If you need a new roof for your home, you may be concerned about how you’re going to pay for it. Roof installation can be expensive, and not everyone has enough savings to cover it.
Fortunately, several financing options are available today.
Government Incentives and Loans to Finance Your New Roof
Are you installing an energy-efficient roof? If so, you may qualify for federal, state or local grants, rebates and tax credits that can bring your net cost down significantly. Check with the U.S. Department of Energy’s Database of State Incentives for Renewable Energy (DSIRE) for details about financial incentives for energy improvements.
You may also be eligible for a government loan. The Federal Housing Administration (FHA), in conjunction with the Department of Housing and Urban Development, provides loans for home structural repairs, alterations and improvements.
Utah homeowners with less-than-perfect credit and those with limited home equity often take advantage of FHA home improvement loans.
Traditional Financing to Purchase a New Roof
Could you qualify for a new, no-interest credit card?
If so, consider getting one to finance your roof installation. If you only charge the new roof to the credit card and pay it off over the course of the one-year interest-free grace period, you’ll essentially be breaking up the costs into 12 monthly payments without any finance charges.
Or, check with your financial institution or credit union to see if you can take out a second mortgage, a home equity line of credit (HELOC) or a personal loan. When considering these traditional financing options, be sure to compare the interest rates and terms, as they will affect the overall cost of your new roof.
Pay for a New Roof Through Your Roofing Contractor
Professional contractors often offer a payment plan for homeowners. Typically, one-third of the total is due when the contract is signed, another third is due when the work begins and the remainder must be paid when the job is finished.
If that works with your budget, you may not need to borrow any money.
Knockout Roofing offers two additional payment options for Utah homeowners. With our 12 Months Same as Cash program, you can pay for your installation over the course of a year. Or, consider our 5-Year Financing program that divides the cost of your roof into 60 equal monthly payments, with zero interest charged.
At Knockout Roofing, we want to ensure that our customers don’t have to choose between protecting their home and wiping out their savings or maxing out their credit cards. Contact out Salt Lake City, Utah, office today so we can answer all of your questions about financing your new roof.