Your home’s roof may not be something you think about often, but when something goes wrong it quickly becomes a top priority – and a very expensive one at that.
If you need a new roof or a major roof repair, you’ll probably want to take care of it quickly before it causes further damage.
But what if you don’t have the money on hand? How do you pay for it?
Some of your options might include credit cards, savings, financing through a contractor, home equity loans or a personal loan. We’ll talk more about which option might be right for you later in this article, but first let’s look at potential new roof costs.
How Much Does a New Roof Cost?
According to HomeAdvisor, the average cost of a new roof nationally is approximately $7,295, with the high end being as much as $30,000. Of course, this is based largely on where you live and the contractor you hire.
There are other factors that impact the cost of a new roof, including but not limited to:
- Size of your roof
- Type of material (such as asphalt shingles, metal, slate, and wood)
- Number of layers (too many can make removal more difficult)
- Code requirements
- Any unique features of your roof, such as multiple skylights, plumbing pipes, and chimneys
Also keep in mind that it could cost as much as $1,000 just to tear off an existing roof.
Cheaper Isn’t Always Better for a New Roof
If you have reason to believe it’s time for a new roof (or a repair), you may want to consider moving forward with the project.
One thing you can do is contact three to five roofing contractors for a quote. While the quotes may be relatively close (typically within a couple thousand dollars), you’ll soon come to find that you have a decision to make.
You may consider basing your decision on the following:
- Experience and knowledge
- Quality of material
- Reputation, online reviews, and references
It sounds like a good idea to go with the cheapest quote, until you realize that the contractor is using poor quality material and doesn’t have nearly as much experience as the others on your short list.
Price is important, but the end result is what matters most.
Is a New Roof Really Necessary?
Replacing your roof may not be the most satisfying home improvement project, because you don’t get to enjoy it the same way you would an upgraded kitchen, luxurious bathroom, or new hardwood flooring.
Even so, you may consider not putting this project on the back-burner. Here’s why: an old roof can’t protect your home as intended, which can lead to additional damage.
For example, a leaking roof can cause damage to the wood underneath and your home’s interior. Now, instead of simply replacing the roof, you have more trouble on your hands (which costs you more money).
How to Pay for a New Roof
The way you pay for a new roof depends largely on your financial situation.
If you have the money in an emergency account, it may make sense to pay in cash and move on.
Conversely, if you don’t have enough cash on hand – which is common for such a large expense – you’ll want to look into your other options.
A credit card may be the first thing you consider, but if you can’t pay it off in time you could end up with high interest debt on a revolving balance. Not to mention the fact that you may not have enough available credit to fund the entire project.
Another option is a home equity loan, however this may require you to take out more than $35,000, and a roof project may not be quite that large.
If the project is less than $35,000 or you need the money quickly, a personal loan may make sense, as you can secure a competitive rate for the exact amount of money you require. Best yet, you can apply for a loan today, obtain approval, and receive funds within one business day.
You can estimate your payments using our personal loan calculator today.