Oh, The Joys of Home Ownership...

[frugal-one]

Maybe ask your parents for a loan.

+1

[catherine]

Well, we just got an estimate to actually replace the roof...$13,000 from the cousin of a guy K. works with who works for a roofing company but also does jobs on the side. The gist of the roof problem is that when the house was originally built, there wasn't enough slope created at the highest part. It was actually two houses which were joined together in the middle (which is now our "studio" room and hallway that connects the two. It leaks horribly during the monsoon rains and when we have a snowstorm and the snow melts). At least the roof of the lowest half of the house never gives us problems. Basically the roofer needs to raise the level of the roof at the high end of the house (the living room area) in order to create an 8% smooth slope all the way down...

We had already planned to take our stimulus money and throw that into the roof pot, but now we are going to have to finance the rest. I am debating on whether to call my parents and inquire about the possibility of getting an advance on my inheritance (gawd, I don't like posing it that way as it is awfully presumptuous). Or perhaps better yet just inquire if they would like to donate to our roofing project. I really, really hate taking on loans. And it might be hard to get money right now from a bank. At any case I need to start the information process. I am also waiting on hearing back from another roofing company who does the spray foam to see if that is a viable option for our problem.

I'll be interested in seeing how this works out for you, because we have "roof" on our to-do list also for the same reasons. We have barely any pitch to our house, and like you, the roof was patched together with add-ons to both the front and the back. Our roof leaks also, into the back rooms when it rains a lot.

So we got a roof replacement estimate of $5,000, which would NOT include raising the rafters. Our neighbor, who aside from being a good friend is also a roofer, said that he would recommend raising the rafters. I've been playing around with changing the roofline altogether to a shed roof, which would permit more light and a much better view of the lake, but I've decided against that. I think we might raise the pitch of the existing roof line and then eventually bump out the front with a bay window to let more light in a more cost-effective way.

Looking forward to what you learn, SiouzQ.

As for your funding dilemma, I don't know. Personally, I'd find it harder to ask for money from a relative than ask for a loan, but if your parents have already suggested that they would gladly support those kinds of things, you could remind them.

[Gardnr]

So we got a roof replacement estimate of $5,000, which would NOT include raising the rafters. Our neighbor, who aside from being a good friend is also a roofer, said that he would recommend raising the rafters. I've been playing around with changing the roofline altogether to a shed roof, which would permit more light and a much better view of the lake, but I've decided against that. I think we might raise the pitch of the existing roof line and then eventually bump out the front with a bay window to let more light in a more cost-effective way.

I would hire an architect to do the design for you. Share w her/him the ultimate goal as well as the steps. Last thing you want to do is have to do the roofline twice.

The side benefit is getting suggestions from that professional that you just might like better. We love our result even though it was 4y before we could fund it.

[ToomuchStuff]

What direction does the roofline go now? How is it being raised? New wall, wall of windows, skylights, etc.
That might also have the effect of enlarging the property, for both tax and for heating/cooling purposes.

[SiouzQ.]

Good news! After looking into a consumer loan (since we have not had the house long enough to build up enough equity to get a HELOC, the best rate I could get from my credit union was 9.75%). I CANNOT stand having loans and paying so much interest! I decided to I ask each of my parents if they would loan us $2500 each (no interest), which they readily agreed to. K. has $3600 to put in the pot right now, so I was going to come up with the remaining $5000. K. makes a lot more than I do, but I (thanks to my frugal ways for over 20 years) have A LOT more ready cash in savings and retirement accounts.

I called my financial guy at the credit union who has been helping me with my money for over ten years and he said I could take out money from a little retirement account I got from my divorce in the early '90's. I just called TIAA-Cref and was told that I would still be liable for the 10% early withdrawal penalty (I am only 58 1/2 right now). And then there would be the 20% Federal Taxes taken out; it hardly seems worth it to get all those penalties and only get $3900 from it. Then it dawned on me, why not just take $5000 out from my Money Market savings account and forgo all the penalties???? DUH moment! It still leaves me with plenty of emergency money that is easily available.

K. will then pay each of my parents $100 a month and I will get a reduction in the amount I give him for the mortgage until we have evened up our share of the roof cost.

Back to the roof: the standard in New Mexico is metal roofs; the weather is so extreme here that I don't think the usual shingle roofs work at all. I wish we could hire an architect to do all sorts of things for us, but we just do not have the money for that. It is a "rustic" house that was hand-built in a poor area, so it does have some weird (but charming) anomalies. Envision a tri-level home on a slight slope (originally two small houses connected at a later date in the middle) with five steps up to each level. The highest end of the house is the living room and main bedroom; that is where the highest part of the roof is and the place where the roofer is going to add about one foot of height in order for an 8% slope all the way down.

I'll post a photo of the outside of the house when I can find one.

I am just SO GLAD that would don't have to get a loan for this project. I HATE being in debt!

[Tybee]

Please post pics of the house and roof work--it will be cool to see it. What color are you getting?

[Teacher Terry]

That’s nice of your parents. We have given our kids interest free loans and my parents did the same for us.

[Gardnr]

I wish we could hire an architect to do all sorts of things for us, but we just do not have the money for that.

I was pleasantly surprised upon investigation that the plan would only be $900. He had better ideas than we did and 4y later, the result is fabulous and we love it. He was worth the expense.

Like you, we do not like debt. We only improve with cash-so I completely underestand.

[catherine]

So glad you've found funding!! I'd really love to see pictures, because we have a quirky house, too--one which only an anti-HGTIVer would love. (I'm a recovering HGTV watcher.)

What direction does the roofline go now? How is it being raised? New wall, wall of windows, skylights, etc.
That might also have the effect of enlarging the property, for both tax and for heating/cooling purposes.

I think TMS was addressing the question to me, so to answer, it is currently a very low-pitched roof. See picture (we're painting the outside next week!). I agree that more windows and a higher roof, and particularly a shed roof would raise our heating bill, especially since I'm looking to expand the north-facing wall. That's why I think a bay window might do the trick.

4669045_0_QzNimJ_p.jpeg

[Tybee]

I love it! Is this the front of the house, with woodstove pipe to the right? Is this what faces the water? Where would you raise/shed the roof?