Budgeting for a new roof is essential for homeowners whose roofs are at least 15 years old. Even if the roof is only a decade old, it’s smart to put away money beforehand so a surprise roof leak doesn’t derail your finances. It’s expensive to be a homeowner, but replacing a roof is a manageable cost when you plan ahead.
Here are five tips to help you plan in advance when budgeting for a new roof:
Decide on Materials
The cost of roofing materials varies widely, so you need to make a decision on which type is right for your home. If you’re thinking of investing in slate, you can expect to pay a higher bill up front, but the materials may last a lifetime.
If you would rather opt for traditional asphalt shingles, you will pay less up front, and you’ll still have many designs and styles to choose from. Get an idea of the roofing material you prefer before you call a contractor so your estimate will be as accurate as possible.
Get an Accurate Free Estimate
Getting a free estimate is the first step in learning how much money you need to budget. Roof replacement costs differ based on the size and pitch of your roof, the materials used and your location. Instead of relying on one estimate only, you should try to get free estimates from several roofing contractors, then find the average of all the quoted prices.
Assess the Condition of Your Current Roof
Talk to a trusted roofing contractor about how long your roof might last. Maybe you could make low-cost, minor repairs to extend its life while you save up for a complete replacement.
Create a Savings Plan
Next it’s time to crunch the numbers. Once you have the average cost of a roof replacement, add 10 percent to account for inflation and unforeseen costs. Take this number and divide it by the number of months you plan on saving.
For example, if a replacement will cost $10,000, add a $1,000 cushion to the total price. If you plan on saving for two years before starting the project, you will need to put away approximately $460 per month.
Consider All Payment Options
Budgeting for a new roof can enable you to pay the bill with cash, but you also could explore other payment options. Credit cards, home improvement loans or home equity lines can help you cover the difference in price if your savings aren’t enough.
Talk to the Roof Doctor today about getting a free estimate so you can start budgeting for a new roof with confidence.