Having a strong, sturdy roof is an important part of homeownership. Of course, it protects you from the elements and keeps the home insulated, but a high-quality roof does so much more. It keeps your energy bills low, stops mold and mildew from growing in your house, and prevents structural damage. You’ll need to take care of it if you want to avoid long-lasting problems that could affect your family’s safety and finances.
That might mean a roof replacement, which isn’t ideal if you’re on a budget and can’t afford it. A roofing company will usually quote a few thousand dollars for a brand-new roof. What are you supposed to do if you need a new roof and can’t afford it?
Liberty Roofworks understands that not everyone who needs a replacement roof is ready to pay for it at a moment’s notice. That’s why we have some tips on how you can get a new roof that protects your home and saves money in the long run while keeping costs down.
So, before you give up on your hopes of having a new roof, follow these tips.
1. Consider a Repair Until You Can Afford a Replacement
When a high-quality roof is installed, it can last decades. The exact range for you will depend on the material you choose for your house. However, regardless of the material you go with, you shouldn’t need a replacement every couple of years.
Any high-quality roof is also subject to damage. This could be due to many factors, such as wear and tear or a severe storm. Even then, your roof should be able to withstand a lot. However, it will only last as long as it can if properly maintained and cared for. This is where roof maintenance comes in.
At Liberty Roofworks, we recommend a yearly inspection at a minimum. Ideally, you should keep an eye out for damage and call in an expert if something seems off or after severe weather. In a perfect world, you will have been using proper roof maintenance to maintain the life of your roof. Even then, you may eventually need a replacement.
Repairs should never be a replacement for a new installation. However, they can act as temporary relief for your house. This can delay the risks to your belongings, mold and mildew and mildew, or fire hazards while you work to afford a new roof.
So, if you’ve been told that you need a new roof, talk to a professional about repairs first and see if that’s a temporary option. They can tell you which repairs would be the most impactful to keep your house functional until you can pay for a new installation by contractors.
2. Finance Your Roof
You have a variety of options when it comes to financing your new installation. The easiest option is to go directly through an installation company. However, not all companies offer this option. So if this is something you need, you’ll want to ask about financing options ahead of time.
Perhaps you can come to an agreement with the roofing company in which you don’t need to pay upfront. Instead, you’ll make regular payments overtime to cover the costs of the installation. This is very similar to how most people purchase cars or buy houses these days.
You could also ask the company to point in the direction of a financial business they partner with. You will make payments to them, similar to a credit card. But keep in mind that your contractors will not get a say in whether you are approved, as this will all be handled directly with the financial institution.
You may also look into a personal loan, separate from roofing companies specifically. A private loan will work the same way, but you will need to seek it out yourself and determine if the terms are fair for you.
3. See If You Qualify for Federal Aid
A roof is an important part of keeping a home habitable. Because of this, there are protections in place to ensure people have access to the necessary repairs and replacements.
Perhaps you don’t have the immediate funds to pay for the installation by contractors, but you may qualify for federal housing loans. The Federal Housing Administration makes it easier for homeowners to get the financing they need for essential home improvements, including roof replacements. This specific program is known as the FHA Title 1 Property Improvements Loans.
This is very similar to average financing through financial institutions but usually has more lenient terms. This is because the federal government backs your loan, so the lender doesn’t need to worry as much about getting paid as when it is just between the lender and the borrower.
The qualifications for these title 1 loans do not include specific credit scores or income amounts. You will want to find a local FHA Title 1 lender and speak with them. They will be able to tell you whether you would qualify. This is a low-risk way to get a necessary installation while paying for it over time.
4. File an Insurance Claim for Storm Damage
If you have a home, you aren’t required by law to have homeowner’s insurance. However, if you have a mortgage, your lender probably requires homeowner’s insurance. And while you may not like making those regular payments, it can really come in handy when you need a new roof!
Homeowner’s insurance will almost always have coverage for your roof. However, the coverage may not always be available, depending on the reason for the damage.
Typically, homeowner’s insurance will only cover the cost of repairs or installation if your roof was damaged due to an unforeseen event. This includes fire, wind, and hail, also known as covered perils. For example, if a fallen tree damages your roof due to a windstorm, you should be covered. However, if you were cutting that tree down yourself when it damaged your roof, you might not be covered for the price of installation.
Insurance companies may deny your claim. If they conduct an inspection and determine that the homeowner’s neglect caused the damage, they will not pay for the cost of installation. This is because it is the responsibility of the homeowner to perform the necessary maintenance on their roof. They do not want to pay for new roofs when the old one was simply abandoned. Another reason to get that annual inspection!
But if your roof was damaged due to a covered peril, you can file an insurance claim and save money on your investment. If you can get the cost of installation covered, then you should. After all, that’s why you pay for insurance!
5. Beware of the Cheapest Roofing Options
If you need a new roof, but you’re worried about paying for it, you may be tempted to look for the cheapest option. But we want to remind you that just as a roof in need of repairs can harm your household, a new low-quality one may put your and your home in danger.
When your roof is properly installed, your house is protected from fire hazards, mold, rain, and drafty ventilation. While some people may offer the cheapest prices, they will lack the experience and proper materials to get the job done correctly. You risk increasing more unnecessary roof repair costs in your future, which is exactly what you don’t want.
We recommend that you do a little research on any contractors or companies you hire. Make sure they have great reviews and a history of good business practices. We do recommend that you shop around for affordable rates. If a company’s price seems too good to be true, it’s probably just a waste of your time and money.
Conclusion: How to Pay for a New Roof
Your roof protects your house. Therefore, when you need a new one, it’s important to take the need for a replacement seriously. Affording a replacement is a completely different matter.
At Liberty Roofworks, we understand that you may need time to get the funds together for a replacement. That’s why we have several recommendations for what you can do to stay safe and afford a new roof.
Get any repairs you may need as soon as you notice warning signs, look for financing options, and file a claim with your insurance. And no matter how you decide to pay for your roof, always put your money towards reputable, trustworthy roofing businesses. This will ensure you get the highest quality work done. And when you’re tight on cash, a high-quality, long-lasting roof is essential.
Don’t let your roof sit in disrepair, putting you and your house in danger. When you can’t afford a new roof, use these tips and rest easy knowing your house is taken care of!