Being a homeowner can be a wonderful thing for those who plan for it well in advance. A home is not just a place where you spend time with your family. It’s a sanctuary that should be treated as such. And, it will need to be treated with care.
As with everything in life, your home will undergo various forms of wear and tear over the years. The siding, gutters and paint will all need a refresh at some point in their lifecycle. The biggest part of your house, the roof, will need a refresh too!
A typical roof can last anywhere from 12 to 20 years. A roof protects your home from the elements and helps keep your home dry and free from damage. The same way Superman needs some yellow sun after some heavy fighting is the same way your roof will need a remodel after a decade and a half of protecting you and your family from having to brave the elements.
However, remodeling or replacing a roof can cost a pretty penny. That’s one reason why you should start planning early for a remodel. But how can you go about budgeting for it?
We’ll share 5 tips on how to best prepare and plan financially for a roof remodel.
Table of Contents:
1. Start with a Plan
Roofs that have reached or are reaching 15 years of age are prime candidates for roof replacement. Why?
Roofing materials tend to degrade over time and, after 15 years or so depending on the products used, are prone to breaking. This can result in severe home damage as external elements could seep into the structure of your home—from rain to vermin.
To combat this, we suggest planning far in advance by creating an actionable plan.
You will have to take into consideration several things when creating your plan. This can include the size of the roof and the type of pitch. You will also need to gather information on permits and their costs. This varies by city and is especially relevant if you live in a historic home.
It is also best to consult several contractors for quotes. Just like you wouldn’t consult one mover when moving to another home, you shouldn’t consult only one roofer. We recommend getting at least three estimates.
Most reputable contractors will give you a free estimate too. The costs of remodeling your roof will depend on a lot of things such as the materials you want to use, the size and pitch as well as your location.
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2. Examine Your Roof
There’s no use planning for a replacement when you don’t have any idea of what state the roof is actually in, right? You have no clue whether it will cave in tomorrow or if it will go on for another 10 years. How long the current roof will last is a crucial determinant of how much you will need to set aside. We’ll get to that topic later.
To get a proper estimate into how long your current roof will last, you will need to engage the services of a professional roofing contractor to examine your roof.
Since this is the very thing they are specialized in, they are better placed to give you a proper estimate as to how long the roof will last. Also, climbing onto your roof can be dangerous, so it’s best to leave that to the professionals.
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3. Choose a Roofing Material
Currently, many homeowners use asphalt shingles as their prime choice of roofing. Asphalt shingles are a more affordable choice, come in a variety of styles, and have a life span of 12 to 15 years. I bet you can see why this is a popular choice.
However, there are many other roofing materials available to homeowners today, so be sure you are informed of all your choices before making the final decision. As you know, replacing a roof is a costly investment.
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4. Start Saving
Now that you have created an actionable plan and have quotes from professional roofers, it’s time to start saving. Replacing a roof is expensive, but that doesn’t mean it’s impossible.
To ensure you’re ready before a crisis strikes, figure out the monthly or quarterly amount you need to set aside in a separate savings account. You can have this money automatically transferred from your paycheck, so you never see it.
To do this, work back from the roofer’s quote and the amount of time before you will need to replace your roof. This should give you a good estimate of the amount you need to save regularly.
Too often, people plan, but then fail, to put that plan into action. They then end up having to take emergency loans or remortgage the house to make these crucial repairs when a storm comes through or the roof caves in.
You may need to do some penny pinching as you plan how you’re going to save. You can begin by tracking all your expenses and cutting out things you don’t need. There are a lot of apps that can easily do this for you and are available at your fingertips.
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The easiest way to reduce your excess spending is to get rid of unnecessary subscriptions or overly expensive plans. Do you really need unlimited data and calling on your phone plan? Do you really need all those extra channels that you might watch?
That daily Starbucks you pick up—yes, you! Consider going down to once a week as a treat or if you need to be more aggressive in your savings consider every other week.
As a prudent saver, remember that with inflation, prices will increase every year. Be sure to factor that into the amount you are saving. For example, the cost of a roof replacement could be $10,000 but you may need to add another $2,000 to this amount for future proofing.
Apart from just thinking about the cost of a roof remodel, other areas of your home may need repair in the meantime. Sometimes, life gets in the way and saving doesn’t go according to plan. If this happens, take those moments in stride.
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5. Consider Various Payment Options
Sometimes your roof may not give you enough time to save, so it’s best to know your options in case this happens. You need to consider other quick options to make the roof replacement possible. Consider home equity loans, home improvement loans or even credit cards that offer cash back, if your limit allows it.
The roof is an integral part of your house. It keeps your home and family safe. While a roof may be crucial, it is also one of the most expensive parts of your home to replace. Now that we’ve provided you with actionable steps, we hope you’ll feel more prepared to plan and save for a future roof replacement.