How to Save for a Roof Replacement
Your roof is perhaps one of the most important areas of your home. Most of the time, homeowners don’t think much about it. Yet, a single missing shingle can lead to costly repairs and water leaks. That’s why it’s always important to think ahead when it comes to your roof.
How Much Does a Roof Replacement Cost?
Estimates for a new roof range widely from $5,300 up to $10,500 or more. The type of material, the location you live in, and the overall size of your roof play a role in this cost. Installing a new roof is one of the best ways to improve the overall integrity of your home, though, especially if your current roof is significantly damaged or beyond repair. New products last 20 to 30 years and can help you to reduce your energy costs.
Replacing the roof may be necessary at some time during your ownership of the home. What can you do to save up for this large expense to minimize the risk of not having the funds you need when the time comes? Here are some strategies to help you.
Tackle Repairs as Soon as Possible
A roof replacement may be years off if you work to maintain your roof now. For example, have an annual inspection by a licensed technician. This will provide an opportunity for small repairs – such as missing shingles or failing flashing – to be fixed. As a result, it may be possible to extend the life of your existing roof.
Also, talk to your roofing professional about ways to reduce damage to the structure, such as:
Keeping the roof free of moss and mildew growth
Avoiding the heavy weight of snow on the roof
Keeping gutters clear
Trimming tree branches away from the structure
Ensuring proper attic ventilation
Taking these steps can help minimize the risk of having to replace your roof too soon. They can also help to protect the boards under your roofing material. This way, when the time comes to replace the roof, you don’t have to replace those boards, reducing your overall costs considerably.
Get an Estimate Now for Planning
It helps to know what your options are for roof replacement. Having a figure in mind of how much the repairs will cost can significantly help you to plan. Contact a roofer. Ask for a free estimate for a replacement of your roof. Be sure to ask about various types of roofing materials to compare the costs and the benefits of each.
Once you choose which roof may be best for you, you can start working on saving money for it. The process is easier to do when you have a goal in mind.
Open an Account for Home Improvements
Opening a savings account is a simple but efficient way of ensuring you have the money set aside for your roof replacement. You can keep this account open for other large investments you need to make down the line, such as remodeling the kitchen or finishing the basement. If possible, seek out a savings account with a decent interest rate and no fees. A money market account may help you to save money a bit more aggressively, too.
Store Those Tax Returns
If you get a tax return, tuck it into your savings account. Doing this can add a lot of “bulk” to that account quickly. It is also one of the best returns on your investment since it goes to building up the value of your home.
Put Bonuses Aside
It most certainly would be nice to buy a new big-screen TV, but putting those bonuses in the savings account will help you to build the value faster. It is money that is probably not in your budget for any needs and, therefore, an easy way to add to your savings account for the roof replacement.
Auto Deposit a Bit Each Paycheck
Let’s say you know you can put $100 per paycheck into your savings account for the project. If you told yourself to remember to do this on your own, you may forget to do it. However, you may be able to set up an auto deposit with your bank. They can automatically withdraw the amount you set – and it can be any dollar amount you desire – into your savings account for you. Making it automatic makes the entire process easy to do.
Create a Budget and Stick to It
When you have a budget, you know how much you can spend on any type of investment you have to make. A big component of this is having the funds for your roof replacement as a line item in your budget. In other words, make saving for your roof as important as paying your water bill or covering your car payment. Getting serious about the process like this can help you save up quickly.
There’s no doubt that a roof replacement can be a big investment, but it makes financial sense. When you add a new roof, you may lower your energy bills and boost your home’s value. Most importantly, you are significantly reducing the risk of mold and mildew buildup in your home, which could make your family ill. (It’s also very costly to clean up.) Look for small, simple ways to put money into an account for your new roof so you don’t feel the financial strain when the time comes. When you're ready for a roof replacement, we're here for you. Give us a call at (301) 662-0533.