Many homeowners first contact a roofing company when they need emergency assistance. A storm or high winds have knocked a tree down onto a roof, leaks have sprung, rodents are getting in or mold is blooming. Often, homeowners learn that the damage is more severe than expected, especially if their roofs were built with substandard materials or not well-maintained.
Unexpected roof replacement can blow a hole in any budget, particularly when unexpected. If you don’t have the spare cash, you may find yourself scrambling to figure out how to pay for a new roof, but you do have several financing options. Here are a few ways you can handle roof replacement costs.
Insurance Company
When figuring out how to pay for a new roof, it’s helpful to start with your insurance company. Depending on your policy and the type of damage your home has sustained, you may be covered by your homeowner’s insurance policy. Most policies cover accidental damage from an act of nature, however, homeowner’s insurance typically won’t cover damage arising from neglect. If you have not properly maintained your roof and have suffered storm-related damage, you may find yourself with a bill your insurance company only partially covers.
Out of Pocket
If you can afford to pay with cash or check, this is often the best payment option since it has no interest rates. You also don’t have to worry about complicated paperwork, long approval processes or hard-to-remember payment plans.
Credit Cards
You may be able to use a credit card to fund your roof repairs, however, this can be a tricky option, depending on your credit score. Funding roof repairs with a credit card may leave you with expensive finance costs and a balance that may take a while to pay off. Interest rates often tend to be higher than other financing options.
Personal Loans
You can also finance your new roof with a personal loan. You may be able to get one from friends or family. You can also obtain one from a bank or lending company, but you’ll want to examine the terms and conditions carefully before signing the dotted line.
Government-Funded Home Improvement Loans
Some government agencies offer home improvement and home repair loans, often at lower interest rates than you can get with private lenders. To qualify, you may need to meet certain income requirements, live in certain areas and agree to make improvements that conform to certain specifications. If you’re interested in one of these programs or other information about how to pay for a new roof with public financing, the U.S. Department of Housing and Urban Development is a good place to start your search.
Home Equity Line of Credit
A home equity line of credit (HELOC) is a common method to finance home improvements. If you have one that is not maxed out, you can also use yours to fund emergency repairs. You can often get a HELOC at a lower interest rate than you have on your credit cards.
Roofing Company Financing
Reputable roofing companies often offer financing options to prospective customers to cover roof repairs. Roofing companies like Roofing Optimum know homeowners dealing with serious damage often find themselves in a cash crunch. To ensure local homeowners can safely live in their homes, roofing companies work with homeowners on affordable solutions that can restore the integrity of their homes.
Managing Your Roof Repair With Roofing Optimum
At Roofing Optimum, we understand how distressing roof replacements can be, especially when you don’t have the cash to cover them. We’ll work with you to identify the right solution for your home that’s within your budget, in compliance with the law and aligned with your home’s technical specifications and design aesthetics.
If you’re looking to install new roofing to improve your home’s value, we can help with that, too. We’re well-versed in installing new roofing that improves curb appeal while protecting the integrity and security of the home. Download our Roofing Guide or contact us today to learn more about how to improve your home’s value.
