A new roof on your home is going to be one of the largest and most important investments you make on your home. Without a properly functioning and healthy roof, you could be facing thousands of dollars in property damage should a large storm hit and water starts to leak. When it comes time to have your roof replaced, the amount of money that is needed to do so can be stressful. You shouldn’t panic though, there are several ways that you can finance a new roof for your home and Big Ike’s Roofing Co is here to talk about them.
How to Save Money on a New Roof
There are a few ways you can save money when you are replacing your roof. The first thing you should do is find the right roofing contractor. Not all companies will give you transparency when it comes to pricing and you shouldn’t just hire the first company you talk to. You want to make sure you have a reputable roofing company to help you with your roof replacement. You should also know that when choosing the materials for your roof, not all roofing materials are treated equal. If you don’t have a large budget, there could be some wiggle room on the cost of materials depending on the type of roof you choose.
How to Pay for a New Roof with No Money Down & Other Options
The cost can be steep when it comes to replacing a roof. Following are some of the financing options that may be available to you.
– Insurance Coverage: If your roof needs to be replaced because of age alone, there is no way your insurance company is going to be any help. However, if your roof has sustained damage because of a heavy storm or fire, you could get help that way.
– Payment Plans: Depending on the roofing company you choose, they may offer payment plans to cover the cost of a new roof. Just make sure you are comfortable with the interest rates that are being charged before you decide on this option.
– Home Improvement Loan: You can qualify for a Title I home improvement loan that will give you 20 years to pay it off. The cap is usually $25,000 and a great, risk free way to finance your new roof.
– Home Equity Loan: If you have equity in your home, you can use that to pay for your new roof as well. However, if you fall behind on payments, the consequences may be the loss of your home; so that should be considered.
– Personal Loan: Using this type of financing will require you to work with a bank or credit union and you can usually borrow up to $100,000. Some financial institutions require you put up collateral, but not all of them do.
Roofing Installation, Replacement & More in Bloomfield Hills, Canton, Farmington Hills, Milford, New Hudson, Northville, Novi, South Lyon, Wixom, Dexter, Plymouth, Saline, Brighton, West Bloomfield & Greater Ann Arbor, Michigan
Obviously, there are many different factors that come in to play when talking about financing your new roof. Things like your credit history and financial circumstances will vary greatly and determine what you can borrow and with who. If you are in need of a roof replacement, you can count on Big Ike’s Roofing Co to handle it. Call us today!