Nothing lasts forever – not even the most expensive roofing material. Regardless of what your roof is made of, it’ll eventually age or give in to severe damage caused by extreme weather or another fortuitous event.
When that happens, you’re left with no choice but to have it replaced. But like many property owners before you, the problem is not having the money to afford a new roof. You’re in a mess, left in a corner with no solution in sight.
If you can’t afford a new roof, know that there are other options to consider. It’s not like you sit idle and wait for nothing. Keep reading this article and learn about the potential ways to smartly solve your predicament.
Some property owners are overwhelmed by the prospect of replacing a roof. They and you are right: The cost associated with it is a big deal. But before you stress yourself out, think about the possibility of having it repaired instead.
Just because a local roofer told you that you need a new roof doesn’t mean that he’s accurate or telling the truth. Talk to other roofing contractors and tell them about your situation. Some roofers can salvage a roof for less money than it’ll cost to replace the structure.
Some old and severely damaged roofs can be remedied with the necessary repairs and the best roofing material. That will last you for at least a year. That should be enough time to save money for the inevitable replacement. Instead of relying on the sole assessment, you must get at least three independent assessments and repair estimates to fix your roof.
Property owners spend an average of $900 for roof repair, although minor fixes typically cost around $200. If you’re facing a major roof repair project, you’ll have to shell out at least $500 and upwards to $1500.
As much as you want to replace your severely damaged or aged roof, you may have to contact a roofing professional first to inspect the structure. Roof repair costs less than a total roof replacement, but even that is a hard pill to swallow when you’re low on funds.
If you can’t afford to pay cash for roof repairs, there’s a handful of financing options available to ease your burden. Use your credit card to get the repairs done and have enough time to pay off the charges.
If you’re uneasy about the credit card option, getting a personal loan is the next best thing. It gives you the option to pay on a monthly scheme while the needed repairs are addressed right away. Keep in mind that this is a short-term investment for your property, so please be sure to use the best roofing material. Use money wisely.
Applying for a home improvement or renovation grant is a popular option for roof repairs. They’re available from the local and national governments, and they usually include the best roofing material.
In North America, these home improvement or renovation grants are meant to provide financial assistance to property owners who can’t afford to have their homes fixed after weather devastation or natural disaster.
Another type of grant focuses on low-income homeowners who need help in improving their houses. Home improvement and renovation grants are meant to give property owners relief as they come with low-interest rates compared to standard loans.
If you have tried roof work before, then you should explore fixing the structure one more time. On the other hand, DIY roofing projects are only meant for minor repairs. Unless you’re a roofing professional, you’ll have to tap the services of a licensed contractor for major repairs and replacements. But because you’re short on cash, there’s nothing wrong in pondering a DIY solution.
Refinancing your home make sense, too. Home improvement loans include refinancing the property, where there’s an explicit set of guidelines to be followed. In most scenarios, the loan is exclusively intended for the needed repairs and cannot be used for other purposes. Since the roof is part of the property, this option is viable for major roof repair jobs.
See to it that you talk to a financial expert before taking this path. You need professional advice since refinancing your home is a long-term responsibility that affects you and your family’s future. Aside from getting a reasonable interest rate and favourable loan term, the financial expert helps you understand the legal consequences in the failure to pay the loan.
Investing in a new roof is out of the question, but with the help of a professional roof inspector, you could wait it out for several months to afford a repair project. Call a local roofer to examine the structure. If the inspection report says that you can live with the damage for a year or so, you can go through your budget and save the necessary funds for a major repair. There’s always the option of cutting costs on stuff like food, vacations, and entertainment.
Instead of getting a loan and paying for the interest rates, you’ll save cash and end up fixing your roof with no long-term financial responsibilities to cover.