4 Tips to Staying Within Your Roofing Budget
Budgeting is a crucial aspect of keeping your roof project on track. Creating a realistic budget can be a challenging task, but once completed it will save you time, money, and stress. We’ll educate you on four important points to get the most from your roofing budget.
1. Begin by researching project costs.
Before you can create a budget, you need to get an idea of how much the roof project will cost. Determining a rough estimate will help you choose the best financing option which in turn allows you to create an accurate budget.
1. Start by getting a fair bid: Contact at least 3 contractors to get an accurate estimate of how much the project will cost.
2. Know how you’ll pay for the project: Getting an accurate bid for the project will help you determine how you’ll pay for it. A full roof replacement requires more intensive financing than repairing a few missing shingles.
3. Search for deals: Knowing how much the roofing project will cost can help you determine the cheapest way to accomplish the roofing project, ensuring you don’t have to compromise on the roof you deserve.
A great way to start researching the cost of your roofing project is by looking at local data. Local rates will factor in unique aspects of your neighborhood and will provide an accurate price picture.
A valuable resource is Remodeling Magazine’s 2017 Cost vs. Value report. Plug in your city, complete a form, and find accurate rates near your home. It doesn’t take more than a few minutes, and it's free to use.
2. Account for other living expenses.
Because your roofing project won’t exist in a separate universe from the rest of your life, remodeling your roof can add extra living expenses depending on the nature of the project. Repairing a few damaged shingles won’t put you out for more than an afternoon, hopefully, but a roof replacement may take a few days.
If you plan on being away during the project, figure out what extra costs you might incur, and add them to your budget to avoid surprises. Doing so will provide an accurate total estimate of the project.
3. Factor in monthly payments if you finance.
If you don’t have enough cash saved up, you’ll have to choose a financing option, and all financing options have monthly payments that combine principal and interest rates. If you choose to finance your roofing project, the monthly payments will be the majority of the overall budget.
There are a few different financing options to choose from.
Some homeowners choose a personal home improvement loan, others a credit card solely used for the roofing project. The right financing option for you will depend on a number of factors, including but not limited to, your:
- monthly income
- amount of home equity
- credit score
- personal savings
Learn more about roof financing options:
- Financing Options for a New Roof
- Answer These 6 Questions Before Considering a Home Improvement Loan
- A Comprehensive Guide to Home Improvement Credit Cards
- Financing Through a Roofing Company: What You Need to Know
4. Account for the well-known items.
After finding an accurate estimate for the project, you can outline the more basic parts of the budget, including:
- Materials, permit and licensing applications, and labor
- An additional 10 - 20% for surprise expenses
- A raise in homeowner’s insurance for covering the project
Once you’ve outlined the budget, you can spot opportunities to save, reduce the amount of stress, and look for creative ways to achieve your ideal roof.