Can I afford to install a new roof?
New roofs can be pricey but they might be more affordable than you think
Advanced Roofing and Remodeling understands that thinking about your expensive project like roof replacement is, if you can’t afford it is distressing. Even though there are instances when you can afford to save and budget for a large renovation, that isn’t always the case with a roof replacement.
Even if you haven’t had the chance to put money aside for your roof replacement project, there are choices available. If you need to re-roof but can’t afford it right now, there are a few things you may do to make it work.
Have a roofing company inspect your roof
Prior to start looking for ways to pay for your roof replacement, it’s critical to understand its full price and steps needed. We provide high-quality, free roof inspections, so if your roofing hasn’t been evaluated yet, call us today.
Think about the materials you’ll choose for your re-roofing
The type of roofing material you select has a direct impact on the price. There are numerous solutions available, some of which are more economical than others.
When you get a free roof inspection from us, we’ll provide you tips on how to get the most value for your dollars. We may, for example, assist you in comparing the costs of several varieties of shingles for a shingle reroofing.
Before making an insurance claim, collaborate with your roofing company
The most cost-effective way to pay for a reroofing is to have your homeowners’ insurance cover it. If you’re reading this page, you’ve most certainly done this, but if you haven’t yet, give us a call so we can examine your claim to make sure it’s valid.
We don’t advise you to file the claim alone without any help from a professional. To achieve the greatest results, we strongly advise you to request an inspection report as well as advice from industry professionals. If your claim was refused, we can look through your reports and claims to see if filing a new one is worthwhile.
It’s time to move on to other choices if you’ve exhausted the insurance claim path.
Roofing Financing
We offer financing through a lender and most roofers offer some form of financing. You may pay for your new roof over a period of several months or even years with these payment plans. Even the most expensive roofs may be made cheap to people on a tight budget.
We provide quick, complimentary evaluations and tell you how much will the work cost. In minutes, you’ll have your pre-qualified rates and be able to look into your financing choices.
Title 1 Home and Improvement Loans
The Federal Housing Administration (FHA) offers Title 1 home renovation loans (FHA). Such loans are a great method to finance home and property improvements and maintenance. When you get an FHA loan, you’re basically getting your loan insured. Lenders will be more eager to engage with you as a result of this reduction in risk for them.
These alternatives take out a loan upwards to $25,000 with a 20-year repayment period. If you take out a loan for over $7,500, you must back it up with your financial assets. If you’ve tried everything else and failed, this could be a good option.
Home Equity Loans
Home equity loans are a way to get cash when you need it. You can borrow up to 95% of your home, as long as the value is higher than what you owe on your mortgage and that ratio favors the lender. The money could be used for anything from paying down debt or buying something more expensive like a new roof.
Home equity loans sound too good to be true – they give people access to their homes without having any collateral! However, this loan type comes with risks: just because someone has built some equity in their home doesn’t mean it’s worth that much anymore due to its age; also if there’s high rates for interest then borrowers will pay back even more.
Cash-Out Refinancing
With cash-out refinancing, you’re essentially getting an interest rate that is usually lower and paying it on your mortgage. This can be a great option if you own the house for years with no plans to move out any time soon because then all of this money will go towards fixing up or repairing anything around your home including roofing repairs and more.
The nicest thing about cash-out refinancing is that it will not need you to make a second mortgage or take out a home equity loan. You’re essentially replacing your previous mortgage with a newer one.
Grants
When you need a new roof but can’t afford it, it might be frightening. Fortunately, you have a variety of options for obtaining the funds you require. All it takes is a little bit of perseverance and maybe some unorthodox thinking.
If you’re ready to book a free roof inspection and learn more about your financing options, give us a call now. In no time, you’ll be on your way to a new roof.
