Amidst the crazy whirlwinds and curveballs that life throws at you, we understand that replacing that pre-WWII-era shingle roof over your first home may be the last thing on your mind. And of course, it’s incredibly likely to be the last thing you’re wanting to save up for is a new roof.
But, that doesn’t mean you shouldn’t take a look at your finances for the problems that may come your way if you don’t have a well-maintained and functioning roof over your head. A faulty roof can cause thousands of dollars in collateral damage to your walls, floors and even your foundation.
Especially if your home has been through several harsh seasons, like winter storms and hurricanes, it’s time to give that roof a new look and start making room in your budget for the overhaul that may just save your home.
First, Check the Price
If you’re going to budget for a new roof, you need to find out how much it’s going to cost you at the end of the day, if no other problems arise during the process.
Choosing the roof material that you want will be a major factor in price and so will the current state of your roof. If it is in really poor condition, you should consider a full replacement versus a slight update.
The best way to make sure your roof is in the best hands is to reach out to a local contractor and have them all provide you with a detailed, itemized quote of the work that needs to be done. That way, you’ll have the best possible understanding of where your money is going, and you’ll be able to compare rates on every single line item to find the best deal.
Next, Make the Plan
In order to come up with the best budget, you’ll need to find the best deal that works for you. Once you’ve done the research, make sure you understand where the contractor is coming from and that you trust them to stay within budget and take care of your home.
Next, plan to save for about six months before you start construction. If your roofing project will cost $15,000, then plan to save $2,500 each month for half a year. Waiting longer than 6 months, or another wave of extreme weather seasons, could end up costing you far more than what you expected to pay.
Finally, it’s a nice rule of thumb to save up about 10 percent more than you actually need to, just because roofing costs can become unpredictable and you could run into unforeseen complications. If you’ve ever watched any home renovations TV shows, you know that problems arise where you least expect it. Make sure that you are not spending over your budget by adding some cushion to it.
In conclusion, these are some of the things you should be considering before replacing your roof.