Can’t Afford a New Roof? 7 Ways to Finance Roof Replacements
Need a new roof but can’t afford it?
Most homeowners are unprepared to finance a new roof. However, if you need a new roof, you must take action quickly to avoid further damage to your home. Fortunately, several financing options are available to help you pay for a new roof, even if you can't afford it at the time.
At AAA Roofing Co., our Albuquerque roofing company works with homeowners to find the best roofing option to fit their budgets. We understand that not everyone can afford a new roof, and that’s why we want to give you 7 ways to finance a roof replacement.
7 Ways to Finance Roof Replacements
1. Filing Insurance Claims
Your homeowner's insurance may cover the replacement cost if your roof was damaged by a weather event or accident, such as a fallen tree limb or hail storm. Contact your insurance company to determine if your roof replacement is covered and what your deductible is.
If you make a claim, get multiple quotes from Albuquerque roofing companies to ensure that you're getting a fair price.
2. Financing Through Roofing Companies
Many Albuquerque roofing companies offer financing options to help homeowners pay for a new roof. These options may include low-interest loans, credit cards, or payment plans. Be sure to research and compare financing options from different companies to find the best deal for you.
You may also want to consider working with a roofing company that offers a warranty on their work.
3. Applying for Title I Home and Property Improvement Loans
This loan is backed by the Federal Housing Administration (FHA) and is designed to help homeowners finance home improvement projects. The loan can be used to pay for a new roof, and the repayment term can be up to 20 years. To qualify, you must have equity in your home and meet other eligibility requirements.
4. Using Home Equity Loans
If you have equity in your home, you may be able to take out a home equity loan to pay for a new roof. This type of loan uses your home as collateral and may have a lower interest rate than other financing options. However, keep in mind that you'll be putting your home at risk if you're unable to repay the loan.
5. Seeking Cash-Out Refinancing
If you have a significant amount of equity in your home, you may be able to refinance your mortgage and take out cash to pay for a new roof. This option may have a longer repayment term than other financing options, but it may also have a higher interest rate. Be sure to consult with a financial advisor before considering this option.
6. Trying Personal Loans
You may be able to take out a personal loan to pay for a new roof. Personal loans are unsecured loans that don't require collateral, but they may have higher interest rates than other financing options. Be sure to shop around and compare interest rates and repayment terms before taking out a personal loan.
As with any financing option, you’ll want to make sure you’re using the best Albuquerque roofing company to perform the work. Ensure the roofing contractors you're looking at have positive reviews, years of experience, and offer labor and material warranties.
7. Researching Grants
Depending on where you live, grants may be available to help homeowners pay for home repairs, including roof replacements. Check with your local government or non-profit organizations to see if you qualify for grants. Keep in mind that grants may have specific eligibility requirements and may not cover the full cost of a new roof.
Signs Your Roof Needs To Be Replaced
It's time to consider getting a new roof when you notice these issues.
Curling or Buckling Shingles
If the shingles on your roof are curling, buckling, or cracked, it's a clear indication that your roof needs to be replaced. These issues can allow water to seep under the shingles and cause significant damage to your home.
Missing Shingles
If you notice that some of the shingles on your roof are missing, it's a sign that your roof is vulnerable to water damage. If caught early, you may get away with replacing the missing shingles instead of your whole roof.
Falling Granules
If you notice granules from your shingles in your gutters or around your home, it's a sign that your roof is deteriorating. Another sign to watch for is balding shingles. Again, if addressed early enough, you may get away with making repairs instead of replacing your roof.
Sagging Roof
If your roof is sagging, it's a clear sign of a structural issue. A sagging roof can indicate that the roof deck is rotting or that there's an issue with the roof's support system.
You must find experienced and reputable Albuquerque roofing companies to inspect your roof to identify all the issues involved. You want to make sure that everything is fixed correctly. Otherwise, unrepaired structures may continue to weaken, leading to roof collapse.
Seeing Sunlight in the Attic
If you can see sunlight coming through your roof into your attic, it's a sign that your roof is compromised. This can lead to water damage and should be addressed immediately.
When Researching Albuquerque Roofing Companies, Check Out AAA Roofing Co.
At AAA Roofing Co., we’ve been performing commercial and residential roofing services since 1991. Whether you’re financing through an insurance claim or need to identify the source of a sagging roof, we’ll thoroughly inspect your roof to give you an honest and accurate quote.
Contact our Albuquerque roofing company today for an estimate!