Inflation and supply chain issues have drastically affected construction costs. The roofing quote you received a year ago may look like a completely different number today. If these price shifts don’t align with your budget, you may want to explore financing options for your new roof. Read on to learn different ways to pay for roof replacement.
Before You Finance – Could You File an Insurance Claim?
Have you considered filing an insurance claim for a new roof? This will only work under certain circumstances, but it could be a great money saver for you. If your roof experienced drastic damage from a storm, fire, or other act of nature, consider filing an insurance claim for repairs. McLean Roofing and Siding would be happy to work with your insurance company for you.
Common Ways to Finance a New Roof
The way you finance your roof will depend on your credit score, financial limitations, loan needs, and other factors. Here are a few financing options for roofs:
- Take out a home equity line of credit (HELOC). This is a great option if your home loan is significantly lower than the value of your house. You can use a HELOC to pay for home improvements, and those improvements can boost the value of your home. HELOCs are open lines of credit, so once you pay off your roof, you can re-use the loan for your next home improvement project.
- Use a low-interest credit card or an interest-free introductory period. Paying for a roof with a credit card may feel odd, but many cards now offer interest-free financing for large purchases. This essentially creates a loan within your credit card, but the payments and terms are separate from your other charges.
- Use a personal loan for some or all of the charges. Perhaps you have money to cover half of the roof, and all you need is a short-term loan for the remainder. Your bank or credit union may have loans available to accommodate your needs.
- Ask about in-house financing through the roofing company. Many roofers have done away with this practice because of increases in operating expenses. Nevertheless, it does not hurt to ask about financing options. The roofing company may have a financing partner they can direct you to if they do not offer to finance directly.
Roof Repair vs. Roof Replacement Costs
Roof repair may cost less than a brand-new roof, depending on the extent of the damage. If your roofing still has many years of life left, getting a repair may be the best option for your budget. If you have widespread roof damage or your roof is at the end of its lifespan, repair now may not be beneficial in the long run.
Learn more: Is Getting a New Roof Worth It?
Get a Quote for Your New Roof
The first step in this process is a personalized quote. One of our licensed roofers can inspect your roof and discuss your repair/replacement options. From there, we can talk about ways to finance your new roof and help you plan your next steps. Contact (248) 524-1111 to schedule an appointment.
You can also visit our roofing and siding showroom in Troy, MI. We have experts on staff to answer all your questions, and you can view various materials in person. Visit us today to learn more:
McLean Roofing and Siding
321 E Maple Rd
Troy, MI 48083