Roof replacement is a large, often costly investment. Good news is that there are a lot of financing options available to help you pay for your shiny new roof. This is incredibly beneficial to homeowners who are in urgent need of a roof replacement but cannot afford to pay for every shingle. In this article, a storm damage repair contractor shares some of the most common roof financing options to help you choose one that is right for you.
Cash is the best option if you can afford it. It is not an entirely unreasonable idea to pay out-of-pocket. In fact, paying with cash relieves you of loans and interest payments. Unfortunately, not a lot of homeowners have this kind of savings.
All homeowners are required to have homeowners insurance. It is a form of property insurance that offers protection from financial loss due to fire, theft and other damage caused by natural disasters. In some cases, paying for a new roof can be done directly through your insurance company. However, residential roofers say that this will only be applicable if your roof is suffering from damage caused by other than wear and tear.
3. Home Equity Loan
A home equity loan or HELOC allows you to borrow against available equity built up in your property. It is generally defined as the difference between the market value of your home and the balance you still owe on your mortgage. It comes with a lower interest rate as compared to other financing options.
4. Roofing Company Financing
Consider financing options that your roofing company offers. A professional contractor understands that the cost of roof repair or replacement can be too high for some homeowners, so they opt to provide a reliable and affordable financing program that allows for payment over time.
Atrium Roofing is a leading source of roof replacement and storm-damaged roof repair solutions in Texas. We work diligently to provide residential and commercial clients with exceptional service from start to finish. Call at (210) 806-7171 or fill out our contact form to set up an appointment.