How to Budget for a New Roof

Mortgage calculator for a new roof. House, money and document.

How to Budget for a New Roof

Replacing a roof not only prevents damage to the interior of your home, but it’s also a way to reduce your insurance rates, bring an older home up to code, or even be able to qualify for a tax credit. It’s an investment that will protect your home, your belongings, and your loved ones from the elements.


The Importance of Budgeting for a New Roof

Budgeting for a roof replacement is crucial, especially for homeowners with roofs that are older than 15+ years. When working on a budget, you need to understand that the price of materials and labor for a new roof can cost thousands of dollars. As you plan, a good rule of thumb is to add 10% to the cost of material and labor.


Get a Roof Inspection

Before diving into the budgeting process, it’s essential to get a roof inspection. This step allows you to gather detailed information on possible replacements or repairs. Without a proper inspection, you won’t have the necessary details to accurately budget. The technician can examine aspects such as the roof decking, flashing, vents, and more while providing photos or diagrams of any damaged areas. They can also give you a projected timeline before issues get worse. This allows you to budget and prepare rather than being surprised by an emergency roof problem later.


Ask for an Estimate

After the inspection, ask a roofing company for a free estimate. This provides insight into the work scope, materials used, and projected labor hours. You should get no less than five estimates before committing. Multiple estimates allow you to compare prices and material options proposed. Variables like replacing decking versus reusing existing decking can significantly impact your budget.

Once you have your estimates, avoid choosing a roof contractor or company solely on rate. Compare experience, licensing and insurance status, reviews, warranty details, and how well they explain the scope to you.


Consider the Materials

It’s important to research materials you plan to replace beforehand. Asphalt shingles are often the least expensive, but wood, concrete, or metal are also options. Pricier alternative materials like slate, copper, or tile asphalt provide added benefits like longer lifespans, better energy efficiency, and storm resilience.

Understand the up-front cost difference and long-term tradeoffs around maintenance, repairs, energy savings, and durability. This allows realistic budgeting when getting a quote.


Save Over Time

Unless you need to replace your roof immediately, try to save money over a few months after getting estimates. Financial advisors recommend saving at least 1% of home value yearly for repairs like a new roof. For a $150,000 home and an average $8,500 to $14,000 roof replacement, that means $1,500 monthly to afford it in under one year.

Since that aggressive saving is unrealistic for many, planning 5+ years out can help you build sufficient savings. Contribute any amount possible monthly, even small sums. Explore all offerings from roofing companies, as some have lending partners to help qualified homeowners fund repairs.


Understand the Warranty

Get full warranty details on your new roof when requesting estimates. Many shingle manufacturers provide at least a 30-year limited material warranty. The best roofing companies also guarantee their workmanship for 5 to 10 years post-installation.


The Importance of Proper Budgeting

Properly budgeting for scheduled roof replacement is vital. Like saving for other priorities, dedicating funds and preventative planning means you can address roofing issues before damage occurs. Failing to budget could mean hasty, emergency fixes that may not be well done or come with a warranty. Ignoring leaks also risks interior damage.

Understanding current conditions, choosing durable materials, getting fair pricing, saving over time, and scheduling strategically avoids surprise expenses as materials deteriorate. Making roof replacement part of long-term financial planning allows for properly maintaining assets, protecting interiors, gaining efficiency upgrades, and facilitating future sales.


Contact American Roofing & Construction for Your Roofing Needs

Now that you understand the importance of budgeting for a new roof, take the first step towards securing your home by contacting American Roofing & Construction. Our experienced team is ready to provide detailed inspections, accurate estimates, and high-quality roofing solutions. 

Contact us today at Mobile (251) 379-9712 or Birmingham (205) 223-2469.

Don’t wait until it’s too late – invest in the longevity and safety of your home today!

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