of neck and back injuries. A dashboard camera can be helpful in situations like these. Also, drivers with the right of way in traffic may give you a chance to cut in only to intentionally run into your vehicle. This also occurs with parking spaces. You can avoid this by only proceeding when you have the right of way.

Another car insurance scam includes phantom victims. These are not real ghosts but persons who were not in the accident claiming that they were. If you are in an accident it is a good idea to take photographic evidence of the number of victims involved to avoid these fraudulent claims. There are also counterfeit and car accident repair insurance scams. Repair companies may try to scam you by claiming you need repairs that you actually do not. They may also overcharge you for replacement parts. Also, repair shops may use counterfeit replacement parts on your car. These knockoff parts may risk your safety while driving. Tow truck companies may also take advantage of accident victim. They may overcharge your insurance company for their services or charge for services they did not render. Be sure to only work with repair and tow truck companies you are familiar with to avoid these fraudulent activities.

The Frequency of Car Insurance Scams

In 2019, about 469, 000 fraudulent claims were made. This information was gathered by the Association of British Insurers (ABI). The average fraudulent claim valued £12,000. The most common scams involved motor insurance. Last year, 55,000 fraudulent motor insurance claims were detected. The majority of these include personal injury claims. Staged crashes were quite common. Insurance companies are responding to this information by creating new methods to detect scammers. It is imperative that you also take the necessary steps to protect yourself.

If you want to avoid such scams and deal with reputable insurance providers, take a look at the helpful overview of cheap car insurance from moneyexpert.com.

Posted by July 7, 2020Business, Finance

Water damage to your home as a result of a leak, what next?

A Leak Caused Water Damage? Important Steps To Follow Next

While water leaks are not the end of the world, they can cause significant damage to your home. Water leaks can lead to many problems that include mold, mildew, water stains, and wet drywall. This is why whether large or small, it is important to deal with a water leak right away. Here are some steps to take after a leak causes damage to your home.

 

Find the leak

It is important to isolate the leak. If the leak is coming from the roof, try to pinpoint where. If it is from a pipe, temporarily patch the pipe. Move all wet items away from the leak’s origin to prevent further damage. Consider calling a professional to fix the leak, especially if it is a roof leak, or if you cannot determine the leak’s location.

 

Dry out

Start getting all wet items as dry as possible. The longer the items are wet, the greater chance that mold will start to grow. A wet vac will help with carpets and furniture. A dehumidifier will pull the moisture out of the room. Make sure light fixtures are thoroughly dry before use. Removing the light fixture cover to remove any water may be a good idea. Use a moisture meter to determine the amount of moisture in the ceilings, walls, and ductwork.

 

Pictures and notes

It is important to document the entire process. Make sure to note the day and the weather conditions, especially for a roof leak. Take pictures of the leak’s place of origin. Also, take pictures of all items that were damaged due to the leak. This includes walls, floors, ceilings, as well as personal property like rugs and furniture. Contact the insurance company and provide all the necessary documentation.

 

Fix leak

Until the leak is fixed, consider leaving all items in a safe place. If it is a roof leak, try placing buckets or large containers underneath in case it rains before it can be fixed. If it is a pipe leak, call a professional to get it fixed as soon as possible. Turn off the water to prevent future leaks.

You can watch some Youtube videos to maybe get an idea on how to fix it yourself, but ultimately you need a plumber like denver water damage to come in.

Example:

Restoration

Once the leak has been fixed and everything is dry, it is time to take care of the damage. This may be as simple as replacing wallpaper, painting over some dry water stains, or replacing the carpet. Cleaning and sanitizing everything is an important step to not overlook. If there is severe water damage, a professional may be needed to fix a wooden floor or replace other structural damage. Make sure to get estimates, document the work, and report everything to the insurance company.

Posted by May 11, 2020Business, Finance, Investment Options, Trading

3 Famous Examples of Security Fraud

Security fraud has become a significant issue around this information age, especially in the investment world. Security fraud, a.k.a; investment fraud is a malicious practice that involves the misinterpretation of information for many investors to make viable decisions, in one way or another—the crime involves financial manipulation, poor advice, and more which may lead to significant losses.

