Do you need a new roof, but can’t afford it? Few things are more stressful than knowing you have an expensive, time-consuming project looming that you can’t afford. While there are times where you have the luxury of saving and budgeting for doing a costly project, that’s not always the case with a new roof.
Fortunately, there are options when it comes to paying for your new roof, even if you haven’t had the time to squirrel money away for it. If you need a new roof, but can’t currently afford it, here are a few steps to help make it happen.
Get a Professional Inspection From a Roofing Company
Always start the process by getting a professional roof inspection from a reputable roofing company. It’s important to know the full scope of your replacement before you start finding ways to pay for it.
RoofClaim offers high-quality, free roof inspections, so click here to get the process started if your roof hasn’t been inspected yet.
By partnering with RoofClaim, you’ll get the added benefit of access to our advice and experience. We’ll be able to guide you through the process and make sure you get the most affordable outcome possible.
Consider the Materials For Your New Roof
The material you choose directly impacts the cost of your new roof. There are a lot of options out there, and some are more affordable than others.
When you receive a free roof inspection with RoofClaim, we'll advise you on how to get the best bang for your buck. For example, we can help you compare the cost of different types of shingles for a shingle roof replacement, so you have the information you need to make the best choice for your situation.
There are some other areas where we can save you money as well, but we won’t know all the details until we’ve inspected your roof.
File an Insurance Claim (If You Haven't Already)
The best way to afford the cost of a new roof is to get your roof replacement covered by your homeowners’ insurance. There’s a good chance that if you’re reading this article that you already tried that, but if you haven’t filed a claim yet you may want to try that route. We wrote a great article on how to file an insurance claim that you should check out.
Note: We don’t recommend filing the claim on your own. We strongly recommend you obtain a professional inspection report and guidance from industry experts to get the best outcome. If you filed a claim that was denied, we can review your inspection report and claim and see if it’s worth it to file a new claim.
If you’ve exhausted the insurance claim route, it’s time to continue on to other options.
Apply for Roof Financing
Some roofing companies offer private financing options. These financing plans help you spread out the cost of your new roof over months or years. This can make even an expensive roof affordable for budget-conscious buyers.
At RoofClaim, we offer great financing options that you can quickly see if you pre-qualify for. With financing, you can secure a low monthly payment at a great interest rate that makes your new roof easy to afford.
And since all our roof replacements are backed by a Million Dollar Guarantee, we're confident you’ll be satisfied with the final result.
If the financing doesn’t come through, you’re still not out of the game. There are other options you can pursue.
Apply for a Title 1 Home and Property Improvement Loan
Title 1 property improvement loans are available through the Federal Housing Administration (FHA). These loans are an excellent way to pay for improvements and repairs to your home and property. When you receive an FHA loan, they’re essentially insuring your loan. This means there’s less risk for lenders, and they’re more likely to work with you.
With these programs, you can borrow up to $25,000 with 20 years to pay back the loan. But, if you opt into a loan that’s more than $7,500, you’re backing it with the financial assets you own. This can be a solid option if you’ve tried other avenues without success.
Apply for Home Equity Loan
If you’ve owned your home for a while, you’ve likely built some equity. With a home equity loan, the lender looks at how much of your mortgage is left to pay. Then, they compare that to the market value of your home. If the ratio is favorable to the lender, you may be eligible for a home equity loan. This loan type is usually low-interest, but it’s not risk-free. You’ll be using your assets to back your loan.
Another option–if you have equity in your home–is cash-out refinancing.
With cash-out refinancing, you’re essentially refinancing your home. You take out more money than you need for the house, and the excess money is used to purchase the roof or repairs you need.
This can be an excellent option if you’ve owned your home for several years and have no plans to relocate. Low interest rates are often available, and you may even be offered an improved mortgage interest rate with this kind of refinancing plan.
The best feature of cash-out refinancing is that it doesn’t add an additional payment like a second mortgage or home equity loan would. You’re effectively buying out your old mortgage and replacing it with a new one.
Apply for a Grant
Some grant options are available to help finance a new roof. Some of these are offered by the government and target low-income homeowners or retirees. There are also grant options for historic homes.
If you’re looking for more information on what grants are available and if you and your home might qualify for them, review the following resources:
What’s great about a grant–if you can get one–is that they typically don’t have to be repaid. A grant is like getting free money, making this the best option financially if you need a new roof but can’t afford it.
Apply for a Personal Loan
You can always apply for a personal loan to pay for a new roof. When you do this, you’re working with a lender and taking on a traditional loan. Once approved, you’re given the money to pay for your new roof. Then, you pay back the money to your lender on a monthly schedule.
There are both short and long-term personal loan options. Short-term loans usually require a larger monthly payment. Long-term loans, though, have higher interest rates. Do your research thoroughly before committing to a personal loan to ensure you have all the correct information.
To learn more about applying for a personal loan, the following resources may be helpful:
One more word about working with banks and lenders—bigger isn’t always better. Don’t be afraid to reach out to your local bank. They’re invested in seeing their immediate area thrive. They may be willing to work with you even if you’ve heard no from big-name lenders.
Start a GoFundMe Campaign
There are times where a GoFundMe Campaign can be a solution for raising money for your new roof. This is especially true if you or a family member is recovering from an illness or accident.
Unexpected emergencies such as a home fire or flood are other times where a GoFundMe Campaign may be well-received and successful for fundraising.
If you just have an older roof that needs replacement and you can’t afford it, we don’t recommend using a GoFundMe campaign for these situations. Try the other avenues we’ve listed throughout this article.
Sell Your Home
If you’ve tried everything and you still can’t get the funds to put a new roof on your house, it may be time to consider selling your home.
This is especially true if your roof is currently leaking or so damaged because there’s a high potential for additional property damage. As the degree of damage increases, the value of your home declines. Waiting too long means going further and further underwater.
In this case, your only option may be to sell your house to a new owner who knows the roof will need to be replaced and has the means to do so. Then you can take the money from the sale and rebuild your finances.
If You Need a New Roof But Can’t Afford It, Don’t Give Up
It can be scary when you need a new roof but can’t afford it. Fortunately, you have many options to get the money you need. It just requires a little bit of tenacity and perhaps some unconventional thinking.