Financing Your Roof Repair, Replacement or Construction Project
You have carried out your research, did all the calculations and settled on the design, material, and color of your dream house’s repair, replace or new roof.
Here are the key steps to you financing your roof project:
Search for a credible contractor
You will need a reputable and trustworthy contractor in your area who has been licensed by the relevant regulators. To get the best deal, try and source the contractor competitively by requesting at least five contractors to send you their quotations for the job. From the five select the one which offers you the best price and has the requisite experience, for example, going by past client portfolio.
This selection of a contractor solves for you two problems-one, you identify a reputable contractor to construct your roof at a competitive price and, two, you discover the market price for the job. Armed with the price for the job, now can acutely decide how you are going to finance your roof project.
Sources of funding your house roofing
Constructing a roof is a major undertaking and can cost you an arm and a leg to pay for the needed materials and the contractor. There are, however, many ways you can finance the project ranging from loans to rebates to savings.
Government loans and rebates
Loans: Government loans and fireplace is one of the sources you can tap to finance your project. For example, the Federal Housing Administration (FHA) Title I loans to finance home renovations, among them roof financing, in an effort to make them habitable.
You are eligible for the loan if you have a positive credit and limited home debts. You will secure the loan from your bank or any other approved lender, which are often insured by state agencies like FHA against loss, including you, defaulting on your loan.
You can utilize the loan proceeds to construct a new roof, and other rehabilitate sections of your house such the swimming pool and outdoor fire place.
For further information on roof financing, you can consult the program’s officers or website.
Rebates: You would qualify for certain benefits, which can help you finance your project, depending on the type of roof you are constructing. For instance, in case you are putting up an energy efficient new roof, you would get state, local, utility, and federal incentives, for example, those outlined in the Database of State Incentives for Renewable Energy (DSIRE).
Also, some governments or states offer other benefits through their departments of energy that may finance or offset your roofing costs.
Banks and financial institutions home loans
Credit Cards: You may use your credit card to finance your roofing project, especially if your banker does not charge you killer interest on it. You can divide the project’s cost into 12 equal monthly payment installments and dedicate it strictly to your project.
Home Equity Line of Credit (HELOC): You will need to place your home as security to access this financing. It is suitable for significant investments such as home improvements. If you are putting up a new roof, this would be an ideal source of funding for your project.
Savings: It is one of the toughest and least used sources of financing compared to loans and HELOC. This is because it requires you to sacrifice for a period of time, running for many years, before you can utilize it. It is, however, the financing option for your roofing project. According to South Shore Roofing, a contractor in Statesboro, GA, they are particularly ideal when you know in advance that in a few years’ time you will need to repair, replace or construct a new roof. You will then start saving for the project.