The roof is one of the most important structural components of the home. It shields your home from outdoor elements and plays a role in ventilation and indoor temperature regulation. As with most man-made constructions, however, roofs have a finite lifespan and eventually require replacement.
For most homeowners, installing a new roof is a substantial investment. According to the U.S. Department of Energy (DOE), the average cost of the process is approximately $10,000. Similarly, Forbes reports that the cost of installing a brand-new roof ranges from $4 to $40 per square foot depending on the labor and materials used. Fortunately, you can take steps to lessen the financial burden and turn planning a new roof into an exciting undertaking instead of a stressful one.
Get a Roof Inspection
A roof inspection helps you make an informed decision on any potential replacement or repairs. Without a professional inspection, you won’t be able to budget accurately for the work. Professionals have the equipment and experience necessary to provide a detailed assessment.
During the evaluation, the roofer will examine all components of your roof such as decking, flashing, chimneys, or vents. They may also check for leaks, dilapidated shingles, missing granules, rotting planks, or sagging area. Also, the contractor will measure the dimensions of each roofing plane and accurately measure your roof’s slope and pitch.
Following the inspection, the roofer may also provide photographs or sketches of potentially damaged areas as well as a comprehensive plan of action for a new structure. Since many counties and homeowners associations require a building permit before commencing any roofing project, the roofer’s credible plan of action can help you gain approval. They can also help you fill out any paperwork to acquire permits and provide realistic timelines for the new construction.
Obtain an Estimate
Following the roof inspection, it is important to obtain an overall estimate of your roof replacement. Standard estimates include the scope of the work, materials requested for the project, and projected total labor hours.
Decide on the Materials
The type of materials used can greatly alter the final cost of replacing a roof. Since roofing material is an upfront cost, it is important to understand the different kinds of materials from the start. Asphalt shingles are popular since they are often the least expensive roof replacement material. These shingles are lightweight and easy to install and offer various style options. Keep in mind that you need to schedule regular maintenance for asphalt shingles to reduce the risk of cracking, granule loss, or damage.
Other common materials include wood, concrete, tile, and metal. Each has its advantages. For example, wooden roofs are more wind-resistant, and concrete roofs reflect heat. Prices vary greatly. For instance, metal roofs made of aluminum or corrugated metal are far cheaper than those made of copper or steel. Similarly, cedar and redwood are more expensive than other wood types, but they are also durable and offer tremendous curb appeal.
Ask About an Overlay
An overlay is a budget-friendly alternative during which a roofer inputs new shingles over existing ones. This option offers your roof a boost or facelift without the extra details associated with a full replacement. An overlay may also help you save money since this process typically requires less labor and fewer materials than other forms of installation. The overlay option works best for roofs without major structural damage, persistent leaks, or wood rot. If there is too much damage to your roof, a traditional replacement makes more sense.
Save Over Time
Unless you are facing one of the rare instances in which you need to replace the roof immediately, plan to save money over several months after receiving your estimate. According to Architectural Digest, the average lifespan of a roof is roughly 30 years. This allows you to plan to make the replacement work for your income.
As a rule, financial experts advise saving around 1.0% of your home’s value annually when you need to make major repairs. If your home is worth $200,000, saving around $2,000 each month can allow you to afford a roof replacement in less than a year. Since this form of aggressive saving is not feasible for many people, save as much as you can each month, and then determine how much you have saved at end of the year. You may also wish to investigate financing programs with favorable interest rates and reasonable repayment terms.
Talk to a financial adviser about other traditional funding options. For example, cash-out refinancing enables you to pay off your current mortgage with an updated one with a higher loan amount than you originally owed. You could then use the cash difference to pay for your roofing replacement.
Other options include a home equity line of credit (HELOC) or a renovation loan. Like a personal or business line of credit, a HELOC allows you to convert equity into cash. In return, you would need to make consistent monthly payments on the balance owed. A renovation loan is based on the projected value of your house after you have upgraded the roof. This gives you extraordinary buying power, but you need to work with a reputable contractor to make sure the new roof pays off as estimated.
Master the Timing
Timing is another factor that can impact your budget. If possible, avoid scheduling roof replacement during extremely hot or cold weather, which can compromise installation quality and even damage materials. Also check your local almanac to avoid rainstorm seasons.
For most parts of the country, fall and spring are ideal for roof replacement since the weather is milder and the days still offer plenty of sunlight. If you must schedule your roof replacement during other times of the year, ask about off-season days in early winter or early summer. Some roofers or home services companies offer discounts or other benefits for scheduling appointments outside of the peak season rush.
Understand the Warranty
Warranties help you manage financial compensation in case something goes wrong with your installation or roofing materials. For example, some shingle manufacturers offer a 30-year limited material warranty. This could help safeguard your purchase if the shingles turn out to be broken or defective. Likewise, some roofing companies offer short warranties to reduce the risk of dissatisfaction over faulty materials.
Review Your Home Insurance Policy
If your roofing damage is the result of a major storm, your insurance policy may allow you to file a claim. Most coverage includes compensation for damage beyond the homeowner’s control. However, the insurance agency may deny the claim if the damage is due to neglect or other preventable causes. Work with a roofer before and during your claims process. They can provide professional pictures and a credible estimate that the insurance company may use as a blueprint for reimbursement. You can then sign up for annual roofing maintenance. This can provide documented proof that you have complied with your insurance policy’s terms in the event of future emergencies or claims.
Contact Us Today
Budgeting for your new roof is a crucial strategy for upgrading your home. Jimmy's Roofing provides roof replacement services for Washington homes in Coeur d’Alene, Portland, Spokane, Seattle, and surrounding areas. We offer initial evaluation and assessments plus consulting services for budgeting. Our experts work with a variety of roofing systems such as asphalt, tile, slate, shingles, and green roofs. In addition to roof replacement, we provide preventive maintenance, roof cleaning, roofing repairs, and consistent roof management. We also offer 24-hour emergency repairs for serious roof problems that cannot wait.
Contact Jimmy's Roofing today for all your roofing needs!
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