If you’re dealing with a damaged roof, you’re facing over $7,000 of work. Considering most American families have less than $5,000 in their savings, this creates a serious dilemma.
The number one priority is keeping your family safe, but you might not know how to pay for a new roof. Thankfully, there are more financing options available now than ever before.
There are specific factors that will affect your costs, tips and tricks to save money, and several financing choices. These three things will help you get your new roof in no time.
To find out more details about how to pay for a new roof, continue reading below.
How to Save
The best way to save money is to do your research and create a thoughtful plan. Consider these factors before you decide who to hire:
The Season
Consult local businesses in the Annapolis area to find out their high season — this will usually be in summer and fall. When business is booming, business owners can afford to charge more for their labor. If you’re on a budget, it’s best to avoid high season prices.
The Materials
Roofing usually comes in nine types — solar tiles, asphalt shingles, metal panels, coated steel, slate, rubber, slate, clay and concrete, green materials, and built-up roofing. Some of these are more expensive, require more maintenance, or have a limited lifespan.
How to Finance
Unless you have thousands of liquid dollars you’re ready to spend, it’s likely that you’ll need financing options. Here is what’s available to you:
A Credit Card
Though not the best option, using a credit card is a solid alternative should loans not be available to you. The interest is usually higher, but if you have the credit, you can pay for your roof this way.
A Home Equity Loan
This loan is perfectly in line with costly home maintenance like roof repair. If your home equity, income, employment, and credit are in good shape, you’ll likely get approved.
Your Insurance
If your roof experienced any damage due to natural events, you may not need to worry about paying for a new roof. Contact your homeowners’ insurance to see if they will pay for a part — or even all — of your roof.
A Home Improvement Loan
If your home equity isn’t great, look to a home improvement loan as an alternative. You should contact a few lenders to compare interest rates and closing costs.
A Payment Plan
It’s not unusual for roofing contractors to offer a payment plan. Most of these companies are aware of the high cost for these projects, but they still want your business.
A Personal Loan
Like a credit card, these loans usually have high interest rates. Unfortunately, they also have shorter terms. This is the least desirable option on the list, but it’s a good one to have if there’s nothing else.
How to Pay for a New Roof
Figuring out how to pay for a new roof isn’t difficult if you have the right guidance. Before making any decisions, figure out the factors affecting your cost. Then, follow the money saving tips above to minimize how much you’re financing through one of the options listed.
If your roof is damaged, don’t wait around to consult the experts. Ask the experts at Landmark Roofing about how to afford your roofing needs on your budget today by calling 443-214-2533!
