Financing Your Roof Repairs: Four Things to Consider

February 8, 2019 11:04 pm Published by Leave your thoughts

Have the harsh winter snow and winds proved your roof is weathered and worn beyond repair? If so, it might be time to invest in a new roof. Unfortunately, the price of installing a new roof isn’t exactly pocket change. A new roof can cost anywhere from $5,000 to $20,000, depending on the extent of the replacement, the materials, labor and a number of other factors. Choosing to finance the project is the only way most homeowners can afford such a costly improvement.

Financing makes it easier for the customer to gradually pay the cost of the new roof on a schedule that works for their budget, instead of struggling to pay the costs upfront. Here are four things to keep in mind before taking out a financing plan for roof repairs in Salt Lake City, UT.

Identify the problems with your current roof

The first step is to have the roof inspected. A roof repair specialist will look for any faulty flashing, leaks, water stains, broken shingles and anything else that might merit a full roof replacement. Having a list of all the damages readily available will make it easier for a banker or financing company to consider the level of necessity.

Figure out materials and labor

The best way to get a great deal is to know exactly what you’re working with. Having the right knowledge will make you better equipped to thoroughly discuss the proposal with the lender. Be prepared to talk about how much supplies will cost, the labor rate and any surprise expenses that could arise during the roof repair. This demonstrates that you understand the process and what is needed. Your roof repair specialist can help ensure you’re equipped for this conversation by providing a detailed estimate and list of necessary materials.

Determine your down payment

Paying a down payment upfront can lower the monthly interest costs on a payment plan. Take the time to determine what you can afford as a down payment before meeting with a financial representative. Take advantage of promotional rates that offer minimal interest within an allotted time to maximize your savings.

Make an educated plan

Make sure to obtain multiple estimates from several different contractors in the area. You’ll be better equipped to identify what constitutes a fair amount for the project. Overly high prices should obviously be avoided, while a ridiculously low estimate could indicate shoddy workmanship or poor-quality materials. From there, examine your monthly budget to determine how much money you’ll be able to afford after paying all your other bills. It’s important to be realistic, as you don’t want to find yourself trapped in a payment plan you really can’t afford.

The roof is just about the only thing protecting your family and home from the outside world. It’s important to invest in a high-quality roof that will last, and you can do that by working with the experts at Stubbs Roofing, Inc. Our family owned and operated business has been providing roofing repairs in Salt Lake City, UT for more than 16 years. Call us today for a free estimate!

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