Looking into roofing replacement? Thinking of getting new siding or updated windows? One of the first things you might have noticed is, besides the amount of options available, these types of exterior renovations cost quite a bit of money. Despite their cost, they are essential for the health and beauty of your home. You will eventually need a new roof, siding, and windows. Budgeting for these projects is just a part of the process, and a good one, at that.
If you need a new roof, siding, or windows, here’s how you can create a budget that allows you to find the right materials for your home.
Understand How Insurance Works
Before you even begin budgeting for your project, ask why you are replacing your roof, siding, or windows. Is it because of storm damage? If so, keep in mind that your insurance may cover most of the costs for the repairs or replacement.
If no damage has been sustained and you are just looking to update your home or replace old materials, there are still ways to create a budget that works for you.
Weigh Long-Term Savings vs Upfront Costs
The cost of roofing materials can vary greatly, with asphalt shingles being on the lower end of the pricing spectrum and metal roofing being on the higher end of the spectrum. However, the lifespan of these two roofing materials is vastly different. Metal roofing lasts far longer, so the overall lifetime cost is lower than something like asphalt roofing, despite its lower initial cost. The decision homeowners have to make is whether they want a longer lasting roof at a higher upfront cost or a roof with a shorter lifespan at a lower upfront cost.
At Schmidt Roofing, we work with many types of roofing materials and can help you weigh the pros and cons of using each.
Consider Financing Options
If the cost of the project is more than you have in savings, or if you are not comfortable depleting your savings to complete the project, there are many financing options that can help you pay the cost of the project over time. These can include:
- Home equity loans or lines of credit
- Personal loans
- HUD home improvement and repair loans
- Cash out refinancing
- Credit card/s
When looking at financing for your project, consider the terms of the loans, the interest to be paid, and the upfront costs.
While we at Schmidt Roofing can help you with selecting materials, we cannot give you financial advice on how to pay for your next exteriors project. We will, however, work with your insurance company in the event that insurance will cover any damage that has been done to your home due to storms or other causes.