Tips and tricks to financing a roof replacement

By Exterior Home Solutions. 

Save money on your next roof with these simple strategies.

It is essential to thoroughly plan when taking on large home improvement projects like roof replacements. Understanding your budget, the potential costs and the best financial strategy will set you up for success. This roofing checklist, prepared by Exterior Home Solutions, has several methods to help you save money on your next roof replacement. 

Understanding roof replacement costs 

Not all roof repairs or replacements are created equal. Before contacting a contractor, it’s a wise decision to learn a little bit about the costs you can expect during your roofing project—and any surprise expenses that could pop up along the way. Learn the ins-and-outs of roof types, roof styles and shingles. This will help you better understand your needs and preferences and to get started on creating a budget for your roofing project. 

Budget for labor costs. These typically range between $1.50 and $3.65 per square foot of roofing material installed, depending on the type of roof. Set aside money for disposal. Shingles must be disposed of properly, so budget for a dumpster and additional necessary disposal costs. Prepare for a roof inspection. An inspection helps your roofing contractor know the scope of work and provide an accurate quote. 

Explore questions such as: Will the roofing contractor include the cost of their inspection in the repair price? Will your contractor need to secure permits? If so, what will be the cost? Explore warranty options. Most installers offer manufacturer’s warranties that protect you from faulty equipment and some might offer additional guarantees for the installation. Be aware of hidden costs. Not only become familiar with common hidden costs but also set aside extra budget to avoid surprises. Get a preliminary estimate. Use the modernize roof replacement cost calculator to get a better sense of what the project will cost. 

Paying for your roofing project 

Once you have a better understanding of the costs you can expect during a roofing project, you’ll be better prepared to put together a realistic budget, compare your financing options and check off the next phases of our roof replacement financing checklist. 

Can you file an insurance claim? If your roof was damaged by a natural disaster or falling object, like a tree, insurance might cover some or all your roofing expenses. Explore financing options. If an insurance claim isn’t an option, there are plenty of ways to finance your roofing project—including home equity loans, FHA loans, company financing or even cash or credit savings.  

Make sure to compare financing offers thoroughly if you decide to go this route. Emergency budgeting is important. Remember those hidden costs we mentioned above? Occasionally a contractor might discover unexpected issues that need to be addressed during your roofing project. If these fall outside of your expected cost, there are still options to budget for these surprise expenses. Having a plan in place for these emergencies is always a wise idea. 

Look into tax deductions. A roofing project might not be as likely to net you a tax deduction as other home projects, but it’s always a great idea to explore what deductions are available for any repair or renovation. 

Meeting with your contractor 

With a basic understanding of expected roof replacement costs and establishing a budget, you’ll be prepared to discuss your roofing project with contractors. When you meet with these professionals, there are a few things you’ll want to look for and do to ensure you make the best decision possible when signing a contract.   

Learn the terminology contractors use. An estimate is roughly how much the job will cost. The project's actual cost may be within 10–15 percent of the initial estimate. A quote or bid becomes a contract once it is signed. This should be a very detailed document that outlines all aspects of the project. Analyze the quote. Every detail of the project should be noted, including the cost of materials, start and finish dates, hourly rate, disposal/dumpster costs, permits and labor. Is there a warranty? Discuss with the contractor(s) the cost of any warranties, its terms and what they cover—as well as what they don’t cover. 

Watch for organization. A good contractor will make sure the pricing information is in an organized document. If your quote is not properly itemized, feel comfortable asking for a revised quote before signing a contract. Don’t be afraid to negotiate. You can always negotiate on the roofing project price before signing a contract. Discuss your budget with your contractors and have a plan for hidden costs—including presenting them in writing upon discovery.  

Compare contractors. It’s common for homeowners to compare three or four estimates before signing a contract. Evaluating multiple roof replacement quotes helps homeowners scope their budget and encourages contractors to be competitive with pricing. 

Keep your paperwork! Keep all estimates, quotes and contracts in a folder, easy reference if you have any questions or concerns throughout the roof replacement process. 

Conclusion 

At Home Exterior Solutions LLC, we understand that replacing your roof can be a daunting task, both financially and emotionally. That's why we offer roofing replacement services to help ease the process. Our team of experts can help you develop a financial strategy that works best for you, while also ensuring high-quality workmanship and customer service.  

Original article source: Exterior Home Solutions