4 Options for Financing a New Roof

The average roof lasts about 20-25 years. If your roof is this age and hasn’t reached failure yet, consider yourself lucky. If you wait to replace your roof, it can cause major issues down the road. A few signs you may need a new roof include: shingles are curling or cracked, the roof looks old and worn, dark streaks/marks on the roof, or moss is growing. If this is the case, it may be time to find a contractor and start shopping for shingles. In addition, sometimes these things happen when you don’t have the cash handy to do the repairs. So, what then, are your options for financing a new roof?

The not-so-fun part of roof shopping is the bill. If you have enough cash on hand to pay for the project in full, we suggest cash. It is the easiest way, and when it’s done, it’s done. However, we understand not everyone has that amount of cash readily available. Below are a few different options for financing a new roof.

Try These 4 Tactics for Financing a New Roof for Your Home

4 Options for Financing a New Roof

1. Credit card.

Some may frown on the idea of putting roof replacement on a credit card. However, if you qualify for a 0% credit card for an introductory period, you actually get a good deal. In fact, you can finance the roof interest free if you pay it off during the introductory period. 

2. Personal loan. 

Most personal loans can be used for any expense, so a personal loan for a new roof is a fine option. If you have excellent credit, you can finance a personal loan at a low interest rate. With this type of loan, you will have monthly payments to make for a set number of months/years. 

3. Cash advance.

A cash advance such as payday loans in Canada may not cover the entire cost of your new roof. However, if you need roof repairs and don’t have the funds available – a payday loan can lend you money until your next pay-day. An advantage of this type of loan is, the application process is quick and easy, you will have your funds quickly. In fact, sometimes, you have them the same day. Plus, you don’t have to put up collateral. 

4. Home equity loan.

If you have significant equity in your home this may be your best option. Because this is a secured loan with your house as collateral, the interest rate is usually lower. 

Consider your options for financing a new roof.

There is no right or wrong answer to how you should pay for your new roof. So, continue your research and consider all your options first. Have a few contractors give you an estimate and go with the contractor that gives you the best deal. Also, be sure to check reviews of the contractor. 

If you have any questions or suggestions, we always love to hear from you in the comments below. Also below are links that will take you to more fantastic articles about ALL things DESIGN for your home or business.

Images Courtesy of Canva.

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