The Homeowner’s Guide to Paying for a Roof Replacement
At Stevens Roofing, we understand that a roof replacement can be a scary proposition when personal finances are tight. Even if you have a nice nest egg or live in your dream home, you might not hold enough liquid funds in your savings or checking accounts to comfortably or reasonably afford a roof replacement. What options does a homeowner have when needing quick access to funds for a roof replacement? Is financing a roof replacement a viable alternative? We explore different ways to pay for a roof replacement.
The Cost Of A Roof Replacement
Naturally, homeowners want to know the price for a roof replacement before moving forward. A reputable roofing company will provide a written estimate after carefully assessing the home, including the existing roofing system. A roof replacement may involve more than removing the current roofing materials and installing new roofing. It could also require repairing, restoring, or replacing damaged, dated, or failing roofing components, such as flashing and fascia.
Many variables, aside from available labor, which can be impacted seasonally, determine the price of a roof. These factors include the following considerations:
Number Of Penetrations
The presence and number of vent pipes, chimneys, skylights, and, in rare cases, HVAC units on your roof might impact the price of a roof replacement. The installer must work around these obstructions to ensure the new roof lays appropriately.
Roof Layout
The cost of replacing a roof depends on its complexity. A roof with many angles, ridges, valleys, gables, hips, and dormers involves more labor than a “simple” A-frame design. An estimator will consider the roof’s layout when preparing a bid.
Roof Material
Naturally, the price for different roofing materials can vary. A more affordable option, like asphalt shingle roofing, will cost significantly less than natural stone (such as slate), clay, natural wood (like cedar), or metal (including copper).
Roof Size & Slope
The roof’s square footage is essential in determining the cost of a roof replacement. A larger roof will demand more labor and materials than a smaller one. Likewise, a steeply pitched roof may require more time to install the new materials.
Paying For A Roof Replacement
If available funds are tight, the homeowner needs to identify an alternative solution. Apart from securing funds from a family member or friend, the homeowner should consider whether an insurance policy or roof warranty pays for a portion or the entire roof replacement cost. Many homeowners are unaware of what expenses an insurance policy or roof warranty covers. A prudent homeowner will contact their insurer or work with a roofing contractor to understand the roof warranty terms and limitations.
Financing A Roof Replacement
Thankfully, today’s homeowner has many avenues for securing finances to fund a roof replacement. A homeowner should compare and contrast each option to determine the best short and long-term financial fit.
Credit Card
Pursuing this path might make sense if a homeowner has strong credit and access to multiple credit cards. However, credit cards are notorious for high interest rates after an introductory low or no interest rate, so most experts don’t recommend this path unless all other financing options are unavailable.
Government-Backed Home Improvement Loan
The federal government provides qualified homeowners with several loan options to borrow money for a necessary home renovation or improvement project. For instance, the FHA Title I Property Improvement Loan enables a homeowner (of a single-family home) to access funds for a home improvement project like a new roof.
Home Equity Line Of Credit (HELOC)
A HELOC is a means to access the equity in your home through a line of credit where you extract funds as needed. As a homeowner, you don’t have to be concerned about obtaining the funds at an inopportune time to pay for a roof replacement. Instead, you withdraw the money you need at the right moment.
Home Equity Loan
This loan provides the borrower with a fixed amount of money. In exchange, you place your home’s equity as collateral as you repay the loan. Typically, you will make fixed payments over a defined period. If you have substantial equity in your home, this loan is relatively risk-free unless you default.
Personal Loan
Securing a personal loan through a bank, credit union, or other lending institution will often work if the purpose is to pay for a home improvement project. However, you should shop around because one institution may have different borrowing requirements. Personal loans can be either short or long-term.
Working With A Roofing Contractor
Homeowners in Richmond and Norfolk, VA, as well as surrounding communities, can trust Stevens Roofing to deliver exceptional residential roofing services. We are the premier roofing company for homeowners with historic, luxury, and premium roofing materials, including copper, slate, metal, and wood. More homeowners turn to us for roof repair, restoration, and replacement.
Contact Stevens Roofing today to learn more about our roof replacement services, schedule an appointment, or receive a free roof quote.
