Whether your residential roof has suffered extensive damage as a result of weather or an accident, or if it has reached the end of its natural lifespan, there are a number of scenarios where roof replacement or repair becomes necessary. Costs of replacement or repair are dependent on the roofing market, roofing material, and your local climate, with average costs between 5 and 10 thousand dollars for a new roof. Repair costs can be pricey as well, so most homeowners tend to be careful of spending large amounts of money at once.
Financing a roof replacement or repair can seem like a daunting task, but there are various ways to spread the cost without feeling strapped. From loans and credit to incentives and rebates, there are financing options available to homeowners for almost every financial situation. At BGM Restoration Roofing, we’ve summarized some of the top financing options to help ease the stress of your next new roof replacement or repair.
Credit or Cash
If you have a very good credit score or a lot of extra income to spare, then the best solution to pay for your roofing project would be credit or cash payments. By using your own money to pay for your roof replacement or repair, you will not have to wait for your loan to be processed or deal with any third-party lenders before stating the job. However, this may not be the best option if you have insufficient funds in your bank account or you have less than ideal credit. Be sure to check the fine print thoroughly if you do decide to fund your roofing project with your own credit cards. Also, avoid using any cards with high-interest rates.Home Equity Loan
You may be able to secure a home equity loan if you need to borrow a large sum of money for your roof replacement or repair.Ultimately, a home equity loan is available from most major banks and is a type of second mortgage, as your house is used as collateral to obtain a large loan which you pay back over time.Your lender may also offer a HELOC or Home Equity Line of Credit, in addition to a home equity loan. This type of credit is similar to a traditional credit card where you do not receive the full amount at once and you pay as you go.
Personal Loans
Many homeowners who need home improvements or repairs elect to take out a personal loan with their credit union, online lender, or their back instead of compromising their credit or cash flow. Personal loans are convenient as they let youaccess your funds immediately and require zero equity. This type of loan is particularly helpful if you need to complete an emergency roof repair following a storm. Keep in mind, interest rates and repayment schedules vary among lenders so be sure to do your research. Find a reputable lender who has positive reviews, fair interest rates, and fees.Incentives and Rebates
While financing may be the ideal way to secure a large sum of money for more costly replacements and roof repairs, there are other ways to find rebates and extra funds for home roofing projects. From incentives to federal tax credits to industry-specific sales and rebates; with a little research you can cut an extra few hundred dollars from your bill.Company Financing
It can be somewhat tricky finding a roofing company that offers financing options for your new replacement or repair. In most cases, financing options are available through large national corporations. However, with a little research, you can find a roofing provider that offers different financing options, like BGM Restoration Roofing. They offer homeowners a variety of financing options in the state of Georgia. During their in-house visit, a specialist from BGM Restoration Roofing will work with you to find the best financing options available that fits best for you. Their experts are trained to get you the best possible financing available for your next roofing project.To learn more about financing roof repairs or replacement, contact the specialists at BGM Restoration Roofing today.
