One of the reasons that a new roof project can seem more overwhelming than in needs to is because homeowners often do not plan for it. Instead, we tend to take the roof for granted until something goes wrong – and then we are faced with a large cash outlay. Granted, a severe storm can come through and cause major damage. But for most people, a new roof becomes necessary when it simply wears out and begins leaking. Therefore by simply understanding the age and condition of your roof with an annual roof inspection, you can begin saving for your roofing budget ahead of time. Not only will this help to ease the brunt of the financial stress when it is time for roof replacement; but you may also be able to prolong the life of your roof by fixing small problems before they become big issues.
Assuming that a new roof is in your near future, here are some tips within keeping on your roofing budget more easily.
How to Stay within a Reasonable Roofing Budget
- Get Estimates: It is tough to save for a new roof installation if you have no idea how much it will cost. As your roof begins to near the end of its useful life (experts recommend 3 years) you should be anticipating the project. Ask several reputable Venice roofing companies to come and give you an estimate as to how much the new roof should cost – don’t forget to ensure that materials and labor are apples-to-apples to get the best idea of what the project will cost in reality. Once you understand what the true cost will be within a few dollars, you can begin to save and put away money for the eventual replacement. Expert Tip: If one quote seems to be much less – or much more – than the others, ask why. The question may reveal an important piece of the project that others are leaving out, for instance if your roof deck needs replacing as well, not just materials. You may also find that the estimate is artificially low to try to get the job.
- Consider Financing Options: If you don’t have the cash to pay for the roof outright, you may have to consider financing options. When planning for this eventuality, always take into account how this will affect not only your roofing budget, but your monthly household budget. Homeowners may choose a home equity line of credit or a credit card, but should always investigate the terms and interest rates inherent in these options. You may also find that the local roofing contractor has their own financing options, which may be a smart and flexible option for your roofing budget considerations. It is important to look at all the numbers and understand how any loan will affect your budget go forward. Remember, if your roof is old and in need of replacement, your insurance company typically will not pay for it.
- Figure in the Extras: One of the quickest ways to bust your roofing budget is to forget the incidentals which may arise. It is always prudent to save 10-15% more than you think you will need in case something comes up – you can always put it back in your savings if you don’t need it. If you will prefer to leave the property during the job, you may have hotel bills; you may also have homeowners’ insurance considerations. Sit down and determine all possible costs for the most reasonable roofing budget possible.
The best advice we can give you is to never go it alone. Call a trusted roofing professional with roots in the community, and get their advice as to what your roof project will entail and what to expect. Also be sure to ask about any deals, discounts or warranties which may be available through the suppliers.
Remember, this may be your first new roof project – but at Kingdom Roofing of Venice, it’s our livelihood. We look forward to helping you with this important home improvement.