A damaged roof can lead to costly repairs. A roof replacement costs on average $7,336.
Most Americans don’t have enough savings. You should find other alternative financing options to cover the roof replacement costs if you don’t have that much cash in your bank.
Factors that impact roof replacement costs
There are many factors that influence the cost of a roof replacement.
The busiest season for most roofing companies is from late summer through fall. You will likely pay more if your roof is to be installed within this time period. You might find a lower price if you choose to install your roof in the winter or early spring.
- The size of the home: Roofers base their price on the area of the roof. You’ll pay more if your house is larger.
- Materials: An asphalt roof will cost you less than metal or wood.
- Labor: Every roofing company has its own hourly labor rates. These rates can be very different.
- For the disposal of old roofing materials and other supplies, the roofer will also charge a fee.
How to save money on a new roof
These tips will help you save money on roof replacement costs by reducing the amount of your loan.
- Compare quotes: Get multiple estimates before you sign up with any roofing company.
- Look at cheaper materials: While a metal roof may look great, it is much more costly than other materials. An asphalt roof is a great way to save money.
- You can save money by waiting until winter to replace your roof.
Five ways to pay for a roof replacement
Even though roof replacement can be costly, there are financing options that make it affordable. These are the five most popular options.
1. Coverage for insurance
You might be eligible to use your homeowners insurance to pay for a new roof if you have it. Many insurance policies cover roof replacement or repairs if the roof is damaged by storms, fires, or theft. Your insurance company will not cover roof replacement or repair if it has become damaged due to age or neglect.
Talk to your agent about payment plans from roofing companies. Check your policy to determine if it will cover the repairs or replacements.
2. Payment plans from roofing companies
Roofers may offer payment plans that can help lower the cost of roof replacement. This option allows you to spread your payments over a number of months, or even years. You will be charged interest on most plans. This can increase the cost of your roof replacement. Make sure you are comfortable with the monthly payments and interest rates.
Every roofer has their own requirements and plans. Talk to your chosen roofing company about what is available.
3. FHA Title I loan for home and property improvements
A Title I loan for home and property improvements is the best way to finance major roof repairs or replacements. Title I loans are administered and insured by the Federal Housing Administration (FHA), which reduces lenders’ risk.
You can borrow up $25,000 for a single-family residence under the Title I program and it’s available for as long as 20 years.
But remember that loans exceeding $7,500 should be secured either by your deed of trust or mortgage on the property. Lenders can seize assets if you are behind in your payments.
Banks and credit unions offer Title I loans. Each lender has its own requirements, as well as interest rates. To get the best deal, it’s a good idea consult multiple financial institutions. To find a Title I lender that is approved near you, use the U.S. Department of Housing and Urban Development locator tool.
4. Home equity loan
A home equity loan is a cost-effective way to finance a new roof if you have equity in your home. The loan is secured by your home equity and you work with a bank.
5. Personal loan
A personal loan is another option to help you pay for your new roof. A personal loan allows you to borrow up to $100,000 from a bank, credit union or other financial institution.
Call Restoration Roofing TX now and let our team help you with your roofing problems. Whether its installation, repair, maintenance, or replacement, you can always count on us.
Fort Worth, TX