How to Budget and Pay for a Roof Replacement

May 27, 2021 by GLSA Mobley

---

Most homeowners plan ahead for a new air conditioner or water heater, but a new roof often catches them off guard. A little planning makes a big difference. Here's how to tell when your roof will need replacing, build a realistic budget, choose a way to pay and decide whether a new roof is worth it for your situation.

How Long Will Your Roof Last?

Asphalt shingle roofs come in two main types:

• 3-tab shingles may last up to about 20 years under ideal conditions.
• Architectural shingles that are properly installed and maintained may last 25 to 30 years.

Few roofs reach the best case. Tennessee's rain, ice, heat and storms wear shingles down faster, and roofs under trees age more quickly from falling debris and scraping branches. If you don't know how old your roof is, a roofer can usually estimate its age and remaining life during an inspection.

How to Create a Roofing Budget

1. Get your roof inspected. A professional inspection tells you whether you need a repair or a full replacement, and how soon. That answer drives everything else in your budget. Most inspections cost $100 to $600, and many roofers, including Mobley Brothers, inspect for free when you're getting a replacement estimate.

2. Get at least three estimates. Comparing written quotes from licensed, insured roofers gives you a realistic benchmark. Compare what each quote includes, not just the total. Our post on why a new roof costs what it does explains what to look for, and our Tennessee roofing pricing guide shows typical ranges by material and roof size.

3. Choose your materials. Shingle type, color and any upgrades like better ventilation or ice and water shield all affect the final price. Once you pick, you can lock in a firm number.

4. Plan for the unexpected. Damaged decking often isn't visible until the old roof comes off. Decking repair typically runs $2 to $5 per square foot, so ask your roofer how they price it and set aside a cushion.

How to Pay for a New Roof

If you need a new roof and haven't saved for it, don't put it off. A failing roof can lead to leaks and damage that cost far more than the roof itself. Common ways to pay include:

• Roofing company financing: Many roofers, including Mobley Brothers, offer home improvement financing.
• Home equity line of credit (HELOC): Borrow against the equity in your home.
• Cash-out refinance: Refinance your mortgage and take out cash for the project.
• Homeowners insurance: If storm damage is the reason you need a new roof, your policy may cover some or all of the cost.

Compare interest rates, terms and fees before you choose. The best option depends on your equity, credit and how quickly you want to pay it off.

Is a New Roof Worth the Investment?

A new roof recoups a good share of its cost when you sell, and it's one of the first things buyers and inspectors look at. But resale value is only part of the return. A new roof also pays you back while you live in the home:

• No more repair bills: If your roof is more than 15 years old and needs repairs every year, that money may be better spent on a new roof.
• Lower energy costs: Upgraded ventilation and lighter, more reflective shingles can reduce cooling costs.
• Curb appeal: A new roof makes your whole home look better, and that's hard to put a price on.

Should You Replace Your Roof Before Selling?

If you plan to sell soon, a new roof rarely pays for itself dollar for dollar. But an old or damaged roof can raise red flags during a buyer's inspection and slow down a sale. If you plan to stay a few years or more, a new roof is usually a sound investment. We'll give you an honest assessment of where your roof stands either way.

Financing and Free Estimates from Mobley Brothers

Mobley Brothers Roofing and Renovation offers financing and free roof replacement estimates in Middle and East Tennessee. As a GAF Master Elite® contractor, we install every roof to manufacturer standards and stand behind our work. We're licensed and insured, with A+ ratings from the Better Business Bureau in both Knoxville and Lebanon. Call our Knoxville office at (865) 205-0800 or our Nashville office at (615) 455-3131, or fill out our contact form.

---