Posted by Corey ZellerComments Off on How Do I Pay for a Roof with No Money?Roofing
How Do I Pay for a Roof with No Money?
Installing a roof is one of the most important investments into a home that you could make. For this reason, not having the money to install or repair a roof doesn’t mean you shouldn’t do it. In fact, not doing it might not even be an option! That’s because every day that passes may be making it more expensive and more difficult to repair or replace your roof.
If you’ve ever found yourself wondering how to pay for a roof with no money, you’re not alone. But you have more options than you think. Here are some of those options for when it seems like there are none.
Home Roof Repairs: Factors to Consider
First, what’s inspiring you to consider replacing your roof? Are you seeing shingles fly off, shingle dust particles (known as granules) collecting on your property, algae growth, or noticing leaks on your ceiling? If your roof is leaking and you have no money to fix it, don’t wait; things will only get worse. These aren’t signs that your roof may need replacing; these are signs that the roof already needs to be replaced!
Before proceeding, you need to appreciate why it’s so important to repair or, better yet, replace your roof. If your roof is damaged, you might not even notice the harm you’re causing to your home by holding out. That’s because water can leak into your insulation, drywall, plywood, paint, electrical system, etc. and you might not be able to tell. Don’t let not having the money to replace your roof stop you from getting a consultation! Only an expert will be able to tell you the extent of your potential damage and the cost of your replacement.
6 Warning Signs Your Roof Needs Attention Now
Shingles flying off or visibly missing
Granule buildup collecting in gutters or around your home
Algae or mold growth on the roof surface
Water stains or active leaks on your ceiling
Cracked, curling, or buckling shingles
Cracks in flashing around chimneys or skylights
How to Estimate the Cost of Your Roof Repair
Using our roofing calculator, you can figure out how much it costs to pay for your roof. The calculator factors in square footage, roof complexity, quality of roofing materials and labor, and how many layers of shingles you want to get a general range of how much it will cost to repair your roof.
Complexity is a determining factor that needs to be further broken down. It includes:
Your Roof’s Pitch: This is the measure of how steep your roof is. The higher your pitch, the more time is necessary because of the safety precautions we take. A steep enough roof isn’t even walkable without the right equipment.
The Number of Facets: “Facet” is the term for a roof’s side. A typical A-frame roof has two facets, but a roof with greater complexity can have many more. More facets may translate into a more beautifully designed roof, but they also extend how long it takes to replace your existing roof.
Flashing Installation: “Flashing” is installed where your roof and wall intersect to keep water from seeping into your home. Flashing is usually made of galvanized steel or aluminum. You’ll find flashing around chimneys, skylights, vents, and dormers.
Valleys: A “valley” is where two sections of a roof connect, often at places where the roof is at different levels or in different directions. Valleys also require more time, labor, and cost to install correctly. Valleys merit extra attention because an area with a lower slope is often where water collects.
Should You Repair or Replace Your Roof?
Why replace and not perform roof repair? Because there’s a good chance that repairing your roof will mean throwing away money you can’t afford to throw away. A roof that’s under 10-years-old is a candidate for repairing, but if your roof is 15-years-old or older, a full replacement is your best bet. Think of it this way: the money you’d spend repairing your roof a few times over the course of the next several years can be put toward paying off a full replacement, even if paying it off takes the next several years.
Additionally, many forms of repair actually undermine the integrity of the roof. That’s because by the time your roof needs repairing, the shingles are already fragile. So, in the process of spot patching, you end up further damaging adjacent shingles! Or, in the case of adding more shingles, which is highly inadvisable, you end up adding more weight to a roof that’s designed to accommodate a particular amount. A second layer of shingles also makes it more likely that the first layer will develop mold since darkness and locked-in moisture are mold’s two best friends.
