Winter snows and spring rainstorms are tough on Michigan homes—and nowhere does your property take a greater beating from the weather and wear and tear than your roof. If you’re noticing that aging and damage have left your roof vulnerable, it may be time to consider installing a new roof.
And that means considering how you will find the funds to pay for it.
Fortunately, there are numerous ways to cover the costs of this valuable, needed upgrade to your property.
Why It Pays to Invest in a Roof Replacement
Waiting too long to address a failing roof can put your home at risk of water damage and lead to complicated repairs. It’s far better to replace your roof at the right time rather than delay it and pay the price in extensive, costly repair work.
Even if unexpected hidden issues are discovered during the project, it is still more cost-effective to address them sooner rather than later, as any damage will simply continue to grow worse over time.
So, when you’re in need of a new roof, don’t delay the work that safeguards your home. Instead, take advantage of the many ways you can affordably manage this investment.
What Determines the Cost of Replacing Your Roof?
A new roof is a major project, costing an average of $10,000 to $25,000. The specific cost will depend on several factors, including:
- Size of roof — The bigger the home, the more significant the cost a replacement roof is likely to be.
- Roofing material — Typically, asphalt shingles are less costly than metal or wood.
- Time of year — Roof replacements tend to be most common in summer and fall, when the weather for such work is optimal. Having your new roof installed in winter or spring may therefore cost less.
- Labor and installation fees — Different roofers will charge different prices, depending on how experienced they are, how many crew members they use, disposal costs for old roofing, and more.
Interview several local contractors with a good track record of positive recommendations. Remember, it’s not cost alone that matters. A company that is experienced, easy to communicate with, reliable, and committed to their clients’ satisfaction is well worth your investment.
How to Pay for Your New Roof
1. File an Insurance Claim
High winds, heavy rain, and hail can create a lot of problems for roofing. If the cause of your roof damage is a recent storm or a fire, there’s a good chance your homeowners insurance may cover it. Check your policy and call the insurance company as soon as possible to arrange an inspection. Document any visible evidence of damage with photographs and detailed notes.
Remember, however, that insurance won’t cover your roof replacement if it is due to aging or a failure to properly maintain it. And you will also need to pay your deductible before any insurance coverage kicks in.
2. Ask about Payment Plans
Many roofers and remodeling companies offer financing programs or payment plans to make roof replacement more manageable to homeowners. As you consider this option, be sure to find out how many months the payment plan will cover, the interest rate you’ll be paying, the total cost of the replacement, and any other questions you have to ensure the financing will work for you.
At John McCarter Construction, we offer financing options to help you care for your Michigan home—and we’ll be happy to discuss the details with you so you can determine if this plan is right for you.
3. Apply for FHA Title I Loan
If you qualify as a low to moderate income earner, you may qualify for a Title I federal loan to fund critical home repairs such as a roof replacement. These loans are backed by the Federal Housing Administration (FHA) and issued through banks and credit unions. Qualified single-family homeowners can borrow up to $25,000 and have up to 20 years to pay off the loan.
Keep in mind that any amount you borrow over $7,500 must be secured by a mortgage or deed of trust. Like any other loan, you’ll need to stay current on payments or risk having your property seized. And it is a good idea to speak with several financial institutions to find the best interest rates and payment options.
4. Take on a Home Equity Loan
For many homeowners, a home equity loan is an appealing option for repairs such as a roof replacement. These loans use your home equity as collateral—meaning the amount of money you can borrow depends on the value of your home, minus any existing mortgages you already owe.
Like the Title 1 loan, your house could be seized in foreclosure if you get behind on payments. It is a good idea, therefore, to borrow the minimal amount you will need to replace your roof. Also, be sure the interest rate and monthly payments are affordable for you.
5. Consider a Personal Loan
When all else fails, a personal loan may be worth considering. These loans do not require you to put up collateral, and depending on your qualifications, you may be able to borrow up to $100,000.
Before going this route, keep in mind that personal loans come with steep terms. They typically have to be paid back in full within two to five years, which means you will make higher monthly payments. And they also tend to have hefty insurance rates.
Reliable Roof Installation for Your Michigan Home
When it’s time for a new roof, don’t wait and put your home at further risk. Turn to the pros at John McCarter Construction and promptly get the help you need.
As a local, trusted roofer, our team provides Michigan homeowners with top-notch, low-maintenance upgrades that make you love your property all over again. Learn how our residential roofing services can benefit you.