You want or need a new roof on your home, which means you have a lot of decisions to make. You’ll want to research different roofing materials and reputable contractors in your area. Even if you have all of this figured out, you may need some help with your payment options. Fortunately, there are several. Here are seven of the most popular ways you can pay for your upcoming roof installation project.
1. Cash
Paying for your new roof with cash might be the simplest and quickest way to get the job done. But it’s not necessarily practical for many people. And, even if you did have the cash on hand, you might have other ways to use it. Fortunately, most roofing companies only require a small deposit to get started.
2. Credit Card
Putting your roof replacement on a credit card is another possibility. But it’s probably one of the most expensive options. Credit cards can have double-digit interest rates, so you want to be cautious. However, you might be able to get a new card with an introductory 0% interest rate for 12 months, which makes a lot of sense.
3. Personal Loan
A personal loan to pay for your new roof is another option. Many different types of lenders, such as banks, credit unions, and online marketplaces, offer these types of loans. You’ll want to shop around to get the best terms.
4. Home Equity Loan
Many homeowners choose to tap into their home’s equity to pay for a new roof as well as other home improvements. These homes, much like your mortgage, have an extended repayment term and competitive interest rates, which can make them affordable options.
5. Roofing Company Financing
Some roofing companies can assist with the financing for your new roof. If you aren’t sure which option is best for you, speak to your preferred roofing contractor. They can either finance the cost in-house or direct you to a trusted partner that can help.
6. Insurance Coverage
If your home’s roof has suffered damage covered by insurance, you might be able to get your insurance carrier to cover the cost of a new roof. Insurance policies don’t cover wear and tear, so the damage must come from a covered peril, such as a storm or fire. If you believe you might be covered, you can speak with your insurance provider or roofing company about your options.
7. Government Programs
In some areas, you might be able to get some government assistance with your roof replacement costs. The Department of Housing and Urban Development offers FHA Title I Property Improvement Loans that can be used for this purpose.
Learn More About a Cost-Effective Metal Roof Installation from Excel Metal Roofing
While a metal roof might cost slightly more upfront, it is more cost-effective due to its longer useful life, better durability, and lower maintenance requirements. If you’d like to learn more about installing a metal roof on your home, Excel Metal Roofing, L.L.C. can help. We are proudly known as the largest metal roof installer in Missouri.
Our team of roofing specialists will examine your home and provide you with a free quote for a high-quality metal roof installation. If you have any questions or would like to schedule your free quote, please contact us today.
