Are you avoiding repairing or replacing your roof because you don’t think you can currently afford it? Every home will eventually require some roofing services that can end up running into the thousands or tens of thousands of dollars. The good news, if you do require any roofing services, is that you may be able to finance the project so that you don’t have to pay for everything all at once. Here’s an overview of how financing a roofing project works and the reasons why it can be such a smart financial decision.
Save Money by Getting the Work You Need Done Now
Roof issues such as leaks and storm damage can arise at any time, and the last thing you want to do if your roof is leaking or has any other issues is to wait to get the problem fixed. Common issues like having a few cracked, broken, or missing shingles are often fairly easy to fix. In many cases, an experienced roofing company can just replace those shingles and some of the others in the same area without needing to tear off all of the existing shingles and perform a full roof replacement. If you wait to have the necessary repairs performed, there is an increased chance that your roof will start leaking. It’s even more important that you take immediate action if your roof already has a leak.
The primary issue if a roof is damaged or leaking is that you can end up with water getting underneath the underlayment and seeping into the plywood sheets on the roof deck. If you have a leak where water is getting into your attic, you could also end up with water causing major rotting or damage to your rafters or trusses. Roof sheets, rafters or trusses that have started to rot and begun warping or cracking due to water is an issue you definitely want to avoid. In serious cases, part of your roof may end up being structurally compromised and at risk of collapsing.
When replacing a roof, it’s often only necessary to tear off and replace the old shingles and underlayment. There may be times when a few of the plywood sheets on the roof deck also need to be replaced, but you rarely need to replace all of the sheets or any of the rafters or trusses. If you wait to have your roof repaired or replaced because you currently can’t afford to do so, you run a major risk of serious damage occurring that forces you to spend far more in the future. If your roof is leaking and you don’t get it taken care of quickly, you could also end up with a major mold infestation in your attic that forces you to spend on professional mold remediation. You could also end up with a major leak that causes water to get inside other parts of your home and leads to major damage to your ceilings, walls, floors, furniture, and electronics.
These potential issues are why taking advantage of financing and getting your roof project done immediately is such a good idea since it can help you avoid major headaches and additional costs in the future. When you finance your roof repairs or replacement, you’ll obviously have to pay some interest on the initial amount you borrowed. Nonetheless, you can generally get financing options with a fairly low interest rate so that the overall cost doesn’t increase by all that much. Even with having to pay interest, you’ll likely end up paying less in the long run by financing your roof project compared to if you wait and your roof ends up needing much more extensive work.
Budgeting and Protecting Your Finances
A full roof replacement is never going to be cheap. Depending on the size of your home, the type and design of your roof and what materials you use, you’re usually looking at spending a minimum of $5,000 to $10,000. In some cases, the costs could end up running well over $15,000 to 20,000. Even if you have a rainy-day fund set aside, it sometimes just isn’t possible to budget for such a major expense without seriously affecting your finances or basically draining your bank account. This is where taking advantage of financing options can be hugely helpful since it will allow you to have the necessary work performed now without having to try and find a way to pay for the full cost upfront. Instead, you can spread the total cost out over a longer period of time so that you can more easily budget for the smaller monthly payments and not run the risk of your roofing project wrecking your finances.
How Financing Your Roof Project Works
As with any type of financing, getting financing for your roof services first requires applying and getting approval based on your credit rating. At Blue Fox Roofing & Renovations, we’ve partnered with Finance Services Company, LLC to offer flexible financing and payment options to all of our approved customers. They are a nationally licensed lender that’s also approved by the U.S. Department of Housing and Urban Development to offer FHA Title 1 loans. Qualified borrowers are eligible to receive an installment loan with fair, competitive interest rates as well as extended repayment terms. In many cases, you’ll also receive options about how you want to schedule the terms of your loan so that everything fits within your budget or you can pay everything off more quickly to save on interest charges.
The Importance of Regular Roof Inspections
Some roof issues will be fairly easy for you to spot, such as if your shingles have deteriorated to the point where they’re falling apart or if you have mold or water damage in your attic. There are also times when a roof may have damage that isn’t immediately apparent until it suddenly results in a much more serious issue. The best way to ensure that your roof remains in good condition and avoid major problems from arising is to have it inspected by an experienced roofing contractor regularly and also after any major storm. If you have an asphalt shingle roof that is no more than 15 years old, you’re usually fine with having a professional roof inspection performed every two to three years. You also may not need a yearly inspection if you have high-quality architectural asphalt shingles or composite shingles that are less than 20 years old. As your roof starts to age, scheduling an inspection every year is an easy way to ensure your roof is in good shape so that you can avoid any major hassles.
For the past 30 years, Blue Fox Roofing & Renovations has been helping homeowners in Charlotte, NC and the surrounding area tackle all of their roofing issues. We offer expert repair, maintenance, and roof replacement services at affordable prices and have what it takes to ensure your roof lasts for as long as possible. Our experienced team of roofers works with most roofing materials and most types of roofs, and we can also help if you need any work on your home’s gutters and downspouts. To learn more about how we can help you finance your roofing project or to schedule an inspection or consultation, contact us today.