Roof Age
Condition
Recommendation
Under 10 years
Minor damage, isolated shingles
Repair– good candidate
10 to 15 years
Granule loss, algae, minor leaks
Get a professional assessment
15 to 20 years
Curling, cracking, visible wear
Replace– repair is likely wasted money
20+ years
Any visible damage or symptoms
Replace immediately
How Do I Pay for a Roof with No Money? Here are Your Options
Home Insurance Policy
Most homeowner’s insurance policies will only cover roof replacement if it’s caused by an act of nature. At least, though, your policy is likely to cover such a repair regardless of your roof’s age! This may include damage by snow and ice storms, or hurricane-force winds. The insurance company will ultimately be the one to decide what does and doesn’t count as an act of nature. Unfortunately, if the roof needs replacing just because of age, then it’s on the homeowner to cover the cost.
Don’t give up hope yet, though. Some insurance companies may partially reimburse you! To make sure you’re not excluded, make sure to take precautionary measures in the future. Maintain your roof, make sure you use roofing materials that your insurance company approves of, and check to see if your insurance company will cover repairs of roofs with more than two layers of shingles (not that this is a desirable option). One way to periodically check if your roof needs repair is by having a trusted contractor provide you with a free estimate.
Payment Plans
If you can’t afford to pay all at once, then making payments over time may be an ideal option for you. You put together a finance agreement just as you would for a cellphone or car. The range of the monthly payments will depend on the final cost of the replacement or repair, but the institution that you make the arrangements with will work to come up with something that works for you. You’ll need to pass a credit check first, but after that it should be smooth sailing.
Financing Through Contractor
Some contractors offer financing directly. No bank, no runaround, just a payment plan that works for you.
In some cases, like with Proven Contracting, your contractor can also provide you with financing. The advantage of getting financing for a new roof with Proven Contracting is that you don’t have to go anywhere else to put together your payment plan and we’ll work to put together a plan that works for you. If your roof replacement costs 10 grand, for example, we can take care of it at $138 a month or another figure that works for you!
Paying with Credit Card
Yes, if you pay with a credit card you’ll be putting yourself into debt, but you’ll still be paying! Sure, interest rates may mean you’ll pay more, but you’d pay even more than what your interest adds up to if you don’t replace your roof. Remember, damaged insulation or drywall is going to end up costing you more than interest payments! Also, if you have good credit you can get a card with zero interest for a year and, hopefully, pay off the entire project before you even get charged interest, or enough of the project that your interest payments aren’t super high!
Cash-Out Refinancing
When you refinance your home you basically get a new mortgage with more accommodating payment options. You can also get a mortgage for more money than you need and use that money to pay off debts or, in this case, pay for a new roof! Keep in mind that you’ll have to pay closing costs, which may add up to hundreds or even thousands of dollars, as well as interest, but at least you’ll have the money to pay for the new roof!
If money’s tight, you can also refinance so that your new mortgage is also for 30 years. That way your monthly payments will be more manageable even though it’ll theoretically take you longer to pay off your mortgage. If you use some of your cash to pay off high-interest debts, however, you should have more money on a monthly basis in general.
The downside of this option is that in the time that it takes you to refinance, you risk incurring further damage to your roof and home.
Home Equity Loan
Home equity refers to the percentage of your home that’s actually yours. The more of your mortgage you’ve paid off, the more of your home is yours, and the more equity you have.
If you have enough equity in your home and good credit, it’s a good way to get a low-interest-rate loan instead of getting financing through a program that’s unsecured. A home equity line of credit is often the most advantageous way to get money that’s needed!
To calculate how much you’ll likely be able to borrow, divide your outstanding mortgage balance by your home’s current value. That gives you your loan-to-value ratio (LTV). Lenders typically want to see an LTV of 80% or less, meaning that your home equity is greater than or equal to 20%. Lenders also want you to have a credit score of at least 620, and a credit history that shows that you pay your bills on time. Lastly, lenders want you to have a debt-to-income ratio between 43% and 50%, To calculate your debt-to-income ratio, add up all your monthly debt payments and divide it by your gross monthly income. So long as you meet all these criteria, you should be good to go!
Other Options: Grants, Charity, and Crowdfunding
If you’re still struggling to figure out a way to pay for your roof, try programs that are explicitly designed for people who are struggling. It’s likely you’ll be able to find a grant somewhere in your community! Check with a local church or other charity program.
