The reality of homeownership is that repairs and replacements are not a matter of if, but when. Roof renovations are no exception, and can place a heavy financial burden on a homeowner without advanced notice. Fortunately, the option of financing a roof repair or replacement project can be a lifesaver, allowing for the work to be completed at the moment it is needed without having to come out of pocket with a large sum of cash.
There are a handful of financing options available to homeowners wishing to extend the payment for work completed on a roofing project, with the most popular including:
- Card financing – typically offered through a third party lender, card financing allows for a zero or low interest rate option for home repair projects. Credit limits are generally up to $25,000 which can fully cover the cost of a new roof.
- Unsecured loans – based on personal credit, unsecured loans are another viable option for homeowners. The greatest advantage to this selection is the extended repayment terms, ranging from three to five years. Additionally, unsecured loans can carry a higher credit limit, ideal for high-end projects.
- Secured loans – this financing option is secured by some type of collateral, which can include a home, vehicle or cash asset. Often these loans are offered for borrowers with less than perfect credit, and carry higher interest rates than an unsecured option.
Benefits of Financing a Roofing Project
The most advantageous benefit to homeowners who opt to finance a roofing repair or total replacement is the ability to keep cash on hand for other emergencies or everyday expenses. Utilizing financing provided through a bank or directly through a contractor allows for the project to be completed as soon as it is needed, without the burden that comes with depleting savings.
Additionally, homeowners typically have flexible repayment terms that allow for an expensive roofing project to be paid back over time. Depending on the type of financing you receive, the schedule of repayment can span as little as one year to as long as five years. For those who have not set aside for such a pricey home project, financing provides a feasible way to get the project completed quickly.
Finally, some lenders provide special financing terms – generally for those with excellent credit ratings – that treat the loan as cash. This means that there is no interest applied to the financed amount for a certain period of time. If you know you are able to repay the full balance or the majority of it within that time frame, financing a roofing project may not cost you any more than the labor and materials used to complete the job. This can be incredibly helpful to those who do not have the cash on-hand the moment the repair or replacement is needed.
It is easy to see how homeowners may benefit from financing their roofing project, whether it is a lower cost repair or a complete replacement. Coming out of pocket with tens of thousands of dollars for quality work is not an option for many homeowners in today’s market, but the ability to acquire the financing necessary with little to no additional cost and flexible repayment terms paves the way for necessary work to be done on your home when you need it.
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Landmark Roofing and Siding offers financing for our customers. Learn more about Financing Your Home Renovations