Learn How to Budget and Plan for a Roof Replacement

How to Budget for a Roof Replacement

When it comes to home maintenance, few things are as important as a solid roof, but a roof replacement can be a significant investment that requires careful budgeting. Whether you’re dealing with a deteriorating roof or simply planning ahead for the inevitable, creating a realistic budget is crucial. By taking into account key factors such as material costs, labor expenses, and potential additional expenses, you can create a clear financial plan to handle a roof replacement.

What Exactly Is a Roof Replacement?

A roof replacement refers to the process of removing the existing roof and installing a new roof in its place. This is typically done when the roof is old, damaged, or is no longer providing adequate protection from the elements. Roof replacements are necessary when repairs are no longer sufficient to address the issues with the existing roof.

The process of roof replacement involves several steps. First, the old roof covering is removed, and damaged or deteriorated roofing materials are replaced. While the shingles are removed, the roof decking can be examined to determine if any structural anomalies exist that also need correcting. Next, a new moisture barrier is laid over the roof decking to provide additional protection from water infiltration. Finally, the new roofing material is installed.

How Much Does a Roof Replacement Cost?

While the cost of a roof replacement depends on a number of variables, the average cost of a roof replacement in the US is $8,600, according to HomeAdvisor. In truth, the cost of a new roof can range as low as $5,000 or as high as $25,000 or more. The reason for such a wide variance is the complexity of the roof design, the total square footage of the roof, and the type of roofing material you decide on.

Tips for Planning a Roof Replacement Budget

Planning a roof replacement budget requires careful consideration of several factors to make sure that you allocate your resources strategically, and you’ll need to try to estimate how much it’s going to cost.

The first step in this process is to decide on a roofing material, as the types of roofing materials used today can cause the cost of the job to vary widely (or wildly!). Asphalt shingles are the lowest-cost material, while others such as wood shakes, metal, or steel roofs can increase the cost considerably. When selecting the roofing material, also keep in mind that whereas an asphalt roof can last anywhere from 15 to 20 years, a steel or slate roof might last 50 years or longer. If you plan to sell the home in the next 10 years or so, the asphalt roof may suffice.

Next, get some estimates from two or more roofing experts. They will inspect your roof, and they may advise you to repair it instead of replacing it. You can ask about discounts that may be available to groups such as veterans, senior citizens, or those with disabilities. Also, ask for seasonal discounts, as the roofing company may have lower rates during seasons when they’re not as busy, as in the winter.

If you don’t need to replace the roof immediately, review your budget to determine how much you could put aside each month to save for your roofing job. Cut any expenses you can to supplement your savings. For the time being, reduce your expenditures for dining out or recreational activities, and consider lowering your home energy costs by adjusting your thermostat, then sock those funds away for your roof.

How Do You Decide if You Should Repair or Replace Your Roof?

If you’ve seen a roof leak, you need a fix before it causes extensive damage, but do you need a repair or a replacement? Of course, a reputable roofing contractor will give you an honest answer after he’s assessed the condition of your roof, but there are other considerations. If you don’t plan to remain in your home for the long term, if you can’t afford a replacement, or if the roofer recommends a repair, then go with it.

What are the Long-Term Benefits of Replacing Your Roof?

If you’re still not sure if you want to repair or replace your roof, consider these benefits of a full replacement:

No roof repairs in the near future – A new roof will need few repairs for several years.
Water damage – Replacing your roof will eliminate the chances of any additional water damage to your home and belongings.
Find out what’s under your shingles – In a roof replacement, you’ll get a chance to see the underlying structure of your roof. This will allow you to repair any damage that has already been caused to the roof decking or trusses.
Energy savings – A new roof will reduce the cost of your heating or cooling bills.
Home insurance and liability – A new roof will be safer and less likely to cause an accident. Also, if your roof has reached a certain age, your homeowner’s insurance company may be less willing to insure your home.
Longer durability – Your new roof may be more durable, thanks to improvements in the quality of new roofing materials.
Increased home value – When you get ready to sell your home, a new roof will increase the value as well as your home’s curb appeal.

Final Words

While a roof replacement will always cost more than a simple repair, a replacement will improve the aesthetics, functionality, and durability of your home. It’s an investment that will help maintain the structural integrity of your home and ensures a safe and comfortable living environment.

A&B Home Improvement has been serving the Baltimore County area as a top-rated roofing repair contractor since 1938 with a proven record of quality craftsmanship, unmatched service, and a focus on customer satisfaction. We are a family-owned and operated business specializing in commercial roof repair, residential roof repair, siding, windows, additions, trim work, painting, and more. From planning and design all the way to the final touches, we work with you to achieve a quality job that you’ll be pleased with for years to come. No matter if you need an emergency roof repair or if your roof has reached the end of its life, we want our customers to feel confident with their choice of working with A&B Home Improvement. All of our projects carry a 15-year warranty, and shingles come backed by up to a 25-year-to-lifetime warranty.

If you’d like more information about the products and services we offer, visit our website, or give us a call at 410-881-6258. We look forward to helping with your home improvement needs.