What’s the Best Way To Finance a New Roof?
It’s no secret that roof replacement is one of the biggest financial challenges a homeowner can face and that many Americans are ill-prepared to handle. This can be especially problematic in cases where the roof has suffered damage and needs to be replaced as soon as possible.
Luckily, homeowners in Cherry Hill, NJ, and other communities in the Mid-Atlantic can take advantage of various financing options that can help cover the cost of calling in reliable roofing installers and significantly lighten the financial burden that accompanies this type of project. Read on to learn more.
How can I pay for a new roof?
Below, you’ll find a list of the 4 most common financing options for roof replacement, as well as a brief explanation of how they can be used to enhance the functionality and value of your property for decades to come.
These options include:
American homeowners are required to have homeowners insurance to shield them against losses caused by theft, fire, natural disasters, and other types of damage. If your roof was damaged by something other than regular wear and tear, you may be able to get your insurance carrier to cover some or even most of the cost of a new roof.
If you’re unsure whether your policy makes you eligible for a new roof, contact a dependable roofing company in your area. They likely have insurance experts on their staff who will be able to determine whether your coverage includes roof replacement and even negotiate with your insurer on your behalf.
Depending on your credit score and history, you may be able to obtain a personal home improvement loan to cover the cost of your roof repair or replacement. Roof loans enable you to get a lump sum upfront from a lender either directly online or through a credit union or bank.
If you opt for this solution, be sure to carefully evaluate the terms of the personal loan to make sure you’re getting a competitive interest rate and a manageable monthly payment.
HELOC or home equity loans
Home equity is the difference between what you still owe on your mortgage and the current market value of your property. If you have a loan-to-value ratio of 85% or lower, you may be able to apply for a home equity or HELOC (Home Equity Line of Credit) loan.
These types of loans are the preferred option for many homeowners because of their low interest rates. However, the homeowner needs to have a regular income, a solid credit score, and available equity on their primary residence in order to qualify.
Roofing company financing
Reputable roofing firms are well-aware of the difficulties their clients face when it comes to financing new roofs. That’s why many of them offer flexible financing options that enable homeowners who have insufficient credit scores or little home equity to obtain the necessary funds to replace their roofs.
Where in Cherry Hill, NJ & other cities in the Mid-Atlantic can I find expert roofing installers?
For 19 years and counting, Nu Look Home Design has been providing the people of Cherry Hill and other communities in New Jersey, Maryland, and Virginia with professional roofing, solar, gutter, window, door, and siding replacement and installation services.
We offer multiple options for financing roof replacements, including long-term monthly payments and short-term cash programs (12-18 months). We’ll happily go out of our way to devise custom solutions and see how low we can get these monthly payments.
We operate throughout the Mid-Atlantic, so you can count on our help regardless of whether your property is located near the old Cherry Hill Arena or in one of the nearby cities. Contact us today and take the first step toward a quality roof replacement.