Bradford Xteriors, the best roofer in Columbus, OH, understands that roof repairs or replacements are significant expenses for any homeowner. These home improvement projects, after all, require the utmost preparations, particularly when it comes to financing. Securing funds to cover the costs can be quite daunting for some, especially for those who are in dire need of a fully functioning roof above their homes.
Fortunately, there are several roof financing options available. Your income, credit and personal preferences are deciding factors. We’ll cover these in today’s blog.
Cold Hard Cash
Cash is the cheapest and most stress-free mode of payment for many homeowners pursuing a roof replacement or repair. It doesn’t involve a loan, which means you don’t have to maintain a good credit standing or pay any interest to finance your roof. Some roofing companies, in fact, may offer discounts for choosing this option.
The key to this option, however, is to have enough money on hand. Be aware that an average roof repair may cost you less than a thousand dollars while a complete or partial replacement can run you in the thousands. Cash is still your best bet as long as you set aside enough to cover the project in one go.
Sure, cash is one great option, but there are certain instances where this won’t work given your financial situation. That being said, it wouldn’t be bad to look for other available options. Let’s start with a personal loan. This works when you are in a hurry for a new roof or any home improvement project.
Note, however, that certain lenders have their own restrictions when it comes to approving one’s loan. Those with bad credit, for example, can still secure their loans, though with higher interest rates of up to 30% or higher depending on the situation. Otherwise, the interest rate may be less than or equal to 10%, which is the average for a loan payable for two years.
A personal loan works for you when you are faced with a multi-thousand-dollar roof replacement or repair project. For one, you are afforded with a set repayment plan. Funds for roof financing are given to you upfront either within the week or on the same day of getting approved.
Another financing option available for homeowners is the credit card. It may seem like a bad idea to choose this mode of payment, but you can actually pay for your new roof with it, especially if the issuer offers zero-percent annual percentage rate (APR). It means you can pay off the cost of the roofing project without worrying about the interest.
Like a personal loan, it is important that you have good to excellent credit to be approved for the 0% APR on your credit card. Take note, however, that the credit limit may not always be enough to cover the whole project’s expenses. That said, a credit card may be supplemented with other modes of payment to help fund your home improvement.
Home Equity Loan
A home equity loan is a type of secured loan in which you, the borrower, uses the equity of your home as collateral. An appraiser from a lending company determines the current value of your home, which will then be used as the basis for determining the amount of the loan you’ll be receiving. Even if you have bad credit, you can be qualified for lower interest rates.
This mode of payment allows you to deduct the interest you pay from your taxable income. For this to happen, you have to prove that the roof repair or replacement project creates substantial improvement to your home.
Be cautious, though. You may risk losing your home if you default on this loan. Also, some lenders charge higher fees to process the loan. In that case, be sure to look around for the best deal.
Ensuring Roofing Project Success
It’s good to have these options available for you, but the success of your roofing project hinges on your preparations. Of course, you have to obtain as many estimates as possible from roofing contractors. Obtaining at least three would be enough to give you an accurate picture for your roof replacement or repair cost.
Also, you want to seek approval from local authorities. Local building departments often require homeowners to secure permits for major home improvement projects. Lack of it won’t just result in a voided roof warranty, but you may also get into a lot of trouble.
Once you’ve chosen your contractor, be sure that you and the pros walk through everything needed for the project. Focus on ventilation, any existing damage to the inner roof layers and other roof components to be installed. Better yet, find out if they also work on other exterior improvements like siding or windows. It makes more sense to combine such projects under one contractor.
Contractor Financing Available Here
For your roofing needs, turn to Bradford Xteriors. When you work with us, you can be sure of our top-notch products and services. Apart from repairs and replacements, we also perform maintenance and assist in filing storm damage insurance claims.
Our company al offers financing options through GreenSky®. Call the best roofer in the local area today at (614) 328-8188 to find out how we can help you get started with your roof repair or replacement. You may also fill out our contact form to request a free estimate. We serve residents Columbus, OH, and surrounding areas.