best roofing material

What to Do If You Can’t Afford a New Roof

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.

Do You Actually Need a New Roof?

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.

Financing Options that Include Best Roofing Materials

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.

Improvement and Renovation Grants with Best Roofing Material

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.

Consider DIY

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.

Refinance the Property

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.

Why Not Save Some Cash?

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.

Home Renovations and Insurance in Vancouver

Home Renovations and Insurances in Vancouver

Getting tailored-made home renovations and insurances in Vancouver is possible if you contact professionals. Design a insurance policy with added features just for you.
Any insurance professional will tell you that having insurance does not provide protection against everything during a renovation. However, while accidents can happen, a person’s disaster preparedness will affect outcomes at least as much as their insurance policies.
Now, is it possible to be ready for home renovations, and having bullet-proof insurances in Vancouver? Sure it is! Of course, the first thing you need to do is activating your accident barometer, and tweak over it.

Alarm System Monitoring

For many years, companies have offered discounts for alarm systems, but not all alarm systems are the same. In order to qualify for this home renovation discount on your insurance policy, your alarm system must be centrally monitored by an approved company

Fire Monitoring System

Smoke and CO2 dioxide alarms are an inexpensive investment even if there were no insurance discounts associated with them. Luckily, there is sometimes an insurance reward, but for just a few dollars per unit, don’t skimp out on these lifesaving devices.
If it’s centrally monitored, meaning that if you’re out of town and the fire alarm goes off, a third party company can send a fire truck to help, you can expect to receive a better discount on your home insurance quotes.

Home Renovations To Your Plumbing System

Houses built in the 1970s and 1980s may still be using lead piping. This type of plumbing is susceptible to increased corrosion and can crack under extreme temperatures and can be hazardous to your health. It is highly recommended to substitute these with more modern copper supply lines and updated drains.
This would positively impact both your health and your insurance premiums.

Home Renovations To Your Electrical Wiring

If your house still has aluminum or knob and tube wiring, you should look at upgrading it to modern copper wiring. If you don’t, you might have to get your policy from high-risk insurance providers. Some companies may offer you coverage, but they will likely require an inspection through a certified electrician.
A lot of old wiring resulted in fires, upgrading to the new, safer standards will reduce the chance of a fire destroying your valuables and save you money on your home insurance premium.

Use Seismic Technology

British Columbia home insurance quotes are significantly higher than in other provinces since they are prone to earthquakes as we are located in a seismically unstable region.
Almost all homes are seismically resistant these days, but if you have a newly built house with updated seismic technology often you are rewarded with extra discounts. You might want to consider adding extra earthquake insurance to your home insurance policy if you haven’t already.

Home Renovations To Your Roof

It costs more to insure homes with older roofs and some providers may not offer you coverage at all if your roof is too old. Water damage to the inside of your home and costly repairs to your roof are claims an insurer wants to avoid and they will charge you extra for an old roof. Investing in a new roof will reduce your home insurance premium.
Also, know that home insurance is not a maintenance plan. If there is damage to your roof you’re ignoring, your claim may be denied altogether.  If you can afford it, opt for more than asphalt shingles and look for something that may cost more, but has a much longer life.
A lot of things can happen during a home renovation – your contractor falls off the ladder while fixing your roof, a hammer goes through your window, or a subcontractor is injured on your property. Despite all precautions, if there’s an accident on your property that leads to a liability issue, you, as the homeowner, can be in trouble.

Home Renovations and Insurances in Vancouver: The Rules

The general rule is that owners are not vicariously liable for the wrongful act of their independent contractors. But, there are a number of exceptions to this general rule. You should be aware of them for these reasons:
First, a fully awared homeowner understands the nature and extent of liability risk. Like this, they mitigate risk through carefully drafted contract documents or assign the risk to a third-party insurer.
Second, having an accurate understanding of the liability risks helps to assessing the feasibility of the project.
Finally, being fully aware of the potential liability for the acts of independent contractors may inform the choice of contractor. The owner may decide to choose a more competent and reliable contractor, rather than the one with the lowest price.
The time to find out risk and liability is before an accident happens:

Step 1:

Check the personal liability section of your homeowner’s policy. Talk to your insurance agent before beginning a renovation project. Like this, you can update your policy and extend coverage to the new space, if needed.
You may also want to ask your agent about whether you may benefit from an add-on protection called theft of building supply coverage, which may protect the construction materials while your project is in the works.

Step 2:

Check your contractor’s liability insurance. Do the same with the worker’s compensation (WCB) insurance, and ask your contractor to provide you with a policy certificate before you begin the project.
If a contractor is unwilling to verify his coverage, consider hiring someone else. This applies to subcontractors as well.

Step 3:

Minimize risks – remove fallen branches, wet leaves, and kids’ toys from your driveway before the workers even show up.

Conclusion

We hope these tips help you with home insurance and renovations. Although home renovations and insurances can be time-consuming or annoying, they provide a extended lifespan of your property.
If you’d like to have someone come out and inspect your roof for you, give the experts at Cambie Roofing a call. We’ll let you know how your roof weathered this winter, and fix any issues. For more information, or to request a free repair estimate.