Installing a new roof is a significant investment, and many homeowners simply don’t have enough cash saved up for a new one, especially if it has to be replaced unexpectedly due to an emergency. While cash is definitely king when it comes to a new roof, you do have other options if you find yourself a bit strapped for cash. In today’s post, we explore some of these options so you can get a new roof when needed without straining your finances.
Personal loans. If you need to finance a new roof, one of the best ways to do this is to open a personal line of credit. This type of loan typically has the lowest interest rate and a low monthly payment. Your bank may also offer personal loans, specifically for home improvements.
Home equity loans. A home equity loan, or HELOC, is another great way to pay for a new roof. Using your home as collateral, you can often negotiate low interest rates from your lender. However, you do need to have some equity built up in your house to be able to take advantage of a home equity loan.
Credit cards. Nowadays, many roofing companies will happily accept credit card payments. Be careful, though. If you’re not able to pay the full amount in a short amount of time, you may find yourself making a significantly greater payment due to high interest rates.
Roofer financing. Most roofing companies understand that some homeowners can’t afford to pay for their work in cash, and thus will offer their own financing or arrange it through a third party. Be sure to ask your roofer if they offer financing and compare it with other financing options.
Whether you’re in need of a new roof or would like to do some repairs on your existing one, be sure to give Bone Dry Roofing – Florida a call at (941) 251-8693 or fill out our contact form to schedule an appointment today.