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Discussion Starter #1
Hello all.

My DH and I are essentially on BS3, though I just started reading TMMO. We both have been following the Dave Ramsey plan our whole lives because of our parents without really knowing it (THANKS MOM AND DADS!). As a couple we've never been on any formal plan beyond setting a joint budget that we do *ok* on. We don't have any debt other than our mortgage and we own paid for reliable cars.

We bought a house last year knowing that it would need a roof soon. We cash flowed our wedding over the summer and now that those expenses are behind us, we are focused on replacing the roof. We anticipate the cost of the roof to be between 8 to 12 thousand dollars. My plan would be to wait and save, we can save $1000 per month starting this month. My DH is worried that the roof won't make it through the winter/rainy season and wants to replace it immediately so we avoid a major catastrophe by waiting a year to save. We only have a BS1 emergency fund. He wants to take out a credit card with 0% interest for 18 months and pay it off as quickly as possible.

We keep a joint account that we each deposit money into for joint expenses and also have separate accounts for spending. We only have that checking/savings account with a debit card, we do not have any joint credit cards. We each have 1-2 credit cards that are paid in full each month, neither one of us has ever carried a balance.

Obviously putting an expense that large onto a card makes me pretty queasy. He doesn't have any qualms about it because we tend to be responsible. Our only weakness is food (groceries/dining out).

What do you guys think?
 

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More importantly, what did your mortgage company say? I'm shocked you got a mortgage on a roof in that bad a condition - most companies want you to fix it first because if it's in that bad shape, terrible things can happen and the insurance won't pay on it because of prior damage.

Also, get a good estimate from a lot of roofers. In this area, at least, that price would be for about a 5400 sqft roof. Which is huge, and rare that you could have anything like that without multiple stories, in which case you're talking 10000+sqft house which is way too big to only have a $1K emergency fund. :) OR you're talking a fancy roof. Probably you need to have a simple roof because that's what you can afford now - you can upgrade by saving for it for when this one needs replacing.

If you are seriously disciplined, I would go for the CC (which is NOT dave ramsey's approach) because of the high risk of damage. Since you are disciplined at not having debt, chances are that your risk of not paying off by the 18 months (since you seem to be able to save at a high rate) are pretty low.

Also you should know, but DON'T PAY THE ROOFER UNTIL YOU ARE SATISFIED.

We learned the hard way with our roof/gutters/deck that when they get the money all the sudden they stop returning calls about things being not quite right.
 

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Discussion Starter #5
When you had the house inspected, what did the inspector say about the roof?
It is original to the house from 1978 and he said that due to a prior leak that was fixed (well enough), it would need to be replaced soon. The tiles are old and damaged, there are quite a few cracked/broken ones. We have had three roofers come out and inspect it, one gave an 8k estimate, another 10k, and one who is a family friend said he could do it "right" for 12k-14k. Ouch. The family friend said he would include some changes to sloping, repairs to the chimney and a higher quality under fabric<?>. My father has used him, I've known him since I was a kid, and although my dad admits he's expensive, he trusts that he would do the job right.

The mortgage company did not have an issue with the roof when giving us the loan. The house was, otherwise, in great shape. Considering the total cost of the home, 10k for a roof is not all that significant.

To Ambroseya:
Unfortunately, due to the HOA it has to be a tile roof. The HOA does not cover roof replacement. Its a small roof, less than 1k square feet but we have to get a synthetic tile. If it were shingle, it would be much, much less expensive. We are obviously going to be getting more estimates before we get started. Neither one of us is very handy so we are going to shop around to try to avoid getting fleeced.

Thank you
 

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Go through Sears or Home Depot....they only work with the best people, the work is done right, and they stand behind their 100% satisfaction guarantee. They also have specials with 18 month or 24 month financing.
 

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Home owner's insurance? We needed our roof replaced this year and our insurance covered most (80%) of the cost.

I personally would get the roof fixed asap. It only takes one or two small and unknown leaks to cause a lot of water damage.

Scott
 
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