5 Tips for Financing Roof Repair and Replacement
February 9, 2023
You notice signs of wear and tear appearing on your roof. You decide to be proactive and hire a residential roofing company before the problem becomes worse. Too quickly, the bills start pouring in and you find yourself struggling with budgeting issues you didn’t anticipate.
Roof maintenance, roof repairs and roof replacement usually entail major renovation which is why they can get pricey.However, roof repair is an expense that’s hard to put off, especially when it’s your home that needs it.
Fortunately, we have tips for financing roof repairs and replacement so the cost can be lighter and more manageable.
Let’s get started.
1 Check your homeowner’s insurance policy to save on roof repair costs.
Many homeowners’ insurance policies include coverage for damage caused by fire, extreme weather, and other man-made disasters. If you have an insurance policy for your home, carefully review it to see if your situation might be covered.
Not all instances will be paid for by your insurer. Typical exclusions are damage due to neglect, regular wear and tear, and roofs that are more than 20 years old.
However, if you think you have enough grounds to file a claim, make sure to gather your repair records, photos before and after the damage, and reports from inspectors. It’s also best to give your insurance company a call as soon as the damage occurs.
If you qualify for a claim, your insurer can save you a lot of money that you would otherwise have to pay out of pocket.
2 Work with your roofer’s financing partner.
Some roofing companies anticipate the financial needs of their clients and offer in-house financing plans. If your roofing company has a financing partner, you can get long-term financing solutions that can help you spread the cost of your roof repair for as long as 10 years.
By dividing the total cost into monthly installments, you can pay for your new roof or roof repair in smaller, regular increments. This will make it easier for you to budget your finances without having to pay a large one-time sum.
Just be sure to consider the terms and conditions of financing before deciding on a plan. Ask about interest rates, fees, and penalties for late payments to avoid unpleasant surprises down the road.
3) Take out a personal roofing loan or home equity loan.
Among our tips for financing roof repairs and replacement is to see if you can get a home equity line of credit (HELOC). This type of loan allows you to borrow a certain amount and withdraw funds as you need them.
This solution is perfect for those who may want roof repair, roof maintenance, and roof replacements over a longer span of time or those who prefer paying some money upfront and remitting the balance over time. These loans can help spread out the cost and make it easier for you to pay.
They also allow you to deduct any interest paid on these loans from your taxes which makes them a smart financial decision. Talk to your lender about the best loan option for your residential roofing.
4) Refinance your mortgage.
Refinancing your mortgage can help you manage the costs associated with roof repairs. By choosing this option, you can potentially reduce your interest rate and lower your monthly payments. You can also get access to additional funds that could be used for other home improvement projects.
Refinancing can also help increase the value of your home while allowing you to take advantage of lower interest rates. Plus, you can often save money in closing costs when you refinance. You can choose to roll over the cost of your roof repair into the loan or pay for it upfront.
No matter which option you select, refinancing makes it easier to manage your roofing costs which is why it’s one of our tips for financing roof repairs and replacement.
5) Re-Use Appropriate Roof Metal Parts
Roof pieces made of metal can be re-used for roofing. This will save you money on roof repair costs. You may even be able to find some pieces that are rust-free and require no further maintenance. This is especially true for parts of the metal roofing that are still in good condition. Re-purposing them will help save you time and money.
Hiring a Residential Roofing Firm Can Be an Efficient and Cost-effective Solution
J. Adams Roofing offers stress-free financing options for home owners in the great Saint Augustine area. We are a reliable roofing repair partner in Florida that can help you finance your roofing repairs.
Our in-house financing options were designed with you in mind.
We have the expertise and experience to carry out even the most complex repair jobs. With our top-quality services, in-house financing, and unbeatable customer service, you can get the best value for money.
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