Roof replacements can be a significant investment. Fortunately, you don’t need to pay upfront – contractors offer multiple flexible financing options.
If you’re planning to get financing for a new roof, here are some of the things you should know:
Some Financing Options Are Better Than Others
It’s a given that you’ll need to do your research before choosing a financing option and pursuing a residential roof replacement. In the same way not all roofing types can handle your area’s climate, not all financing options are suited to your needs.
Here’s a quick overview of some of the traditional financing options:
- Personal loans – Provided you have a good credit score, you can get personal loans at competitive interest rates without having to put up your home as collateral. Those with bad credit can still apply for a personal loan, but they’ll most likely get them at higher interest rates.
- Home equity loan – For those with a bad credit score, there’s the option of getting a home equity loan, which uses your home as collateral. Provided you have enough equity in your home, and the roof replacement substantially improves your home, you can also get competitive loan interest rates and a tax deduction.
- Credit cards – In general, this should be your last option due to credit cards’ high interest rates. However, you can use a new zero-interest credit card to pay for new roofing, provided the total cost will be paid within 12 months, and the card won’t be used for other purchases.
The Time of the Year Affects the Prices of Roofing Options
You’ll need to plan ahead if you want to take advantage of great deals on roof replacements. For instance, the warmer months usually have ideal weather for roof replacements and home improvement projects, but they’re also when demand for contractor services peaks.
You Can Get Tax Incentives
You can enjoy tax incentives by installing certain kinds of roofing systems like solar roofing. Consult your local roofing contractors about the incentives that are available in your area. Don’t forget to ask them about the roofing systems suited to your area’s climate. For instance, metal roofs, thanks to their natural reflectiveness, are suited to sunny areas.
Looking for experienced contractors in your area?
Summit Renovation, a company with nearly two decades of experience, offers a wide range of professional roofing services, including hail and wind insurance claims processing assistance. To get a free estimate, call us at (205) 807-1686, or fill out this form.