Financing Options for roofing repairs and home remodeling
When the integrity of your home is compromised due to wear and tear or natural disaster, a roof replacement or repair may be the only suitable option. Depending on the extent of the damage and the roof’s size and quality, complete repair or replacement can cost up to $100,000.
Most Americans don’t have anywhere near this amount tucked away in their savings. For this reason, other financing options are needed and can help cater to the roof replacement cost.
Some of the home remodeling or roof repair financing options to consider include:
- Paying with Insurance
If you have roofing insurance, you can use your policy to cover the cost of home remodeling or roofing repairs. However, most policies protect homeowners from financial losses caused by a storm, fire, theft, or other natural calamities. Your insurer can pay for the total cost of your roof repair, but this is only a viable option if your roof was not damaged due to ordinary wear and tear. When you choose to pay for roof repair and replacements through insurance, Empire Roofing and Restoration will work directly with your insurance company so you can sit back and relax.
- Paying With a Home Equity Loan
A home equity loan may be handy for homeowners whose roofing repair costs are not covered by their homeowner’s insurance. The best thing about this option is that home equity credit comes at a lower interest rate than typical financing options.
- HUD Home Improvement and Repair Loan
A property improvement loan or FHA Title 1 can help if you don’t have enough capital to borrow against your home. These loans are designed to fund substantial home improvement projects. However, it is essential to note that these loans are only available through FHA lenders, and you need a debt-to-income ratio of no more than 45% to qualify.
- Credit Cards
Credit cards typically provide a high spending limit compared to typical financing options. You can save significantly over the term with a no-interest credit card. Although, no-interest credit cards may have a shorter timeframe for paying back the money, so plan ahead when choosing this option.
Contact Empire Roofing and Restoration Today
Not sure about the right type of financing option to consider? The Empire Roofing and Restoration experts can help you choose the right financing option for your roof repair and can even work with your insurance company for coverage. Contact us today for a no-obligation inspection.
