Every roof has a lifespan where it can be effective and needs to be replaced. You will have repair costs, inspection costs, and other expenditures along the way. It is important to budget for these capital expenditures ahead of time so that you can afford a great commercial roofer in Tampa, like Aderhold Roofing, when you need one. Here is how to budget for future roof expenditures.
For businesses, roofing costs are often classified as capital expenditures (CapEx). This means that they are paid for with funds set aside to maintain the businesses’ assets. Your company needs to adopt a budget that lets you save for roofing expenses. If your roof is damaged, you may not be able to operate until it is fixed by roof coating contractors in Tampa.
Start with Maintenance Costs
Roof maintenance is the best course of action to prevent costly problems in the future. Start your budget by figuring out how much routine maintenance should cost every year. The prevailing estimate preferred across the industry is 2% of the installation cost should be saved and used for maintenance each year. To be safe, try to save at least 3%. That way, you can spend up to 2% on maintenance, and save the remaining 1% for emergencies or other large repair costs.
Budget for the Type of Roof You Have
Each type of roof has a predictable lifespan, which should be considered when installing and budgeting for repairs. The expected lifespan of your roof tells you how long you have to save for a new roof.
For example, a roof that should last 10 years means that you have 10 years to save up the cost of replacing the roof entirely. For safety reasons, try to hit that goal at least a year early. Estimated lifespans are estimates and can be off by a given percentage of time.
Account for Inflation
Even if you are saving that 1% previously mentioned in the discussion of maintenance costs, that won’t be enough for a roof replacement. Since it is a multi-year investment, you also need to account for inflation. Use the annual inflation rate to calculate how much you need to increase your savings by. This will help you make sure that inflation doesn’t stop you from getting the replacement roof that you need.
Ask for Advice From Roofing Contractors
One way to make sure that your budget is accurate is to consult a commercial roofer in Tampa. You should have one in mind for your regular maintenance. When you have the maintenance work done, ask them about the general condition of the roof.
The maintenance team should be able to give you an idea of what condition the roof is in. Adjust your budget plan accordingly to be more in line with what the company tells you. That way, you won’t come up short if the roof needs serious work earlier than its expected lifespan.
Your roof may not be the first thing that you think about for your business, but it is a critical part of keeping your business running. Take preventive action to prevent serious problems as long as possible by working with a commercial roofer in Tampa like Aderhold Roofing. Make a budget to make sure that when you need to, you can get the additional roofing services that you need.
Aderhold Roofing is a leading commercial roofing company in the Tampa Bay area. Quality work and accurate pricing make it easy to see just how much value you get by working with us. To see the work that we’ve done around Tampa, see our project portfolio here.