How to Account for the Cost of a New Roof
In order to make any large purchase comfortably, it is important to plan and budget carefully. Purchasing a new roof for your home is no exception. In order to account for the cost of a new roof, it is necessary to examine your current financial circumstances and the urgency with which your roof requires replacement. By analyzing the situation from both a practical and financial perspective, you can decide how you will best fit the expense of a new roof into your plans.
Other People Are Reading
Instructions
-
Roof Costs
-
1
Research the cost of materials and labor for your new roof. You may find it helpful to use an online calculator, such as the one at ImproveNet.com, to estimate these costs based on your location, the construction of your home and the materials you wish to use.
-
2
Determine whether you can pay for the total cost out of pocket. Look at your savings accounts and other liquid assets, and decide if it might be feasible to take the sum directly from those accounts. If you choose this route, be sure you will still have enough funds left over for emergencies before proceeding.
-
-
3
If paying for the roof from your current assets is not an option, evaluate the urgency with which the update is necessary. The National Roofing Contractor's Association suggests checking for shingles that are curling or buckling or damage near chimneys or pipes, as these are signs that your roof is nearing the end of its life expectancy. If you are not sure how urgent your need is, you could have a neutral specialist inspect your roof for a small fee.
-
4
If your roof can wait a while, budget for it over a period of months or years. Looking at your monthly expenses, decide how much you could set aside each month for your roof. Divide the total estimated cost of the roof by the amount you can set aside each month, and your answer will be the number of months it will take to save the money.
-
5
If your roof needs to be replaced before you can save for it, finance it using a credit card or a line of credit from a bank.
-
6
Apply for additional credit if necessary. Consider taking equity out of your home either by refinancing your current mortgage with cash out or applying for a home equity line or loan for a low-interest method of financing.
-
1
