If your roof is weathered and worn beyond repair, you might be in the market for a new one. It is important to know that the cost of a new roof is a lot more than just the “spare change” you have laying around. Unfortunately, the cost of a new roof can range anywhere from $5,000 to $20,000, and even beyond. This amount of money can seem overwhelming but financing your roof is the best way to tackle this hefty project.
Below are a handful of steps you should take when financing for a new roof.
#1 Identify Problems with Your Existing Roof
The first step you should take when financing for a new roof is to identify problems with your existing roof. A couple of reasons you may need to replace your roof include faulty flashing, animal or plant intrusions, leaks, and water stains. Identifying these problems will allow you to present your bankers and store-credit representatives with a proper list of damages and will show them your level of necessity.
#2 Research Materials and Labor
After you have identified your roofing problems, you need to research materials and labor. Knowing what needs to be done in order to fix the problem will aid in getting the best financing agreement. For example, if you plan to pay a contractor through the bank, you should research the cost of supplies that are needed as well as the hourly cost of labor. On the other hand, if you are leaning towards financing directly through a store, you need to show the store-credit representative that you understand their product and negotiate for what you need to get the job done.
#3 Know How Much You Can Put Down
When dealing with financing, it is not unusual to have to pay or put down, a portion of the total cost of the project before the rest of the cost is divided into scheduled payments. It is important to know what you can afford. If your financing option includes a promotional rate that offers minimal interest early on, be sure to pay off your roof in the allotted time so you do not have to pay the increased interest rate.
Needing a new roof can seem overwhelming but being prepared before financing your roof can make your project much easier to tackle. US Roofing specializes in roofing installations and repairs and is there for all your roofing needs. For more information, give us a call at or fill out a contact form.