Getting a new roof goes beyond choosing colors, materials, and a style that best suits your home. You must also plan how you’re going to finance your roof replacement project. Fortunately, you have a variety of options for financing your new roofing system.
Here’s what you need to know about roof financing.
Before Getting a New Roof
Ask your family, friends, neighbors and colleagues for any roofing contractors they can recommend. You can also look for reputable companies online. Once you have a list of prospective contractors, do your research, and only consider those with good reviews and valid license and insurance.
Obtain at least three quotes from different roofers to get an idea about the cost of your project. The estimate must include the cost for labor and materials, cleanup and building permits required in your area.
Paying in cash remains the best option for financing your project. However, you must only consider this option if you can afford it and still have something left for a rainy day. This payment method will help you avoid paying interest.
Home Equity Loan
In a home equity loan, you can borrow cash against your home’s value. This option often has lower fixed interest rates than credit cards or personal loans.
Personal is ideal for those whose only other option is a high-interest credit card. This financing option is unsecured, which means there aren’t assets supporting them, so lenders can charge higher interest rates. Once approved, you’ll get the money in a lump sum and pay it back in monthly installments.
Company financing involves your roofer working with a bank to help cover the cost of your roof replacement. Every company selects an institution they want to work with as well as the financing options they are going to offer their customers.
Paying through credit cards should be should last resort. However, you may consider using your credit card if you qualify for a new no-interest one. You should avoid using this card for other purchases and divide the cost into 12 monthly payments.
For high-quality roofing systems and comprehensive financing options, turn to John Peters Roofing. Call us at (317) 786-3315 or fill out our contact form to request an estimate. We work with clients in Indianapolis.