Replacing your roof could easily cost more than $10,000 even if all you want to do is add another layer of shingles on top of what’s already there. Although replacing a roof is expensive, failing to do so in a timely manner could result in additional problems such as pests, rodents, or mold damage throughout your house. Fortunately, there are several options available to make it easier to cover the cost of this home improvement project.
1. Apply for a Personal Loan
A personal loan is a generic loan product designed to help pay whatever expenses you might incur. It can be either secured or unsecured depending on your credit score, desired interest rate, and other factors unique to your application. Most banks, credit unions, and other financial institutions offer this type of product, and you can usually apply online in a matter of minutes. You can also typically access your funds within minutes of obtaining loan approval, which can be ideal if you’re in need of emergency service.
2. Use the Equity in Your Home
If your home is worth more than what you owe on your mortgage, you have positive equity in the asset. You can borrow against the equity in an effort to pay for roof repairs or replacement services. Instead of taking out a fixed loan, you can opt to turn the equity into a line of credit. A home equity line of credit (HELOC) works much like a credit card but with a much lower interest rate. Unlike a personal loan, it typically takes several days to complete the process of obtaining a home equity loan or line of credit. If you already have a home equity loan or line of credit, you can simply write a check from that account to cover any outstanding balance owed.
3. File an Insurance Claim
It’s not uncommon for a roof to be damaged beyond repair because of hail damage, lightning, or because a tree fell through it. In the event that your roof is damaged because of reasons outside of your control, your insurance policy may cover some or all of the cost of replacing it. It can take several days or weeks to have an insurance claim approved. Typically, an adjuster will want to see the property to determine whether your claim is valid and to verify the cost of completing the project. You may be able to speed the claims process up by submitting a request online with supporting documentation. Ideally, you’ll submit photos, a written statement, or anything else that can bolster your assertion that the cost of repairs should be covered by your policy.
Certain factors such as the age of the roof and its condition prior to a storm or other event will determine if your claim is approved or how much you’re given for repairs. You are encouraged to review your policy to see if there are any terms and conditions that might result in having to cover some or all of the cost of a new roof.
The team at Taylor Made Roofing & Construction, Inc. in Morgantown does offer financing to qualified customers who are looking for a way to pay for a new roof installation. You will be given information about terms and conditions related to obtaining financing from our lender during the initial consultation. We may also be able to help with the process of applying for financing or answer any other questions that you might have. You do have the right to apply for financing through our provider as well as your own bank or credit union.
Having multiple options available can make it easier to pick a loan product that meets your needs and budget both now and in the future. It’s important to note that you will likely have the right to refinance any loan that you get through us, and you can typically repay a home improvement loan early without penalty.
Exploring Roof Replacement Payment Solutions
If you are in need of roof replacement services, don’t hesitate to get in touch with Taylor Made Roofing & Construction, Inc. today! In addition to roof repairs, inspections, and replacements, we can also help with your exterior painting needs. Combined with a new roof, repainting the exterior can add curb appeal as well as better protect against wind, sun, or other elements.