If your roof needs replacing, worrying about where you will get the money to pay for it can be a huge stressor. The average roof replacement can cost anywhere from $5,000 to $10,000, and while some may be financially savvy enough to have this amount of money in the bank, the reality is that most families do not. Insurance can pay to replace your roof if it is a result of a covered peril like fire, hail, or wind but often this is not the case and your roof needs replaced due to normal wear and tear. Here are 4 other ways you can pay for a roof replacement.
Many roofing companies will allow you to finance your roof, with a contract or written agreement of course. They also may work with a third-party company to finance the cost of the roof replacement as well, so be sure to pay attention to all the details.
Home improvement loans are an option for those homeowners who have to pay more on the higher end for a roof replacement. The Federal Housing Administration will let you borrow up to $25,000 if your home is in need of significant repairs. This is a secured loan, so work with a lender to see if you qualify.
Being in the position where you owe less on your home than what the market value is can put you in a great position to get a home equity loan. This can sometimes be the best option because interest rates on these types of loans are low.
If all else fails, you can attempt to get a personal loan to pay for your roof replacement. This might be the last resort because they usually have higher interest rates than any other type of loan, and are required to be paid back more quickly.
A roof replacement can be something that significantly improves your home in so many ways, so knowing the different ways you can pay for it can help cut down on the stress of the situation. If you have additional questions, Bealing Roofing and Exteriors, LLC is here to help. Contact us today.