The U.S. saw inflation rise 8.6% year over year in May, the fastest pace since 1981, causing construction costs for residential housing projects to increase by 19%.  This means some improvement projects are becoming more costly for homeowners already dealing with price increases and supply chain issues in other areas from groceries to gas.

According to the 2022 Homeowner Preparedness Report conducted by Hippo Insurance, nearly 43% agree that inflation has caused them to delay planned home improvement or maintenance projects and 60% are less comfortable making large purchases for their home.

While homeowners may be tempted to save money by avoiding large projects and opting to pay only for minor repairs, delaying certain projects can be risky and possibly lead to costlier problems down the road. It’s important to conduct routine inspections of your home to identify visible signs of deterioration. A certified contractor can conduct an official assessment and help you determine what projects deserve urgent attention.

“Prioritize issues that are known to be costlier to repair such as water leaks and any structural issues around the house,” Courtney Klosterman, consumer trends expert at Hippo, said. “Not all home repairs are created equal, so it’s important to look for signs that a project needs to be addressed quickly.”

Homeowners in states with scorching summer temperatures like California, and Florida with hurricane winds, should keep their roof top of mind. Damage to your roof can lead to health hazards and costly repairs if issues are ignored. Below we discuss 5 risks of delaying your roof replacement:

1) Damage to Shingles

Moss and algae can cause damage to your shingles, making them more likely to be lost during high wind events. The dark streaking caused by moisture damage can limit the effectiveness of cool roofs while affecting your curb appeal.

2) Water Damage

If your secondary water barrier is damaged, or your home was built without one, you can experience leakage and moisture damage from missing or damaged shingles.  This is an ideal environment for mold growth which can become a serious health hazard.

3) Further Damage from Pests

A damaged roof can invite pests who often cause further damage to the home, like chewed electrical wires.  This is another serious health hazard making residents susceptible to diseases, allergens, and bites from venomous insects.

4) Hazardous Roof Collapse

The combination of poor drainage, water damage, and damage from extreme weather like hurricanes can cause roof collapse in homes with older, more deteriorated roofs. Not only can this severely damage property, but put the safety of the residents at risk.

5) Higher Energy Bills

According to the U.S. Energy Information Administration, the average household spends nearly half of their utilities on controlling their indoor temperatures.  An older or damaged roof can cause leakage, increasing energy bills.

Financing Home Improvements with PACE

Don’t put your roofing project on the back burner just because you’re unsure how you’d pay for it. “Minor Damage” to your roof can lead to larger problems that result in major expenses.  If the upfront costs associated with your project are stopping you, consider the Property Assessed Clean Energy (PACE) financing program. PACE enables homeowners in eligible communities to finance 100% of safety and energy efficiency projects with:

• Zero upfront payments
• Low-interest rates
• Terms of up to 30 years
• Additional consumer protections

Contact us today at 866-734-3936 to learn more or click HERE to apply. Approvals are fast and you could be approved the same day!

Important Disclosures
PACE financing is subject to approval. Underwriting requirements and restrictions apply. PACE financing is secured by a lien on the subject property and often required to be repaid upon refinance or sale. PACE financing is private financing that must be repaid in full. PACE financing is not a government subsidy. Renew Financial Group LLC, a Delaware limited liability company (Renew Financial), is a private company and not a government entity. The installation or construction of property improvements financed with a PACE assessment is provided through an independent third-party home improvement contractor or other third-party provider, and not by Renew Financial or a government entity. Homeowners should perform due diligence before selecting a home improvement contractor or source of financing. Financing provided in California through Department of Financial Innovation and Protection License No. 60DBO-90653.

All content provided on this blog is for informational purposes only. Renew Financial makes no representations as to the accuracy or completeness of any information found by following any link on this site. Renew Financial is not a financial or home improvement advisor and information contained in this post should not be viewed as legal or financial advice.