Before you can begin to budget for a roof repair project, you’ll need to know how much it’s going to cost. The cost of a roof repair can vary wildly depending on the size of your roof and its current condition. Start by getting a free estimate! Don’t be afraid to shop around-depending on labor costs and materials used your estimates may vary. Setting up a savings account with your bank will allow you to set aside money every month for any home improvement project.
Check your insurance policy to see if they’ll cover any portion of the cost. Home insurance policies usually cover roof damage caused by fire, vandalism, and “acts of God,” such as hurricanes and tornadoes. Whether they will pay for damage caused by wind, rain or hail is determined by your policy and the age of your roof. If a leaky roof isn’t fixed properly, an insurer might not cover damage. To get your insurer to pay for a home roof replacement or repair, take the following steps.
Depending on your policy, you may not be covered for all the necessary repairs. When you are financing repairs out of pocket, planning is the single most important way to keep costs down. Identifying the issues your roof is having and staying on top of repairs is a great way to keep the project inexpensive, saving you money. Remember: most renovations end up costing more than originally expected, so when it’s time to repair your roof be sure to have a money cushion set aside in case of emergencies. When financing the project yourself, try these basic steps to help get your repairs started:
1. Assess the condition of your roof by getting a free estimate for repairs.
2. Take a look at your current finances. Do you have enough cash to cover the renovation? If so, great. If not, you’ll need to borrow money for the project. Using a home equity loan or home equity line of credit (HELOC), where homeowners can borrow money against their home, are a few ways to borrow money. Many homeowners also use credit cards to finance their renovation projects. This may be a good idea – assuming you have a plan to pay these credit cards off.
3. Decide on materials and the company that will perform the necessary repairs. The cost of roofing materials varies widely, so you need to make a decision on which type is right for your home and your budget. Picking the company is also crucial to your project, hiring subcontractors may seem like a tempting way to save money but be sure to do your research. Obtaining bids from general contractors is another way to save money on a big repair project. Remember, patience is key. Don’t rush the bidding process.
4. Create a savings plan to finance your repairs. If you can’t pay for your roof outright, set up a detailed timeline to have your repairs paid off with a low-interest credit card or loan.