It’s one of the more dreaded times in the life of a homeowner— needing a roof replacement. 😫 It’s certainly exciting to think of giving your curb appeal a boost, choosing a new material and color, and keeping your interior protected from water leaks. However, a new roof is often a significant investment, and that’s no secret.
No homeowner should ever have to put off getting a much-needed roof replacement because of a lack of upfront funds. It’s essential to protect your home, and putting off a roof replacement for too long can cause significant damage to your property.
Start planning now for the inevitable day you need a roof replacement by learning how to pay for a new roof with these 6 financing options.
1) Pay Upfront
The easiest way to pay for a new roof is with cash or a check. If you are diligent about putting money into an emergency fund each month, you may have enough saved up to pay for all or most of your roof right away, especially if you have a smaller roof.
While this payment method is ideal, most people don’t have the upfront funds to cover all of the costs of a new roof. You also don’t want to deplete all of your emergency funds on your roof in case other costs like car repairs or medical emergencies arise. If this is the case for you, there are other financing options available that can help you pay for your roof over time.
2) Roofing Company Financing
A fantastic way to finance your new roof is by working directly with your roofing company. Many reputable roofing companies partner with financial lenders in order to make the loan process easy for customers.
Here at Roof Troopers, we partner with Enhancify, which is the top home improvement financial lender nationwide. All you have to do is check your rates (which won’t affect your credit score) and apply for a loan! Perks of Enhancify include:
- Any credit score is eligible
- No prepayment penalties
- Loans up to $100,000
- Home equity is not required
- Approval within 48 hours
3) Credit Card
Another financing option for your new roof is to charge it to a credit card with a low-interest rate. If you have good credit, you may be able to qualify for a 0% APR introductory period, which would give you some time to pay off your debt without accruing any interest.
This financing option can be helpful if you need your roof replaced urgently and don’t have time to wait for other financing options to come through. However, you will want to be sure that you can pay off your balance before the introductory period ends, or else you’ll be stuck with a high interest rate.
4) Insurance Coverage
If your roof sustained storm damage, you can file an insurance claim. If the insurance adjuster confirms that your roof received damage that wasn’t your fault, your claim may get approved, meaning your homeowners insurance company will send you a check to cover some or all of the roof replacement.
5) Home Equity Loans
If you own your home outright or have significant equity built up, you may be able to take out a home equity loan to pay for your new roof. Home equity loans typically have lower interest rates than personal loans or credit cards and can be a good financing option if you have excellent credit and a steady income. Just keep in mind that if you fail to make your monthly payments, the lender can foreclose your house!
6) Personal Loan
Personal loans are another financing option to consider when paying for your new roof. You can apply for a personal loan from a bank, credit union, or online lender. The interest rate you qualify for will depend on your credit score and income. Be sure to shop around so that you find an optimal interest rate and repayment term.
Signs You Need a New Roof
New roofs are expensive investments, so you should schedule a couple of inspections with professional roofers to ensure you actually need a total roof replacement rather than just repairs. Some tell-tale signs that you need a new roof include:
- Age of your roof: Typically, asphalt shingle roofs last anywhere from 20 to 30 years. If your roof is starting to show its age (e.g., missing shingles, visible rust, etc.), it’s likely time for a replacement.
- Water damage: Leaks and water damage are often signs that a new roof is needed. One way to test for leaks is to sprinkle a few drops of water on your ceilings or walls after a rainstorm; if the spots don’t dry within an hour, you’ve got a leaky roof on your hands.
- Mold growth: If you’ve noticed any black or green patches on your ceilings or walls, it’s likely due to mold growth, which is often caused by moisture seeping through the roof.
- Sagging: If your roof is sagging or drooping, it’s a sure sign that it needs to be replaced. This is an urgent issue that needs to be addressed immediately.
- Missing or cracked shingles: If large portions of your shingles are cracked, curled, or missing entirely, it’s a good idea to get a new roof.
Getting a New Roof Shouldn’t Have to Break the Bank
We know that funding a roof replacement can feel intimidating and stressful. Hopefully, learning about these different financing options has helped you feel more relaxed and prepared.
Here at Roof Troopers, we believe that every homeowner deserves a high-quality, protective roof. When you reach out to schedule your free estimate, be sure to ask us about our financing options with Enhancify!