How to Be Financially Ready for Your New Roof

Many homeowners don’t think about their roof very often. In fact, too many Sarasota residents might not even be aware of maintenance problems on their roof until it starts leaking.  Unfortunately, once the roof begins to fail, it likely involves an expensive fix.

A new roof can be a major expense for any Sarasota homeowner, and if it is a surprise it can certainly cause a financial  burden. Here are some ideas about how to prepare for this home repair project – without breaking your piggy bank.

As with any major expenditure, proper planning can make all the difference.

Steps to Financing Your New Roof

• Have a Baseline: if you have just purchased a home, it is likely that you had a roof inspection. The certification provided to you after that inspection should have indicated approximately how many effective years were left on your roof. if you have been in your home for some time and do not know what the effective life of your roof is, it is recommended that you schedule a roof inspection as soon as possible.
• Assess Your Roof’s Condition: If your roof is less than a decade old, you probably will not have to think about complete roof replacement for a couple of decades, as most roofs last for approximately 30 years. If your roof is estimated to have 5 years or less left on its usefulness, it may be time to start saving. Although 5 years may seem like a long way out, the roof is old enough that any severe storm carries with it the possibility of doing some real damage.
• Determine What Type of Roof You Want: Roof prices change all the time. But if you can determine the current market price of the roof you are hoping to install, it will at least give you a benchmark as to how much you need to save. Consult with a local roofing company to determine what will be involved in a total roofing project for your specific roof. For instance, if you have an older home with an asphalt shingle roof – but you want to replace it with a tile roof – you may need to reinforce the framing structure to withstand the added weight. Understanding the likely scope of your roofing project will help you to budget.
• Start Saving: There is no time like the present! Whether it is $20 per paycheck or $100 per month, setting aside money in a separate “new roof” account is the best way to ensure that when it is time for that major expenditure, you have the bulk of the cash ready to go.
• Be Diligent About Inspections and Maintenance: Buy yourself some time by inspecting your roof regularly, and fixing any minor problems as they come up. At an annual inspection, your local roofing company can advise you if there are small fixes that will extend the life of your roof, giving you more time to save. Ignoring these steps may actually hasten the need to replace the roof, as a small maintenance issue which is ignored can become a large issue quickly.

Will your insurance pay for your roof? Many people mistakenly think that when it is time for a new roof, that the insurance company will pay for it. While this is true if there is damage caused by a storm, it is not true when it comes to normal wear and tear. In other words, if your roof is old and needs replacing, your homeowner’s insurance will not reimburse you for the cost of the roof. And if a 29 year old roof is ripped off by a storm, they may only pay a depreciated value. (policies vary, so be sure to check with your insurance company.)

With a little proactive maintenance and an understanding of your roof’s condition, you should give yourself enough time to save up for your new roof. The team at Avery Roof Services is here to help Sarasota homeowners in any way we can. Give us a call today.