Roof financing 101

By RPS Metal Roofing & Siding, Inc.

Exploring the best ways to fund a roof replacement.

Editor’s note: Share the following article with your customers who are considering a new roof and are curious about their financing options. 

A roof does more than protect you and your loved ones from the elements. It also offers curb appeal to your home and serves as a solar panel platform. While there are numerous ways to invest in your home, updating or completely replacing your roof is a pivotal decision because it affects the aesthetic of your home, how well you are protected from all kinds of weather, in addition to the functionality and energy efficiency of your home.  

Knowing this, it's essential to understand that roofing jobs are meant for certified and qualified roofers who have the correct gear, experience and certification. 

In the following, we'll review all possible payment strategies for your roofing needs. 

Cash 

Of course, paying outright in cash can be a quick, easy, and reliable option. In some cases, you may be able to negotiate a small discount for paying your invoice immediately or even before work begins, granting you peace of mind as the construction takes place. With a bill of sale, you will retain a perfect record of your payment, protecting both parties. Of course, not everyone may have the exact cash on hand for such a purchase, so only opt for this if it’s convenient. 

Home equity and credit 

If you have good equity, you may be able to establish a loan or line of credit to finance your new roof under favorable terms. This can help borrow against the value of your home, which ultimately ends up supporting itself as a new roof can increase the value of your home when you come to sell. In some cases, this can offer better rates than the conventional financing methods, but you will need good equity to leverage that. 

RPS Metal Roofing & Siding Inc. financing options 

At RPS, we’re proud to offer our clients affordable financing options to help the cost of a brand-new installation seem a little more achievable. With our excellent 9.99% APR five-year loan you can stretch out the cost while gaining the roof you need now. 

In addition, we also have a 12-month same-as-cash option, which offers no interest for 12 months, with all interest waived if you pay within that time. Our loans are designed with transparency, affordability, easy onboarding, and long-term planning in mind. Moreover, you will never need to pay longer than your roof will last, ensuring that the standard of our work serves as the substance behind your financing choice. 

Insurance claims following damage 

While “wear and tear” policies offered by housing insurance firms have become much more strict in their criteria, you may be able to get help from your homeowner’s insurance company depending on the policy you’re covered by.  

However, in some cases, you may be applicable. For instance, if your house is damaged by trees or local power lines, you may be able to claim that against your policy and fund most of the cost of a brand-new roof, especially if your home has been rendered uninhabitable.  

The worst they can do is deny your claim, so it’s always worth seeing what your options are. 

Government assistance and eligibility 

You may be surprised just how many programs are out there regarding property improvement for families. The FHA Title I Property Improvement Loan, run by the Department of Housing and Development, may help you “improve the basic livability of the property.” 

In some cases, low-income assistance and proactive insulation development programs can help you cut some of the cost of a full replacement or partial repair. It’s always worth checking to see what you’re entitled to via your local housing authority – you may be surprised about what’s on offer. 

Never “cheap out” 

A great roof is like a great pair of boots, if you invest in quality now, you’ll need far fewer replacements over time. 

Never cheap out with the most inexpensive quote unless the service has great reviews, as often, you get what you pay for with good roofing. Moreover, more expense now means saving money in repairs and upkeep over time, which can be the wiser financial decision. 

If you’d like to see best-in-class, affordable quality, please contact RPS today via our contact form. One of our friendly team will reach out to you at your earliest convenience. 

Original article source: RPS Metal Roofing & Siding, Inc.