A house with a damaged roof can be devastating, and we all know that replacing a roof can be very expensive. One of the most difficult issues that homeowners confront is figuring out how to pay for a new roof.
Fortunately, there are a variety of payment options for roof replacement projects that are available to you that are both flexible and meet your needs.
What Is the Average Cost of a New Roof?
The cost of a new roof varies greatly. Roof replacement expenses are typically around $8,000, and most people spend between $5,500 and $11,000. The square footage of your roof, and the sort of roofing material you choose are the two biggest variables that will affect the cost of a roof replacement project.
Although you may be tempted to choose a less expensive solution, choosing the cheapest available roof replacement option may result in a roof made of lower-quality materials and possibly bad workmanship. This is likely to cost you more money in the long run so it’s better to find a good roofer even if you have to pay a little more than you’d like.
What Are the Options to Pay For a New Roof?
Roof replacement is an expensive investment for which many individuals are unprepared and unable to afford.
Here are the 6 ways to pay for a new roof:
- Paying With Insurance
Homeowners insurance is needed for all homeowners, whether or not they have a monthly mortgage payment. This policy protects you against financial loss as a result of a fire, theft, or other types of damage, including natural disasters.
Paying for a roof repair or replacement directly through your insurance provider is possible in some situations, but this is only a realistic option if your roof was damaged for reasons other than normal wear and tear over time.
- Pay Using a HELOC (Home Equity Line of Credit)
If your homeowners’ insurance does not cover a roofing repair, you may be able to get roof financing through a home equity loan or home equity line of credit. A home equity loan lets you borrow against the equity you’ve built up in your home over time.
The lender considers how much of your mortgage you still owe. They then compare that to your home’s market value. You may be qualified for a home equity line of credit if your debt-to-income ratio is acceptable to the lender. This is normally a low-interest loan.
- Pay Using Personal Loans
You could always take out a traditional personal loan to cover the cost of a new roof. Once you’ve been approved, you’ll be given the funds to pay for your new roof and will have to pay back the lender every month.
Depending on your needs, there are 2 options for Personal Loans:
● A Short-term Loan: Usually require a larger amount of monthly payment to finish off the loan in a short period.
● A Long-term Loan: You can pay off the loan over a long period of time, but your monthly payment will have a higher interest rate.
- Pay Through Credit Cards
Homeowners with strong and good credit scores may be eligible for a 0% APR credit card. Credit cards may have a higher spending limit than most personal loans and don’t charge interest. You can save a lot of money throughout the loan.
- Apply for a Grant From the Government
The government offers certain grant options to assist in the financing of a new roof. The beneficiaries of these programs are low-income homeowners or retirees. A grant is like receiving free money from the government for those who qualify for the programs, making it one of the most financially advantageous options if you need a new roof but can’t afford it.
- Pay Through Roofing Company Financing
Most roofing companies provide financing to help you pay for your roof replacement. Because the cost of repairing or replacing a roof is too large to pay in one lump sum, roofing contractors provide financing solutions that allow for payment over time.
Choose Elite Services and Roofing for Your Roofing Needs
Elite Services and Roofing is a top-rank provider of roofing services in Utah. Our experienced and professional team provides the highest quality of roofing services at a very reasonable cost. For any individual service, we only use the highest-rated materials and tools.
Elite Services & Roofing is capable of repairing or replacing any type of roof. We specialize in residential roofing, but we can also handle large-scale commercial projects.
Our services include:
● Asphalt Roofs
● Metal Roofs
● Low Slope Roofing
● Repair/Leak Detection
● Gutter Installation/Repair
Elite Services and Roofing offer the most affordable and flexible pricing, as well as a variety of payment options to suit your needs. We guarantee top-notch service at an affordable price. We also work with a variety of insurance companies and we can assist you in finding a payment option that is best for you.
