Home ownership is rewarding, but it comes with many responsibilities as well. There will be projects from time to time that will involve you spending money for a repair, and no homeowner looks forward to them. Your roof is one of the more expensive projects that will need to eventually be done if you are living in your home for a while. That's why it's important to budget for this costly repair by following these three tips.
Learn About The Roof
You do not need to be an expert when it comes to roof replacement, but it's important to understand the basics of what is involved. You'll want to make an informed decision about the kind of roofing material you go with, which includes being familiar with the prices.
Some average prices for roofing materials include:
- Asphalt - $120 per 100 sq. ft.
- Skate - $800 - $1000
- Tile - $300 - $500
- Metal - $1,500
When it comes time to negotiate with a roofing contractor about prices, you'll have a better understanding about what each material should cost. You will know if they are quoting you a fair price for the materials, or if you should go with another contractor if you feel that you are being charged too much.
Factor The Removal Of The Old Roof
Homeowners are sometimes so focused on the new roof that they forget about the removal of the old roof. This is typically billed as an additional expense, and not rolled into the cost of the new roof installation.
Unfortunately, it is difficult to know how much you should pay for an old roof removal, but do know that it is based off of several factors. The roofing contractor will consider the material that they have to remove, because some are easier to remove than others. Even the slope of your roof will be taken into consideration, since a steep roof can make it more difficult. For example, industry experts suggest that roof removal can cost between $100-$150 per 100 sq. ft. on a single story home with a single layer of shingles,
Prepare For The Unexpected
Construction projects rarely go according to plan. There can be issues such as needing to special order materials that are in short supply, bad weather, unexpected roof damage that needs to be repaired, and other factors out of your control.
When you get your estimates from different contractors, be sure to factor in additional costs for overages. Always assume that you are going to have to spend more to get the job done due to unforeseen circumstances, and make sure you have the cash on hand if needed.
For example, if you feel like your roof is in good condition, factor an additional 5%. If you believe there will be some additional repair work necessary, set aside an additional 15%. The exact percentage is not as important as knowing you have the cash on hand and being prepared for the expense.
Following these tips will help you be financially ready to replace your roof.