There is more to homeownership than paying your mortgage each month. Many homes lose their value because owners did not anticipate significant repairs. Things like an unexpected roofing project can lead to extra damage and expenses if not taken care of in time.

Most roofs have a life expectancy of 20 years. However, this is dependent upon several external factors. Your roof can get damaged during a storm or from a neighbors tree that falls. 

As a homeowner, there are certain expenses we should prepare for in advance. Your roof, HVAC, plumbing, and electrical top the list.

Are you a property owner concerned about roof replacement? Keep reading for eight ways to create a budget for a roofing project. 

1. Determine the Longevity of the Roof

Not every homeowner knows the age of their roofing system. When buying a home, it is crucial to get a home inspection from a certified home inspector. This measure will help determine the condition and remaining life of the roof.

During the negotiation phase, you can ask the homeowner to place money in escrow to replace an aging roof. 

A properly maintained roof can last well beyond the life expectancy provided by industry professionals. A roof that lasts longer than expected can give a homeowner a false sense of security. 

2. Make a List of All Associated Costs of the Roofing Project

There is a lot that goes into a roof replacement. To figure out your roofing project’s total cost, you’ll need to understand everything included in the price. Having this information will go a long way when getting estimates and negotiating the price.

Items to consider include:

  • the type of roof
  • permitting costs
  • roofing removal
  • roofing material disposal
  • labor and materials
  • contractor mark-up
  • wood replacement
  • incidental damage to the roofing structure

The size of your home and the roof’s elevation will also play a part in the final cost of a new roof. 

3. Select the Type of Roof You Want to Install

When undergoing a roof replacement, you don’t have to go with the same roofing system you’re replacing. For example, your roofing project can entail modifying a flat roof to a gable roof. 

Of course, this will come with an added expense because you’ll need to have the new roofing structure constructed.  

Another way to change your roof is by changing the color of your shingles. This discussion can impact your electric bill if you choose a dark color in a hot climate area. 

It is also common for homeowners to move away from tile roofs when it is time for a new roof. Asphalt shingles are less expensive and easier to maintain. This move will save money over time.

4. Research Roofers in Your Area

Before you need a roofer, it is wise to do your research and learn about roofing companies in your area. It’s a good idea to have a reputable company you can trust.

Ask for references from people you know and trust who have recently gotten a new roof. Narrow your search down to a minimum of three contractors. Give each a call and have them provide a written estimate for the new roof.

You can use these estimates as a bargaining tool to get the best rate.

5. Reduce Expenses with Proper Roof Maintenance

Build a relationship in advance by calling a roofer for minor repairs and annual inspections. Regular maintenance has shown results in prolonging the life of a roof. 

When the time comes for a complete roof replacement, you may have a better chance of the roofer offering a discount to get the job.

Extending the life of a roof gives you more time to save for a new roof. Maintenance is more than patching leaks or worn shingles. Keep the roof clear of debris helps as well. Plus, keep tree branches from resting on the roof.

When it’s windy outside, the branches will scrape the surface and damage the roof. 

6. Set-up a Maintenance Account

Consider setting up a home maintenance account. This is a bank account that you deposit money into but only take withdrawals for home maintenance expenses.

If you get into the habit of depositing a set amount each pay period, the money will accumulate faster. It also helps if the account is held at a bank where you do not maintain your regular checking account. Avoid connecting the account as a source the bank can pull money to cover overdrafts.

7. Maintain Your Roofing Warranty

When you get a new roof, it often comes with a warranty. When buying a home, make sure you inquire about the roof’s warranty and whether it is transferrable. 

Read the warranty and ask questions about actions that can void any promises for repair or replacement costs. Getting a roof inspection is something to consider doing every five to ten years. 

Ask if the original roofing company must perform any repairs or replacements.

8. File an Insurance Claim for Damages

Natural disasters are a cause of roofing damage. This is why homeowner’s insurance is crucial whether you carry a mortgage or not.

In most instances, you’ll have a deductible you’re responsible for paying. In cases where the damage is due to a hurricane or other weather occurrences, you may have a separate deductible that is percentage-based. 

Review your insurance policies to ensure you understand your out-of-pocket costs. In the event you have roofing expenses, you can run through your homeowner’s insurance policy. 

Don’t Let the Cost of a Replacement Roof Catch You Off Guard

Your roofing project doesn’t have to become a stressful situation that leaves you panicking and making poor decisions. Proper planning for the day you need to get a new roof will streamline the process.

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