How to Budget for Your Roofing and Remodeling Project

Replacing your roof is a significant financial commitment, and it’s important to budget for this project thoroughly. Inadequate budgeting can lead to omissions, mistakes, and delays in the construction process.

The startup costs for a roofing company can be expensive. 

Determine Your Budget

Using a residential construction budget template and watching material takeoffs will help you track your expenses and keep costs in line. In addition, the regular budget review will help you spot trends and areas where your estimating skills need improvement to prevent overages in the future.

Research the cost of materials and appliances that you want to use in your roofing and remodeling to develop a budget estimate. Compare prices at several home improvement stores to get the best deals.

It’s important to prioritize projects based on your needs and their value to your home. For example, installing new roofing is a great way to increase your home’s resale value and should be a top priority. A new roof also increases energy efficiency and can be a good investment.

Determine Your Needs

A roof remodel is a substantial investment that you should prepare for. It’s best to consult multiple contractors for estimates to understand your roofing project’s cost.

Replacing your roof or adding a new feature to your house might improve its curb appeal and raise its value when it comes time to sell. It also assists you in avoiding significant problems such as water damage or mold.

The typical roof lasts between 12 and 20 years. However, it should come as no surprise that it will eventually need to be updated to safeguard your property from the elements. Investing in a new roof might also help you save money on your energy expenses.

Determine Your Materials

The first step in planning a roofing project is determining what materials you’ll need. Homeowners often choose asphalt shingles for their roofs because they are affordable and long-lasting. However, opting for other materials like cedar shingles or metal can further enhance the durability of your roof.

Using a tape measure, calculate the dimensions of each of your roof planes (each section of your roof). You can use a ladder to safely investigate your roof’s overhangs if it’s too steep to walk on. Once you have your measurements, multiply each plane’s length by its width to find the square footage of each section.

A single roofing square covers 100 square feet of your roof, and one bundle covers 320 square feet of shingles (plus 10% for waste). Add these numbers to your total for a rough estimate of the needed bundles.

Determine Your Contractor’s Fees

Your roof is important to your house because it protects you and your family from the weather. However, just like Superman needs some yellow sun after saving the day, your roof will eventually need a remodel after about 20 years.

It is recommended that homeowners obtain multiple contractor quotes and compare pricing for materials and services. This will help homeowners determine the price range for their specific project.

Additionally, the homeowner should contact equipment vendors to determine pricing for any necessary equipment used during the project. Finally, the homeowner should add 10% to their estimate to account for unforeseen expenditures that may arise throughout the renovation. This is especially true for larger projects that need extensive building labor. In addition, the homeowner should consider the time required to secure the necessary permits for their project.

Determine Your Financing Options

Before you decide to finance your residential roofing project, it is worth considering all the options available. For example, some credit cards offer 0% interest as part of a balance transfer promotion or new card incentive. This might be a terrific method to finance your roof if you can pay it off before the 0% term expires.

Other financing options for your roofing and remodeling project include government-backed renovation mortgages that let you borrow based on your home’s future value rather than its current one. Or, you could work with a provider that focuses on making it easier for homeowners to access the capital they need for projects that will boost their home’s resale value.