It’s no secret that getting a new roof requires a pretty hefty investment, but you don’t have to cash out your life savings to make it happen. There are a few ways to take care of the costs with less effort than you might think. This guide discusses some of those options.
Before you consider paying anything out of pocket, check your insurance policy. If you’re replacing your roof due to damage, part or all of the cost might be covered by your home insurer.
Start by having a roofing company like IKO roofing tell you what type of damage you have and what might have caused it. If it’s covered by your insurance policy, you’ll want to make a claim before you do anything else.
If you own enough equity in your home, you can typically get a line of credit or a one-time loan on that amount. This is often better than many other financing options for one important reason: you are using your home as collateral. This creates less risk for the lender, meaning that you’ll usually get more favorable terms and a lower interest rate.
There are certain government assistance options that can help finance your roof. For instance, if your household is considered low-income and you’re in need of emergency repairs, you might qualify for the Emergency Repair Program. This is assistance that doesn’t have to be repaid. FHA loans are also available for those who meet certain conditions.
If the options above don’t work out for you, you should consider financing. You can do this through personal loans or you can work with your roofer. Not all roofing companies offer financing or any type of payment plan. However, some – including many that offer IKO shingles – do have plans and payment options to help.
Whether you are considering financing through a personal loan or through a roofing company, the key to the best results is to always compare several options. Shopping around is the most effective way to find favorable rates and conditions.