When you’re a homeowner, caring for your home’s roofing system is one of your chief responsibilities. Every now and then, you’ll need to have it maintained or repaired, but if the damage that your roof sustained is too severe, you’ll need to get a roofing contractor to have it replaced. However, since a roof replacement usually requires a significant investment, some homeowners may be reluctant to have their roofs replaced.
Luckily enough, while it is true that a roof replacement project can cost up to thousands of dollars, roofing experts say that creating a budget for a roof replacement is actually easy to accomplish, allowing you to adjust your finances for the project so you don’t run into any difficulties.
Roof installation expert Hero Roofing discusses how you can properly create a budget for a roof replacement project below:
Determine the Price
When you’re trying to create a budget for your roof replacement project, one of the first things that you need to do is determine the possible price for the job. To do this, you need to choose the material that you want to use for your new roof and consider its price as this can factor into the roofing system’s overall cost. Once you’ve done so, contact at least three different roofers to receive an estimate. Request that this estimate be supplied in a detailed written proposal that includes the labor costs as well as the expenses related to the other materials that you’ll need to complete the installation of your new roof.
After you’ve received the proposal for your new roof, calculate the costs of the materials that you’ll need. Afterward, have an expert roofing contractor measure your roof plane and multiply each plane by the width to get their square footage. Once you’ve received the square footage of each plane, add them to get the total square footage of your roofing system. With this total square footage, you should be able to determine how much your roofing material will cost overall.
Budget for the Expense
After you’ve determined the projected price of your roofing material, you can now start budgeting your finances for the expense. Be sure to add 10% to the estimate you received from your roofing contractor to ensure that you have additional funds available for any other issues that the project may experience. Then, if you need to save up, divide the new contract price by the number of months that it’ll take to save for the project.
After you’ve determined how long it’ll take to save up for the roof, roof repair experts strongly recommend that you write down all your expenses and income so you can keep an eye on where your money is going. By doing so, you’ll have a much easier time saving up for your roof replacement project. If needed, cut back on the hefty expenses and try to apply energy-saving methods around your home as much as possible so you can save for your new roof.
Financing Options to Consider
As stated before, a roof replacement project can cost a significant amount to complete. And if you’re facing a roofing emergency but you don’t have all the funds to have your roof replaced just yet, this could be a problem. Luckily, there is a solution to such a dilemma: roof financing. And according to roofing pros, you have plenty of options to consider if you need to finance a roofing project.
One common roof financing option that you can consider is using a credit card to finance the project. If you have a credit card that has generous rewards or incentives, especially cash-back bonuses, then you’re more than free to use that for your new roof installation. This is because if you can use a credit card to have your roof replaced at 0% interest over the next 12 months, you’ll have an easier time paying for the roof replacement throughout the year. However, keep in mind that if you use a credit card, there might be high processing fees involved when you make your payment and it’s also possible that there’s no way to extend the payment options for your roof.
Alternatively, you may also opt for a personal loan to fund your roofing project. If you opt for a personal loan, a lender or a bank can offer you a lump sum upfront to help you pay for the installation of your new roof. But according to experts, there is a small drawback to personal loans in the form of interest rates, as depending on your credit score and history, the number of your interest rates may change over the life of your loan. With that in mind, be sure to make it a point to properly read and review the terms of your roofing loan before you sign the dotted line.
Finally, you can also opt for a government-funded home improvement loan to replace your old roofing system. To qualify for such a loan, your house must be a single-family home that you have occupied for at least 90 days. If your residence falls under this, it’s possible that you may qualify for the FHA Title I Property Improvement Loan, which is offered by the Department of Housing and Urban Development through pre-selected lenders. If you intend to opt for this financing route, however, you need to keep in mind that the loan must be used to substantially protect or improve the property’s basic livability or utility and it must also be used alongside a 203(k) rehabilitation mortgage.
Planning a roof replacement project soon? Look no further than Hero Roofing. When it comes to roof repair and replacement services, we are the leading experts to turn to and we won’t let you down! With years of experience under our belts, we are dedicated to giving homeowners such as yourself nothing but the best when it comes to your roofing needs. Give us a call at (833) 321-4376 or fill out our contact form to get a free estimate.