No one ever plans for a roof replacement, but you should. Wear and tear will eventually get to your roof so you have to be ready for when it’s time to call a roofing contractor. It’s important to consider your roofing options to guarantee that your new roof will be better than the last, but you should pay more attention towards ensuring that you’re financially ready to get a replacement. Fortunately, it’s possible to work with a budget. Here we share the crucial steps you have to take to do just that:
Step One: Determine how much you can spend
Take note: it’s how much you CAN spend, not how much you WANT to spend. It’s important to be realistic when figuring out your budget because this will give you a more accurate picture of what you have to work with. You can still make changes along the way but it’s necessary to come up with an honest figure at the beginning when assessing your financial capabilities.
Step Two: Figure out your budget amount
After assessing what you can spend, you can now move on to figuring out a budget amount for your roof replacement. To do this, you’ll have to talk to a local contractor. Request a quote to come up with a definite number for your budget. The 2015 Cost vs. Value Report released by Remodeling magazine puts the typical roof replacement at anywhere between $19,000 to $36,000. However, keep in mind that costs vary depending on how large your roof is, the type of material you will be using, the slope of your roof, and other factors. It is a good idea to add around 10 to 15% to your estimated budget amount to make room for price inflation and other emergency expenses along the way.
Step Three: Assess how much you have to save over time
Roofs are rated to last for a specific number of years depending on the material. Asphalt shingles, for instance, can last anywhere between 10 and 20 years. If you have an asphalt shingle roof then and you’ve already enjoyed a decade with it, you’re looking at having a few years to save to meet your roof replacement budget. Say, you have five years until you get a roof replacement and your estimated roofing budget is $20,000. You’ll need to save $333 every month for five years to pool together your budget.
When Emergencies Strike: Financing a Roof Replacement
Budgeting for a roof replacement can easily go down the drain when emergencies strike. Don’t fret. Even when you didn’t have the time to save up for a new roof, you can still take advantage of some financing options. But while your first reaction may be to contact your bank for a loan (many have attractive offers for homeowners), your local roofing contractor might be offering something you can more easily work with. As such, don’t hesitate to talk to a local contractor about financing schemes they might have available.
Matthew Housh has been with Arry’s Roofing, the “Platinum Roofing Company” of the Tampa Bay Area, for years, proudly offering roofing services homeowners can truly rely on. See his enthusiasm for roofing and passion for writing come together through the company blog!