There comes a time in every homeowner’s life when one forced to deal with a big expense for a major home repair. A new roof, siding or window replacement can be costly and stressful, especially when money is tight.
However, waiting until things get worse or for other serious problems to arise can be a costly mistake. Being proactive by replacing or repairing your roof, siding or windows can save you time, money, and frustration in the future.
In addition to protecting your home and its contents, a new roof, siding or windows can give your home a more contemporary look, improve energy efficiency and increase its value. It could possibly earn you a home insurance discount.
If you are at this crossroad of having to make a big financial decision on a major home repair, planning financially can help to alleviate the stress. There is a variety of options that homeowner can weigh to determine the best solution for them.
Home Equity Loan, Planned Saving, Financing Program, Credit Card
Some homeowners might choose to refinance their home if they have sufficient equity or they take out a home improvement loan. Many homeowners have a home equity line of credit lined up for unexpected home improvement expenses.
Another option is to set aside a predetermined amount regularly to save up for your home improvement project. If none of the above seem viable, check with your home improvement contractor to see if they provide financing programs. Finally, as a last resort, check into using a low APR credit card.
Be sure to ask your home improvement contractor about any possible tax credits. Some new energy saving roofing, siding and window materials offer special credits on your income tax returns. Find out if a new roof affects your property taxes.
Another item to consider is the saving you might see in your utility bills once the replacement is finished. Newer roofs, siding and window tend to do a better job of holding in heat and cool air.
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 would 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 have reached your goal to proceed, contact them to let them know you’re ready to start 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. Ferris Home Improvements has a stellar reputation and are certain you’ll be impressed with our work!
Ferris Home Improvements is Delaware’s #1 local roofing contractor capable of getting your roof replacement done in a jiff! We are honored to be the winners of Reader’s Choice in The News Journal Best Home Improvement Company 6 years in a row!