We have all heard the saying “save for a rainy day”; well this saying is taking on new meaning for homeowners that may have a damaged roof in need of repair. Repairing or replacing a roof can be expensive and many homeowners simply are not prepared for the costs associated with roof replacement.
What Can I Do?
Most people have some sort of emergency fund for unexpected costs and purchases. Getting a new roof does not have to be categorized as an unexpected cost. The bottom line is you should be saving money for roof repair and replacement.
As a homeowner, you should be budgeting about 1% of the value of your home for repairs each month. For example: if you have a $200,000 home, you should have at least $200 a month set aside for necessary home repairs.
If you haven’t already, you should begin saving money for a new roof immediately if your home has:
- A roof over 10 years old
- More than 2 layers of roof materials
- Visible damage to the roof
- Suspected (may or not be visible) roof damage
- A roof with multiple missing shingles, or shingles that are loose
- A roof that has a leak, or had a leak in the past
The truth is, most people don’t have this money set aside and haven’t even thought about the cost of roof repair or replacement until the time has come. Make a plan to set aside at least $25-$50 per month in a “roof repair” fund, you never know when you will need it.
