No roofing project is cheap. Many property owners are wrong to think that they can skimp on the costs and get away with a subpar roofing job because “it’s just a roof.” That’s the elephant in the room we need to get over with as we talk about keeping track of your budget for a new roof.
But your roof is one of the most important investments you’ll make for your home. It protects you and your family from the elements, but it also adds curb appeal and can affect your home’s resale value.
But having said that, it doesn’t mean you just lay it all out there without any planning. You still need to be strategic about your spending, which is why we’ve put together these five tips to help you keep your roofing budget on track:
1 – Know your priorities
The first step in any roofing project is to determine your priorities. What are you trying to achieve with this project? Are you looking for a complete overhaul or just some minor repairs?
Your priorities will help you set your budget and ensure that you’re not spending more than you need to. For example, if you’re only looking for some minor repairs, you can probably get away with a smaller budget. But if you’re looking for a complete overhaul, then you’ll need to be prepared to spend a bit more.
Note: Whether it’s a small repair job or a total replacement, you must hire a professional roofing contractor to do the work. No roofing project is meant to be DIY.
2 – Come up with an outline
You first must obtain multiple quotes from local roofers. The idea is to get a feel for the market rates in your area. You probably have a budget in mind at this point, and you want to align that with what the roofers are quoting.
So, what’s in a roofing quotation?
For starters, the roofing contractor will look at your property and assess the damage. They will then estimate the materials needed and the labour required to fix the problem.
This is where things can quickly get out of hand if you’re not careful. Some contractors will try to upsell you on materials or add extra fees for things you may not need. Therefore, it’s important to get multiple quotes and compare them side-by-side.
After you’ve collected quotes from different roofing contractors, the next step is to come up with an outline for the project. This will help you keep track of the costs and ensure that you’re not going over budget.
Your outline should include all the materials, labour, and other costs associated with the project. Once you have an outline, you can start comparison shopping to find the best deals on materials and labour.
There’s no way you’ll memorize everything in your head, so an outline is key. This document will help you keep track of the costs and keep you from overspending.
3 – Be practical when it comes to material choices
One of the biggest mistakes that property owners make is choosing roofing materials that are too expensive. Just because you want the best for your home doesn’t mean that you have to break the bank. There are plenty of practical and affordable options out there.
Talk to your roofing contractor about your options and find something that fits your needs and your budget. There’s no need to go for the most expensive option when a more affordable one will do the job just as well.
Even inexpensive roofing materials offer great durability and performance with the latest technologies. For example, asphalt shingles have come a long way in recent years and can now offer the same level of protection as more expensive options.
4 – Shop around for financing
If you’re not able to pay for the project upfront, you’ll need to finance it. There are many different financing options available, so shop around for the best rates and terms.
You may ask your roofing contractor if they offer financing options. Many contractors offer financing, which can help you get the project done without worrying about the upfront costs.
Financing is a sensible option when it comes to long-term cost considerations. With proper financing, you can spread out the project’s cost over a longer period, which can make it more affordable in the long run.
5 – Have a contingency fund
Always expect the unexpected when it comes to any kind of roofing project. There may be unforeseen problems that arise during the project, which can add to the costs. It’s always good to have a contingency fund for unexpected costs.
By having a contingency fund, you come prepared for these unexpected costs and can avoid going over budget.
Hire a Competent and Honest Roofer
Keeping track of your budget is just one of the several concerns in a roofing project. Just as critical is finding a competent and honest roofer; unfortunately, not everyone you meet in this industry will have your best interests at heart.
To avoid getting ripped off or overcharged, take the time to do your research on potential roofing contractors. Put a premium on two attributes: licensed and insured. You can’t risk hiring an unlicensed and uninsured roofing contractor for cheap labour only to end up with a shoddy roof over your head.