How to Financially Plan for a New Roof or Other Major Home Improvement Project
Is your home in need of a new roof, siding or an updated kitchen?
With the harsh weather Delaware has been experiencing, many homeowners may find that their first line of defense, their home’s exterior, has suffered.
Factors such as thermal shock can greatly reduce the life expectancy of a home’s roof, while shifts in temperature and humidity can result in water vapor condensing into liquid in wall cavities. Mold and water damage has often been referred to as “slow fire”; meaning that water can cause just as much damage to a structure, only at a slower rate.
Every homeowner has to face the daunting process of making major financial decisions about a home improvement at some point in their life. It can be stressful, especially if money is tight. There is a lot to consider once you realize the need for a new bathroom, kitchen, siding or roof. Best practice is to prepare for these major expenses well ahead of time.
Prioritize Your Home Improvement Projects.
Start by making a list of your top 3 home improvements you’d like completed in the next 5 years and prioritizing them, for example:
- New Roof
- New Kitchen
- New Siding
Do Your Homework.
Next, begin doing your research by contacting a licensed contractor to estimate each of these projects separately, and ask if there would be any significant price breaks if two or more were completed at the same time.
Select your finishes and do your best to get a pretty accurate pricing picture so that you can wrap your head around the cost of each…an accurate estimate might cause you to re-prioritize your projects due to budget constraints, or it might help you realize that a project could be more affordable than you realized!
How will you pay for your home improvement project?
Narrow your focus to 1 or 2 projects, based on what you’ve determined it will cost and what your budget will allow.
Then evaluate current lines of financial aid that are available to you to complete the project now:
- Credit Card
- Home Equity Loan
- Financing programs (available through some contractors)
Could you pay for some or all of the cost? Is it possible to spread the cost out over time?
Decide which is best for you and discuss your eligibility for financing with your contractor.
If you decide that you’d like to try to get out in front of the home improvement cost by waiting until you’ve had time to prepare.
Do the Math!
Determine the amount of savings, needed to proceed, and then divide the total by 52 weeks to determine how much you would need to save each week over one year to reach your goal. Or, break it down by months, or several years, depending on the urgency of the home improvement project.
Communicate with Your Contractor!
Ask the contractor who you’d like to go with how long the estimate pricing is good for, as most contractors’ costs rise every year. Explain to them your plan, and once you’ve reached your goal to proceed, contact them to let them know you’re ready to start improving your home!
Sit Back and Reflect.
As with any major decision in life, it’s best to take the time to contemplate and plan ahead. This not only take the stress out of life, it can make it a lot easier to reach your goals. Once you’ve taken all the proper steps towards reaching your home improvement goals, you can sit back and rest assured that you’ve developed a smart, well thought out strategy towards improving your home.
If you are currently looking for a #1 home improvement contractor in Delaware, get in touch with Ferris Home Improvements. We are a local family business helping our neighbors with all their home improvement needs. We have a stellar reputation and are certain you’ll be impressed with our work!