What are the most common finance options for roof replacement?

Things are expensive – and that includes roofing repairs and replacements. With an average price tag of ~$9,500, it’s easy to think a roof replacement is out of the budget. However, there are many ways in which you can save or use financing to cover the cost of replacing your home’s roof. Just take a look below:

Always Save, First

Before going straight to the bank ant taking out a loan, make sure you do all you can to limit how much money you borrow with these steps:

  • Digital Shopping – Instead of window shopping, get digital quotes from a few roofing vendors. Costs vary widely across companies, so taking the time to digitally shop around could keep cash in your wallet at the end of your search.
  • Look at the Materials – We know you might want the biggest and baddest roof for your home but sticking within your budget is important. Between metal – or another higher-end material – and asphalt, a roof replaced with asphalt material is much more budget friendly.
  • Timing, timing, timing – If the choice to replace your roof is “just because”, try waiting until the fall and winter months to replace it. As the summer months are prime time for roof replacements, you could get a great deal come October – when demand is lower.

Paying for Your New Roof

After taking steps to reduce the total roof replacement bill will, next on the list is financing. If you do not have all the cash upfront to pay for the replacement, you’ll have to go with a finance option to pay for the materials and labor. Lucky you – there are many options you can go with! Here are the most common:

  • Insurance CoverageYou may be able to use your homeowners insurance policy to cover a portion of your home’s new roof. Insurance companies will usually cover repairs if the roof was damaged by storm, fire, and/or left. If your home’s roof was damaged by any of these elements – and not just by typical wear and tear – contact your insurance agent to discuss the payment process.
  • Payment Plan – If you’re working with a roofing company, you will likely be able to use a payment plan to help with the cost of the roof replacement. Depending on how long it takes to pay off the cost of your replacement, your payments could last months to several years. Just make sure you review the interest rate before you sign!
  • Home Equity Loan – A home equity loan can be a good way to help pay for your home’s roof replacement. If you are able to keep up with monthly payments, there are no consequences with this type of loan.
  • Personal Loan – In working with your bank or credit union, you can always take out a personal loan to cover the cost of a new roof. You will easily be able to borrow the amount to cover the roofing repair costs, and none of your valuables will be put at risk with this type of loan.

Have questions on how we can help you finance your new roof? We are here to help! Give us a call, and one of experts will work with you to create a financing plan for your roof replacement.

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