Without a doubt, a roof replacement project is a costly endeavor. An asphalt shingle replacement could cost up to over $24,000, according to the Cost vs. Value 2020 report by Remodeling Magazine. This upgrade is significant for many homeowners, particularly when it is unexpected.
The good news, though, is that there’s a myriad of financing options available to help cover the roof replacement costs, including home equity loans, homeowner’s insurance, and more. Roof Fix Houston shares a few of these options here.
Home Equity Loans
You can take a home equity loan out against your property’s equity. For instance, if you bought a house worth $200,000 and you have paid off $150,000 on your mortgage, then you have at least $150,000 worth of equity to borrow against. When availing of this loan, homeowners can often borrow up to 85% of the equity they have. Keep in mind, though, that since you are borrowing against your equity, you can lose your home if you fail to make payments on time.
Depending on your policy’s terms, homeowner’s insurance may cover the cost of your roofing project. Check with your insurance agent to know what type of damage is covered. For instance, some policies cover any damage caused by wind or fire, while others do not. In case your insurance will cover the project cost or part of the cost, then it’s vital to follow the proper claims process to ensure a hassle-free upgrade.
Many roofing contractors have their own financing programs to assist homeowners with their expenses. Essentially, roofers with financing options will provide you with payment plans designed in a way that you won’t have to pay for your full roofing project upfront. As with any other loan type, you will have interest to pay on this loan.
While a roof replacement can be expensive, there are numerous ways to finance your upgrade if it’s not possible to pay out of pocket. Talk to the experts at Roof Fix Houston to find out the best option for you. Schedule a FREE consultation by calling us at (713) 352-2790 or by completing our form.