In a world where almost anything is available to almost anyone for a series of monthly payments, it is not surprising that many homeowners wish to know whether or not they can finance a new roof. However, most roofing companies do not offer this service to customers.
Why? Because frankly, most financing plans rely on being able to come and take the asset back if someone doesn’t pay for it. You can finance your car because someone can come and take the car away. They may not have their money, but they can recoup some of their losses because they still have a functioning car to sell. Ditto for houses and furniture.
But if we came and ripped your roof off we’d just have a bunch of old, damaged roofing materials, and we’d lose the value of all of our labor. The best we can do is put a lien on your home…something which does not create many problems for people who don’t intend to sell. And we have to get paid…it’s how we stay in business!
However, we know that it’s not always easy to plunk down thousands of dollars at one time. That’s why we’d like to offer a few suggestions for financing your new roof.
This is the best way to go about getting a new roof. You know your roof has a certain lifespan depending upon the materials used. You can make some guesses about the cost of your new roof, or you could even call for an estimate five or six years before you actually need to replace the roof.
Then, you can set aside the money you need. This is the smartest way to do it, as you know that a 15 year-old asphalt roof isn’t magically going to be “just fine” fifteen years from now. It will need to be replaced at some point, as sure as rain falls in Clearwater, FL.
Get a Loan
In general, there are three types of loans people get when they start trying to finance their roof. Some homeowners might be eligible for a federal loan. Using a home equity loan is also a common choice, though you should be aware that you could lose your home if you don’t make payments on that kind of loan. Finally, some people finance their roofing with a high-limit credit card.
However you finance your roof, remember that it is a necessity, not a luxury. If you don’t have a functioning roof then you simply do not have a home. Roof inspections, repairs, and replacements should be high-priority items as you plan your budget and your life.
Ready to get an estimate on a new roof so you can plan for your future? Contact Done Rite Roofing today. We are also happy to answer any additional questions you might have about our financial and payment policies.
Image credit: Stephen Coburn