Your roof replacement is one of the most important investments you can make in your home. How you’ll finance it is also equally important, but If you already have the cash, then you won’t have anything to worry about. It can come from your emergency fund or your personal savings, and paying in cash means no loans, which is usually the best option to avoid interest payments.
But if you don’t have enough money saved for your project, there are still other options you can explore. Right Angle Builders, Inc. shares a few financing options you may be interested in:
Equity Loan
An equity loan means taking out a loan from a bank or financial institution and using your home’s equity as collateral. Your home’s equity is its current value minus the amount you owe on your mortgage. If you already have equity built up in your home, a home equity loan can be a cost-effective option for your roofing project!
Insurance
Your homeowners insurance policy might also be able to cover the cost of your new roof. In fact, there are many insurance policies that can cover roof repairs or replacement if it was damaged by theft or natural disasters. But if your roof needs repair because of neglected maintenance, your insurance company might not cover the costs. Before contacting your roofer, make sure to discuss your policy with your insurance agent and see if they’ll pay for your roofing project.
Company Financing
This is also a good option since your hired contractor will work with their affiliated bank to manage the costs of your roofing project. This is still based on your budget and replacement costs, but with the benefit of special promotions offered by the contractor. This is because the banks they work with offer them special rates because of volume lending.
If you’re looking for affordable financing options for your roofing project, be sure to check out what we have to offer at Right Angle Builders, Inc. As a reputable roofing company, we always get the job done efficiently and ensure your satisfaction. To get started, just contact us at (631) 849-8988 or by filling out our convenient contact form.