Security fraud is illegal, and too often, it is risky to investors. There’s been a great article on TGDAILY recently that interviews a securities defence lawyer, it gives a great outline of the most common misconceptions and he digs into the most popular questi0ns around the topics. We highly recommend to give it a read.

Anyway, Investment fraud takes on many diversified forms. But below are the most famous ones.

  1. Accountant fraud

Over the past two decades, accountant fraud has increasingly grown where financial reports get manipulated now and then. The most kind of workers who fall into these illegal practices is usually the ones who have access to an organization’s accounts without oversight.

Accountant fraud involves embezzlements, fake suppliers, personal purchases, and many more.

Accountant fraud can directly impact the success of the company. It can lead to billions of losses if unchecked. The company, therefore, should implement internal severe accounting control and conduct random auditing on accounts receivable and accounts payable. Even better, it should employ trusted workers to check the reports regularly.

  1. Payroll fraud

Payroll fraud is an illegal act through the company’s payroll system. Payroll fraud is one of the most common investment frauds that many employees have turned their heads to-for many reasons. The effects of these employees fraud are dangerous and can even lead to business failure. According to research, about 27% of businesses affected with payroll fraud are likely to last for not less than 36 months. Payroll fraud, therefore, is a significant risk, particularly for small enterprises where control is minimal.

Some of the theft involved with payroll fraud includes paycheck theft, advance fraud, ghost employees scheme, and many more.

To avoid such a risk, the company needs to balance the sheets plus the payroll accounts three times a year. The company should also employ trusted managers who approve timesheets on time. The payroll record is a must check to ensure bank details matches.

  1. Asset misappropriation

Also referred to as insider fraud, asset misappropriation is a fraudulent practice that involves vast numbers of employees within a company. It is a case where individual employees who have access to information that the company lacks, then takes advantage of sale the corporation’s stock or securities.

Asset misappropriation is a risk if unnoticed. It includes theft of cash, robbery of services, forgery, and more.

The company should, therefore, rigorously check on new employees’ backgrounds. The company should also implement random audits, checks, and balances, and never pay commissions unless services get delivered. Better yet, change of duties of employees.

Posted by May 5, 2020Finance

When to Use a Professional Plumber over Doing It Yourself?

While there are instances when a homeowner may want to save on the plumbing costs by carrying out some DIY projects, this is not always a good idea for some repairs and maintenance. Without professional experience, a simple repair can result in big damage if done by an amateur.

Of course there are small things that you can fix yourself, just check out youtube for some quick plumbing hacks:

But there are several instances where you should consider hiring a professional plumber over a DIY project. Mostly because…

You don’t have the right equipment

If you’re not a plumber like the pros at Clearwater Plumbers, then buying some plumbing equipment will not be in your budget. A professional plumber has all the necessary equipment and gear necessary for carrying out any plumbing work. They understand which tools work for what and invest in the latest technologies to get the right plumbing equipment. Some services such as detecting a leak, repairing a sewer line, excavation, inspection, etc. require the latest technology to carry out efficiently, which only professionals can access.

Experience

Not all plumbing work can be carried out by just anybody. Some jobs are too complicated and require the expertise of a professional plumber. Attempting to do some complicated repairs yourself will end up costing more than it should have cost if you just went ahead and hired a professional. If you don’t understand the repair and maintenance work properly, you should consider hiring a professional and save time.

Plumbing codes and standards

There are some plumbing works that need to adhere to the professional codes of conduct and standards of plumbing. A homeowner with no plumbing education or experience will not know them. For instance, you might need to unclog your drainage using a harsh chemical. If something goes wrong, the chemical may end up leaking into the water drainage system. This can contaminate the entire water supply of the neighborhood, putting everyone at risk. A homeowner is not a certified plumber and does not know how the system works. Such trials and errors can endanger your life and the lives of many people.

Getting a permanent solution

Some plumbing repairs keep on recurring, and you find yourself wasting a lot of time doing one thing over and over. It is about time you call a plumber to get to the root cause of the problem and offer you a permanent solution. A professional is more attentive to the details of the problem and can diagnose troubles to prevent any more damages from occurring.

If you’re undecided on whether to hire a professional plumber or do it yourself, consider several factors and make a decision based on that. Some DIY can end up being more expensive and time-consuming than hiring a plumber. Other repairs might only take 5 minutes of fixing. The tips above will guide you on making a proper decision.

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