Tearing off old, badly damaged shingles and replacing them with a brand-new roof is a large undertaking and investment for many homeowners. Fortunately, there are plenty of options available that can help you finance your new roof without breaking the bank. Here are the things you need to know:
1. Cash
Cash is a reliable option and the easiest way to avoid getting snowed under by loans and interest. The typical range for roof replacement costs is between $5,100 and $10,000. However, not many people have that amount of money laying around, unless it is for an emergency fund.
2. Homeowner’s Insurance
Check your homeowner’s insurance policy to see if you are eligible for roof replacement coverage. In general, this alternative applies to homeowners who are suffering from a damaged roof caused by natural disasters, such as a rainstorm. Some insurance companies will communicate with the roofing company directly in order to make your part less stressful.
3. Credit Cards
You can potentially qualify for a new credit card that has an introductory 0% APR promotion if you have excellent credit. This usually lasts for up to 12 months. If you’re able to repay the total expense of your new roof in that time period, the service is virtually interest-free.
4. Home Equity Loan
This loan uses your house as collateral. It has lower interest rates than credit cards or even personal loans. Moreover, the interest that you pay off may be deducted from your taxable income. If you are confident in your source of income and will not default on payments, the home equity loan may be the best choice for you.
Christian Brothers Roofing is a premier source of roof replacement and storm-damaged roof repair in Kentucky. We aim to provide customers with exceptional service from start to finish, including offering financing options that will suit your needs. Call us today at (502) 244-0208, or fill out our contact form here to get started with a no-obligation consultation.
