Unlike a kitchen remodel or bathroom upgrade, a roof is a necessary home repair that just can’t wait — especially if you’ve recently experienced damage due to inclement weather or storms. So, what do you do if you need a new roof but aren’t sure how to pay for it? Here are four financing solutions if you’re wondering how to foot the bill.
How to Pay for a New Roof
Depending on the size of your home and the slope of your roof, installing a new roof can cost anywhere from a couple of thousand dollars to $10,000 or more. Here are four ways how to pay for a new roof that don’t involve you paying the entire fee upfront.
1. Insurance Coverage
One of the easiest ways to pay for a new roof is to get money from your insurance company. If something unexpected has occurred, like massive wind or weather damage, your insurance company will likely cover the cost of a new roof, especially if you’re proactive.
Homeowner insurance companies want to protect their investments, so if you’re working to keep your home as up-to-date and in shape as possible, they’ll likely help cover the cost of a new roof. Talk to your insurance agent to see what roofing coverage you qualify for.
2. Roofing Company Payment Plans
New roofs can be expensive, and roofers understand that. If you’ve just had your entire home’s roof completely redone, it can cost thousands of dollars, and it’s difficult to pay that cost all at once upfront. That’s why many roofing companies offer payment plans to help you cover the cost in installments. If you know you need a new roof but aren’t sure you’ll be able to pay for it all at once, just talk to your roofer. Most will be happy to work with you.
Werner Roofing is happy to offer financing plans. You can provide us with the necessary information in less than two minutes and discover if you’re pre-qualified. We offer monthly payments so you can pay off your new roof over time. Our financing program includes 12 months of no payments with no interest – you can’t beat that!
3. FHA Title 1 Home Improvement Loans
Another way to secure funding for a new roof is to opt for a loan. The Federal Housing Administration Title 1 Home and Property Improvement Loan is made available through specific lenders and is insured by the Department of Housing and Urban Development. This loan was created just for homeowners, and since the government insures it, it is a safe route to take if you’re not sure you can fund an entirely new roof project on your own.
To acquire a Title 1 loan, you’ll have to prove that your roof needs major repairs or a total roof replacement, but it is a valid option that helps many people pay for roofing and home improvement costs every year. With a Title 1 loan, you’ll have 20 years to pay back what you owe, but it’s good to know that loans over $7,500 must be secured by either your mortgage or deed of trust. If you cannot make payments and fall behind, the lender can seize those assets.
If you’re interested in an FHA Title 1 Loan, you should consult with a few lenders to ensure you get the best deal. This tool can find an approved Title 1 lender near you.
4. Personal Loans
In some cases, you may be able to use a personal loan to help fund your roof repairs or replacement. Visit your personal bank or financial institution and find out their interest rates and regulations regarding personal loans. Different creditors will offer varying rates and terms, so it’s best to shop around to find the best deal for you.
Some personal loans will be short-term and last between two and six years, and others will be long-term, which can last for 15 years or more. Depending on your credit score and income level, your interest rate could be lower than 5% or up to 20% or more.
We’re Here for All Your Roofing Needs
A new roof can be expensive, but it’s a necessary investment. If you need roofing repairs, don’t fret – you have options. Many resources are available to help you get started on that new roofing project.
Are you looking for a new roof in West Michigan? Werner Roofing can help. Whether you’re not sure about financing or want to get an estimate of how much a new roof might cost, we’d love to help. Give us a call at 616-844-5382 or contact us online today for your free roofing estimate and to talk about roof financing options with us.