How to Plan the Budget for a Roofing Project
August 12, 2019
Sticking to your budget is crucial for a significant investment like a roof replacement. So, it’s important to learn some planning tips to help you with your budget.
Check Your Insurance Coverage
If you need to replace or repair your roof because it was damaged, check to see if it’s covered by your insurance. Keep in mind that this option is only possible if you file an insurance claim as soon as possible. In most cases, insurance companies will only cover the initial damage. Once you file a claim, an adjuster will visit your home.
Compare Estimates From Different Contractors
If your insurance company will only pay for a fraction of the replacement or repair costs, you’ll have to figure out the overall cost so you can determine your portion. Ask estimates from local roofing companies; most give them free of charge. Comparing them can help you get the best deal.
However, the lowest offer isn’t necessarily the best one. Only ask for estimates from certified and experienced contractors. You may end up paying more if you hire unqualified or inexperienced contractors.
Funding the Project
The hardest part of budget planning is trying to fit the estimated costs into your monthly budget. Using your savings is always an option, but if your assets aren’t liquid enough, there are a few ways to get the necessary funding.
You can take out a home loan, but to get reasonable interest rates, you need to have a good credit score. If you have a less-than-ideal credit score, there’s always the option of using your credit card. Some credit cards offer 0% APR for an introductory period. If you manage to pay off your credit card bills before this period ends, you won’t have to pay any interest. You could also ask your contractor about your financing options; some offer flexible payment schemes.
Rapid Roofing, a contractor with more than two decades’ worth of experience, offers flexible financing and roof installation service options. To get a free quote, call us at (269) 222-7170 or (734) 849-2280, or fill out the contact form on this page. We serve homeowners in Ann Arbor, MI, as well as other areas.