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New Roof = More Debt??

April 4th, 2013 at 04:41 pm

This morning I woke to the pleasant sounds of rain, but the very unpleasant patter from the drip inside our bedroom. Frown

The temporary patch job DH did held up for almost the entire rainy season. The weather forecasters claim this is the last big storm, but I can't say I trust them even more than 50%. At present we only have the one leaky spot, but this roof has got to be replaced.

In an earlier post I wrote about DH getting together with some of his buddies and doing the job himself. There would be the cost of the materials and the fees at the dump to haul all the debris away. I am not yet sure what the materials would even be because we haven't started to get pricing. If you read my other post I said our plan was to use the fifth payday in May to buy materials. If the materials cost more than that we are going to have to use the credit card to make up the difference.

This morning I was up early and it gave me some time to reflect on this major replacement that our house needs. It's going to be a big job. Demo of the existing roof will probably take one day if not a weekend. The new roof will likely take more than a day or two, but that will be easier, cleaner work.
The way I figure it my DH is looking at two solid weekends on the roof. I think he thinks he is up for it, but I need to be sure he is really committed to wanting to do it. I am not concerned about the quality of the job, but with how much time it would take. If we did it this way it certainly would be the cheapest option. (Option A)

Because this is getting to be a MUST DO item and I can't see us putting it off much longer I am liking the idea of hiring out. Just get it done and over - Period. Much less stress on DH (and marital bliss) to go this route, but more expense (roughly $6500).
Two thoughts I had this morning were:
Option B: HELOC. Lower interest rate and I think we'd get one, but have never checked into it, so??
Option C: CC. I hate this, but it's an option.

Bottom line is DH and I have got to do some material price shopping and some serious discussion. There is not an easy solution with this one.

2 Responses to “New Roof = More Debt??”

  1. creditcardfree Says:

    It would be good to get a couple bids, apply for the HELOC, and price the materials. All that information will help you know the true costs for the roof and you can compare the best options. If the price difference is big and you have free willing labor it just might be worth it. You'll know what is right for you.

  2. Thrifty Ray Says:

    Darn...thats not good news. Id look into the HELOC and see if its an option. Hopefully you can determine the best deal possible and it wont break the budget too bad. :/

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