You can always try crowdfunding! And, don’t forget to look into county programs. You may be surprised to discover that you meet the threshold for economic assistance from your local government. With these programs, you can make repairs to your home without having to pay anything back so long as you can certify financial need.
You may have some hesitancy asking for charity or a “handout”. Think of it as a hand-up instead! Remember, we’re all in it together, so there’s no shame in asking for help! Also remember, the longer you wait to replace your roof the more money you may be handing out to your future contractor.
How to Find the Best Roofing Contractor
Before you even find financing for your roof, you’re going to want to make sure you get the best roofers around. Just finding a roofer that provides financing is a step in the right direction.
Always check reviews before hiring a roofer. Angi, Google, and Yelp can tell you what you need to know.
Check Reviews:
Google business listings, Yelp, Home Advisor, and Angie’s List are all places to see reviews. If a company has across-the-board positive reviews, then that’s a good sign!
Ask for References:
In finding the best roofing contractors near you, it should be easy for them to provide references from past customers. They can also tell you about a job that’s coming up so you can see the team in action.
Meet in Person:
You learn a lot about your potential roofer from a face-to-face conversation. Some roofers disqualify themselves by not even showing up for scheduled meetings! You’ll also want to make sure your roofer is in uniform and in a commercial truck instead of showing up casually dressed in a personal vehicle. Lastly, it’s a hallmark of an excellent roofer to provide a detailed estimate instead of a vague ballpark estimate. A reasonable estimate is an account of all your potential expenses.
Shop Local:
While some roofers might have a good reputation in PA, that’s not the same as having a good reputation as Bayville roofers, Brick roofers, or Toms River roofers. Local roofers know your town better, and that matters.
Look for Endorsed Roofers:
Go with a company that’s earned an endorsement from a roofing manufacturer. These manufacturers are putting their reputation on the line by making recommendations. Proven Contracting, for example, has earned the title of Master Elite from GFA, a provider of high-quality roofing materials. If your roof looks bad, GFA looks bad, so an endorsement from GFA means they trust a contractor enough to make GFA look good.
Hire Someone Who Will Say No:
A good sign of a roofer is to delay jobs until more favorable weather conditions. Sure, we can send someone out on a roof when it’s over 85°, but we won’t because we value our employees and their work. We can also put more than one layer of shingles on your roof, but we’ll advise against it because it’s not the best idea. We’ll also not recommend you do spot replacements when your roof is over 15 years old because you’re likely just delaying your eventual roof replacement.
Getting Your Roof Fixed Starts with One Phone Call
Not having money upfront is one of the most common reasons homeowners delay roof repairs. And it’s also one of the most expensive mistakes you can make. The good news is that figuring out how to pay for a roof with no money is more manageable than most people expect.
Not replacing a leaking roof is one of the costliest decisions a homeowner can make. The damage keeps spreading whether you act or not, working its way into insulation, drywall, and even your electrical system. The longer you wait, the bigger the bill gets. Get a consultation now, even if you can’t pay yet.
How Do I File a Home Insurance Claim for Roof Damage?
Filing a home insurance claim for roof damage starts with documenting everything with photos before any cleanup or repairs. Call your insurance provider to open a claim, then get a professional inspection from a licensed contractor who can put the damage in writing. That report is what gets your claim taken seriously.
Are There Government Grants for Home Roof Repair?
Yes, government grants for home roof repair do exist, and more people qualify than you’d think. Assistance is available at the federal, state, and local level depending on your income, location, and the condition of your home. Your county housing office or HUD’s website is a good place to start.
What Are My Options for Financing a New Roof with Zero Down Payment?
There are more options for financing a new roof with zero down payment than most homeowners realize. Contractor financing, home equity loans, personal loans, and certain insurance payouts can all get your roof replaced with little to nothing out of pocket. The key is finding which option fits your situation best. Contact our team today for a free roof repair estimate to learn your options.
