The Red Saw - Renovation and Construction Service Exchange

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Charlottetown, PE

Example No.1 Example No.2 Example No.3

Example No.2 

Name: Jennifer
Occupation: Architect
Annual Income: $ 100,000

Jennifer and her family purchased their new home 7 months ago and have been living in it for two months after completing a 5-month extensive renovation.  The total cost of their renovations were $ 120,000 their initial budget was $ 90,000.  As a result the plan to replace the roof has been put on hold due to financial restrictions and the fact that the building inspector had indicated that the roof should hold up for a few more years before requiring replacement.  Unfortunately, in mid March three separate leaks were discovered coming thru the exposed cedar ceiling of there post and beam home. The roof was immediately tarped and come June the roof underwent a thorough inspection by a roofing professional.  It was determined that a new roof could not wait and was required immediately to avoid any further water damage by heavy rains. The roof inspection also found evidence of structure damage caused by carpenter ants that were no longer present.  Cost estimates for a new roof were around $ 12,000.  A separate cost by a contractor to replace the damaged structural members caused by the ants was $ 6,000.  The total unexpected costs faced by Jennifer and her family to complete these two scopes of work is $ 18,000.  

The following are Jennifer’s options:

A.) Borrow from her line of credit to get the work completed quickly.

The downfall of this option is that Jennifer, already financially extended from the renovation cost overruns, will now go further into debt and is unsure how she will afford to cover off this additional payment.

B.) Leave the roofing & structural work until she can afford to have it done. 

The downfall of this option is that the structural damage poses a possible safety concern and in the unlikely event of a structural failure the house insurance might be void as Jennifer was aware of the structural issues but chose not to act.  

Secondly, the failing roof system if not tarped properly and monitored closely could allow more water to enter into the building envelope causing further water damage within the ceiling space.

C.) Post an ad with The RedSaw to offer up her skills as an Architect, in exchange for the services of a contractor and roofer that are seeking Architectural type work. 

The benefits of this option are as follows:

• It’s free to post an ad.
• Jennifer will be increasing her annual income by approximately $ 18,000 
  
• (Annual income $ 100,000 + $ 18,000 = Revised annual income $ 118,000)
  
• Jennifer will not be going further into debt by borrowing the $ 18,000 from her secured line of credit.
  
• Jennifer will not be paying any interest charges as no funds have been borrowed.
  
• The roofing and structural work still gets completed within a reasonable amount of time. (Obviously, the more people who participate the better the chance your match will be found quickly.)
  

View Example No.3

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