A roof replacement project could cost you from $3.19 to $10.73 per square foot, depending on the roofing material. This cost may vary depending on the roof’s size, its complexity, and your location. Trying to pay off roof replacement costs could be hard to do out of pocket, especially if it was unplanned. There are four ways to finance your roof replacement costs.
Applying for a personal loan
While some lenders have restrictions, you can use a personal loan for any expense, including a roof replacement. You will want to make sure you can afford to pay the monthly installments. Most lenders require you to have a strong credit score, however, there are a few which specialize in offering loans regardless of your credit score.
Taking up a home equity loan
This will be an ideal option if you have earned some significant equity in your home. As is the case with a secured loan, your home is used as collateral. Compared to other financing options, a home equity loan has a lower interest rate. You will need to prove you have a steady source of income to qualify for a home equity loan.
Using a credit card
As a last resort and with a strong credit history, you can qualify for a 0% annual percentage rate credit card. You can do this by applying for a new credit card or through a balance transfer offer. Compared to a personal loan, a credit card is better as it offers you a higher spending limit. On the downside, you will have a shorter timeframe to offset your roof replacement costs.
Roofing contractor financing
Most contractors are aware of the steep costs involved in roof replacement projects. They provide financing options where you pay for a roof replacement project over time. Compared to other financing options, contractor financing is probably the best. This is because you benefit from the special rates lenders extend to the roofing company due to volume lending. You can also negotiate with the contractor to come up with affordable monthly installments.
Mark Kaufman Roofing is a certified roofing company and we offer roof financing for homeowners. Through our financing plans, you can prevent further damage to your home without emptying your bank account. Connect with us for a fast and free estimate.