If you’ve been looking into replacing the roof over your head, you’re probably already aware that a roof is no small chunk of change. For an average home in Columbus, Ohio will cost approximately $7000 dollars for a new, 3 tab asphalt roof. While the price of your roof may be less based on square footage or if you select decide to overlay the old shingles with new ones, complete shingle replacement, roofing a more intricate roof or replacing any plywood or underlayment. Using more expensive roofing materials such as slate or tile can cost 2 to 3 times as much. Since you want your roof to withstand the test of time and not put you in the poorhouse, a valid question to ask is: what are the benefits of financing my new roof?
So what are the financing options for you roof? Ultimately, there are 2 paths to financing a new roof: through the roofing company or through a lending agency. Roofing contractors are perhaps the best way of financing a new roof because they can control the rates, which are generally much lower than a bank, and you can deal with them directly as they will be performing the construction. Various financing options for roofing include no-money down replacements, cash payments (which might lower the overall cost), or low monthly payments. They can also offer lower interest rates for your payments, but, as with lower monthly payments, this will be pending your credit history. Cap City Restoration is the best option when it comes to having an exceptional roofer that also is paired with a company that offers great financing.
There are options you can pursue through a lender. A home equity line of credit (HELOC) allows you to withdraw a certain amount of credit, usually up to 80% of your home’s equity, with which you can apply to various repairs. HELOCs generally have a 20 year repayment period, but can have high interest rates and, if not repaid, risk forfeiture of your home. If you are ineligible for a HELOC, or find the conditions undesirable, there are smaller, personal loans that you can apply for. Personal loans are generally for smaller amounts but have shorter repayment periods and tend to have higher interest rates. Always consult with a variety of lending agencies before settling on a loan.
Lastly, if you have a home warranty, make sure you consult to see if you are eligible to be covered for a roof replacement. A roof replacement is also something worth consulting with your insurance provider, however, unless the roof was damaged by some unforeseen event such as fire, trees or hail, you generally will not receive any coverage for the normal wear and tear endured during the lifespan of your roof.
In short, getting a new roof doesn’t mean you have to break the bank. There are a variety of financing options available, whether through roofing contractors themselves or through various loan options. If you’re looking for a new roof in the Columbus, Ohio contact Cap City Restoration for a free estimate. Ask them about there financing options.