How to Create a Budget for Your Roof Replacement Project

Dec 15, 2020Roofing

As every homeowner knows, a roof replacement project is a costly home improvement project. After all, there’s a lot of work involved, and, if you want your roof to last for as long as possible, you’ll want to get the best materials as well. Yet, realistically speaking, these materials can cost a lot. This makes installing a new roof an intimidating project for many homeowners.

However, according to experts, despite the costs and work involved with this project, it doesn’t necessarily mean you can’t have your roof replaced. In fact, by creating a budget for your roofing project, everything should be smooth sailing once the project starts. But how exactly does one create a budget for such a home improvement project?

Trusted roofing contractor Home Remedy USA shares below a few tips:

Determine the Price

When you’re creating a budget for your roofing project, one of the first things that you need to do is determine the price of your project. To do this, you should call at least three professional roofers to give you an estimate. When you’re doing this, don’t hesitate to request that the estimate be as detailed as possible when given to you. This means that it should include all pertinent information in regards to materials, timeline and labor costs. However, don’t forget to request that the materials and labor be listed separately so the estimate doesn’t look confusing.

Once you’ve received an estimate, you need to pick the materials you want to use for your roof replacement project. This is an important step because this can have a big impact on the overall cost of your project. At this stage, experts recommend that you consider the price of the material as well as the amount of time you intend to stay in your home so you can pick a material that will last for a long time.

Finally, after you’ve chosen your material, you’ll need to calculate the costs of the materials that you’ll likely need for the project. If you’re confident enough to do this on your own, you’ll need to head to the top of your roof and use a tape measure to measure each roof plane. After doing so, you need to multiply each plane by the width to get the total square footage of the plane.

Once you’ve multiplied each plane by the width, you need to add the square footage of each plane together to get to the roofing system’s total square footage. Afterwards, you can bring the square footage to your local home improvement store, and the employees should be able to help you determine just how much the materials will cost. However, keep in mind that going up your roof to get the square footage can be hazardous, especially if you’re inexperienced in doing so. As such, don’t hesitate to approach an expert roofer to help you get the square footage of your roof if needed. Not only will this let you ensure your safety but you can be sure as well that measurements will be accurate.

Budget Your Finances

After you’ve determined the price of your roof, you can now start creating a budget for the project. When you’re doing so, experts recommend that you add 10% to the total estimate that your contractor gave you. That way, you’ll be able to ensure that you have additional funds in case of emergencies or any unforeseen issues that may arise as the project progresses. If you need to save for the project, divide the new contract price by the number of months that you need to dedicate to saving up for the roof replacement job.

Once you’ve decided how long you’ll need to save up for your roof, write down all your expenses and income. This will let you easily track where your money is going, allowing you to adjust your finances to make room for the upcoming roofing project. If needed, you can also cut back on your expenses by avoiding hefty purchases and downgrading a few things while you save up for your roof replacement project. If everything goes according to plan, you should be able to save up what you need to get a new roof.

Financing Options You Can Consider

On the other hand, if you’re facing a roofing emergency, and you no longer have time to save, you can always work with your roofing contractor in financing your replacement project. For instance, you can find a roofing company that offers financing. If you decide to go with this route, your roofing company will offer to finance the roofing project directly or through a third-party financing vendor, allowing you to easily gain funds for your roof replacement needs.

Alternatively, if financing isn’t an option for you, roofing pros say that you can always take out a personal loan from your bank. That way, you can get a lump sum to help you fund the project almost immediately. However, if you opt for this method, keep in mind that you need to repay it on a monthly basis, and, as such, you might want to shop around for a loan that has the best terms possible. That way, you won’t have a hard time paying the loan back within the time you’re given.

Finally, you can also get the United States government to help you fund your roof replacement. While this may sound like it is too good to be true, it’s actually a real thing. If you own a single family home, and you’ve occupied it for at least 90 days, then you might qualify for the Federal Housing Administration (FHA) Title I Property Improvement loan, which is offered by the U.s. Department of Housing and Urban Development through pre-selected lenders.

Make your search for an expert roofer much easier by turning to the pros of Home Remedy USA for assistance. With over 25 years of experience in the home improvement industry, we have completed more than 700 projects, making us one of the number one service providers to turn to when it comes to your roofing needs. You can rely on us! Fill out our contact form to get in touch with us and receive a FREE estimate today!

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