It’s important to prepare for roof maintenance. This relieves a lot of stress for you and your wallet. It’s best to plan for both roof repairs and an eventual roof replacement.
When you budget for repairs it helps you ensure that small issues are addressed in a timely manner and then you avoid the cascading failures that culminate in leaks that damage your interior or needing a new roof before it would have been otherwise necessary.
How Much Should I Budget for Roof Repair Cost?
Costs fluctuate with the price of labor and materials, time of year, and the extent of your damage. Repair costs vary greatly from one roofing company to another. $500, more or less, should take care of most simple roofing issues in the Puget Sound area, like a couple of shingles lost in the wind or a small area of damaged flashing.
It won’t cover major repairs like a tree through the roof, so remember to check what your homeowner’s insurance covers and do your routine roofing inspections each spring and fall. Try to save enough to cover your deductible.
A repair could be needed at any time. If you can save $50 a month for 10 months then you will be empowered to handle little roofing emergencies that come your way. Since these costs are random in timing, be sure to replenish your funds after they are spent so you are ready for whatever comes your way.
How Much Should I Budget for Roof Replacement Cost?
Roof replacement costs can be complex but are primarily based on the geometry of your roof and materials selected. The Greater Seattle area, like most major cities, is more expensive than rural regions where the cost of living is less.
A new roof for a modest house could be $15,000 while a large and complicated home with upgraded materials could be three times more.
First, try to figure out how old your current roof is. You may have some paperwork around from the last replacement or can guess based on when your home was built. Next, try to determine how many years of life are expected to remain on your roofing materials. Subtract the current age from the expected age so you know how long you have to save up.
For example, if your home is 5 years old and you have 20 year shingles then you have roughly 15 years to save toward your target amount. If you feel your roof replacement cost would be $15,000 and you have 15 years to save then $1,000 per year is $83.33 per month.
Saving for Roofing Expenses
Ask your financial institution about a savings account for a rainy day fund. You can more clearly see what you have set aside and you’ll be less tempted to spend it on little things.
Statistically speaking, we all know that prices are more likely to go up than down due to inflation. Aim towards the higher end of your target goal. Start setting aside what you can. If your workplace does direct deposit payroll you can also divide your annual target by the number of pay periods and have an automatic deduction set aside.
If you divide your annual target by 11 instead of 12 then you have a little breathing room for the holidays, vacation, or some other emergency. If you end up not needing the buffer then you just reach your goal more quickly. In the above example that would make your monthly savings target $90.90. The difference of $7.57 has little additional impact on most families, but gives you options if you have different stresses on your budget throughout the year.