Most homeowners budget for monthly expenses such as groceries, utility bills, but many do not include financing a new roof into the family budget. Even with the best roofing materials and installation in Savannah, your roof will eventually need to be replaced. Unexpected expenses, such as financing a new roof for your home should be included in the family budget.

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How Can I Budget for a New Roof?

Step One

The first step to budgeting for a new roof, is to establish the amount to be saved. If your roof was recently replaced, that cost can give you a starting place, or you can call Tri County Roofing for a free estimate. Roofing costs vary, depending on the size of the roof, type of material, pitch of the roof, accessibility, and other factors. It is reasonable to add 10-15% to this estimate to account for inflation, and unexpected expenses.

Step Two

Next, divide the number of months before your roof would be expected to need replacing (i.e. the remaining warranty period). This will give you a rough estimate of what you should be putting into a savings account each month, so that when the time comes to replace your roof, financing a new roof will not be a burden.

An overall home repair savings account is wise in every budget. Many banks allow you to break that savings into sub-accounts specifically designated for a purpose at no extra charge, and will set up an automatic monthly transfer from checking to savings (so you won’t forget or be tempted to spend it on something else).

There are financing options available

• At Tri-County Roofing, we have 3, 6, and 12-month same as cash financing available through Spring Leaf Financial.
• Ask your bank about home improvement loans or refinancing.
• Tapping your Roth IRA may be the solution, particularly if you are over 59 ½ years old and your investment has been in place 5 or more years.
• The family emergency fund should be considered a source of last resort.
• If your budget shortfall is small, you can re-allocate funds within the budget (i.e. any unused funds from other budget items can be re-designated to the roof).

Financing a new roof doesn’t need to be an overwhelming burden. With some pre-planning and careful budgeting, you can have peace of mind when that expense arises for your Savannah home.

Contact Tri County Roofing & Siding for more information!

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