RoofTek Financing: How To Fund Your Roof Replacement

Your roof is a major component of your home, providing safety and comfort to your family. While the typical roof has a lifespan of 20 to 30 years, eventually it will need replacement. A leaking roof if left unattended can cause serious damage to your home, leading to more costly repairs in the future. It’s important to address roof issues immediately. Here are a few tips one what affects price along with multiple options for getting the funding you need.

5 Things That Affect Your Roof Replacement Price

A roof replacement will cost thousands of dollars. When replacing your roof, there are several factors which come into play. Before you look at financing options, start by getting the best price possible for your new roof. Here are some factors to consider:

  1. Time of Year: Roofing companies are busiest from late summer through early fall. Having your roof installed during the peak season may cost more. Scheduling your roof replacement during a slow season can save you significant money. 
  2. The Size of Your Home: The price of a roof replacement is typically based on “squares.” A square is 100 square feet, so the larger your house, the more you’ll pay. Roofers also consider the height and slope of your roof when estimating costs.
  3. Materials: Asphalt shingles are much less expensive than metal or wood shake. 
  4. Labor: Rates for labor can vary from contractor to contractor based on their expertise and quality of workmanship. This will likely be the highest cost, and you pay for what you get.
  5. Disposal: You may be charged an extra disposal fee to rent a dumpster.

Three Tips to Help Maximize Your Budget

  1. Get 2-3 Quotes: Because costs can vary among contractors, check resources like the BBB and online resources for reviews.
  2. Consider Cheaper Materials: Like many products, roofing materials will cost more for quality. A metal or cedar shake roof looks great, however, opting for an asphalt shingle roof might save you money right now.
  3. Timing is Everything: If you can, waiting until a slower season to replace your roof can cost significantly less. Your contractor will appreciate the business during this time of year.

How Does Roof Financing Work?

Roof replacement can be costly. As a homeowner, you have several options for financing your roof replacement. A new roof can help you gain peace of mind. You can relax knowing your purchase is guaranteed for 20 to 25 years. Here are three things to know when financing your new roof.

Financing is Easy 

Most roofing contractors will work with you to determine the best way to finance your new roof. Many offer financing plans to help make installing a new roof affordable. Applying is easy and your contractor will walk you through the application process.

Options for Financing a Roof

You have several options when it comes to financing your new roof. If it was damaged by a storm or fire, your insurance may cover the cost. You may also be eligible for an FHA Title I home and property loan, however, you may need to secure the loan with your equity. If you fall behind on payments, your property can be seized. If you have sufficient equity built up, you can also finance your new roof with a home equity loan or line of credit. Like an FHA loan, your home is used as collateral and if you fall behind you can lose your home. 

12-month Same As Cash Loan

This is an excellent option. Many contractors offer a 12-month same as cash loan. This type of loan offers a no payment – no interest option (during the promotional period) on your purchase. During the promotional period, no finance charges accrue, as stated in the Truth in Lending Disclosure. You will not be required to make a monthly payment until the promotional period has ended. If you repay your loan in full within the promotional period you will not pay any finance charges. There is never a prepayment penalty; financing is subject to credit requirements and completion of financial documents. Upon the end of the promotional period, interest will be charged, and normal late fees apply.

If you need a roof replacement and you live in the greater Salt Lake City area give the experts at RoofTek a call. For over 25 years we’ve been keeping thousands of Utah homeowners dry and worry-free! Call today for a free estimate and ask about our 12-month same as cash financing option!

3 Things To Consider When Replacing Your Roof