Roof damage, caused either due to a natural disaster or from wear and tear over time, is inevitable. But partial and complete roof replacements can be an expensive project that many homeowners are ill-prepared to pay for out of pocket. Fortunately, several roof replacement financing options are available to help you cover the costs.
In Orange County, for instance, a new roof will cost anywhere between $2,000 and $12,000. Factors such as roofing materials, labor costs, and the size of your roof will affect the final figure. This article will explore some of the most popular roof replacement financing options homeowners can use to help with expenses.
Popular Roof Replacement Financing Options
Getting a new roof or partially replacing the one you already have can be a considerable expense. Luckily, several financing options are available to help offset the initial cost. Here are a few roof replacement financing options to consider.
Homeowners’ Insurance
In case of damage to your roof due to storms or other extreme weather events, your homeowners’ insurance policy may cover the cost of any damage your roof has suffered if it needs to be replaced. Be sure to check this out before you go on and secure financing options. Insurance payouts for roofs have become increasingly worse over time, so you may need to explore additional financing.
Roofing Company Financing
Many roofing contractors offer financing, either on their own or arrange it via a third party. If insurance doesn’t pay for your roof replacement, consider choosing a roofing company that offers its financing. If you choose this option, look into the company’s customer reviews and the reviews left for their partner company.
Credit Card
If you were wondering if you could put your roof replacement on a credit card, the answer is yes. Many roofing companies accept credit cards. Putting your roof replacement on your credit card is ideal for having a card with generous rewards and incentives such as no interest.
For instance, a new card that offers no interest for 12 months allows you to put your roof replacement on the card and pay it off throughout the following year.
Personal Loan
Another option to finance your roof replacement is to open a personal line of credit, which offers lower interest rates and can help you cover the initial cost. Some banks provide loans or lines of credit specifically meant for home improvement projects such as roof repair.
Home Equity Loan or HELOC
Your home equity is the difference between your home’s market value and the balance you still owe on your mortgage. Home Equity Line Of Credit (HELOC) lets you borrow against available equity built up in your home over time. This roof replacement financing option may be available for you if your loan-to-value ratio is 85% or less.
Let Us Help
A roof replacement is a costly endeavor. These roof replacement financing options can help make your project a little more affordable. If you want even more savings and a better lifestyle for your family, consider adding solar panels to your roof.
Contact Solar Optimum today for solar panels, roofs, and battery storage for homes.
