How to Budget for Roof Replacement
One of the most expensive home improvement projects is replacing a roof. Unfortunately, many homeowners do not have enough money in their savings accounts to perform the necessary repairs. Instead, they may choose to put off the repairs, though this will only make the issue worse. For this reason, homeowners should begin budgeting at the first sign of damage.
Figure Out the Costs
There are a few factors that will contribute to your roof repair costs in Dunwoody. First, you need to decide which roofing material you want to use. Think about which material you currently have, the price, its lifetime, and how long you plan on keeping your home. Typically, the more expensive the material is, the longer it will last. You can choose from asphalt, wood, metal, tile, and more.
You should also consider the cost of labor. Get quotes from a few different roof repair companies to compare and contrast prices. Ask for detailed estimates that include materials, a projected timeline, and all other relevant information. Be sure to ask for the materials and labor to be listed separately. Don’t just choose the cheapest contractor; consider the efficiency, customer service, and experience in addition to the roof cost.
How to Budget for the Costs
Now that you know approximately how much the roof repair will cost, you can begin budgeting for the project. You should save about 10 percent more than the estimate you obtained from your contractor. This will ensure that you have enough money to cover overages and other unforeseen expenses. Then, divide this number by the number of months you have to save. For instance, if you want to replace your roof in a year and it's going to cost $16,000, you will need to save around $1,334 every month.
Once you determine how much you will need to save every month, you can create your budget, track your expenses, and start saving. Begin by writing down all of your income and all of your expenses. If your income minus your expenses are less than the amount you need to save, you must make some changes to your budget and lifestyle. Split your expenses into two groups, necessary expenses (bills, mortgage payments, and groceries) and discretionary spending (take out, entertainment, and vacations). To save for your roof, you will either need to cut your spending or increase your income. Take a look at your list of expenses and see what you can reduce or cut out entirely. From here, you can move forward with your savings plan and get your new roof installed in no time at all.