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Why you Shouldn’t Worry About Money When Buying a New Roof
You look over at your house and notice some algae or mold on your roof.
Or maybe you see granules collecting around your home, roof shingles that have been blown off or are damaged, or cracks in your cement or flushing.
No matter the culprit, these are all signs you’re already in need of a new roof.
There’s a good chance you didn’t plan for this. You don’t have a roof savings account, and your budget may be tight. You can still get a high-quality roof installed even if you don’t have the money right away.
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 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.
Given how vital flashing is in preventing leaks, we take our time in carefully cutting and installing the flashing, which both increases the time it takes to replace your entire roof and the cost thereof.
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 where there’s a lower slope is often where water collects.
When to Replace Your Roof
As we said, the symptoms you see are signs that you already need a new roof. You could mark a date in your calendar when your roof will be roughly 15 years old and start saving up money to replace your roof when that date comes, but most people don’t do that. But don’t let that stop you from contacting a roofer. You need your roof replaced regardless of your financial situation.
Ideally, you’ll be replacing your old roof when the outside temperature is between 50 and 80 degrees. That’s because asphalt shingles need the radiant heat of the sun to seal correctly. Shingles are secured by adhesive strips that won’t seal in cold weather. That doesn’t mean your shingles won’t stay in place; it just means that if there’s a category 2 or 3 hurricane, for example, that you should expect some unsealed shingles to come off. Otherwise, if you just wait, eventually the weather will be warm enough to activate the adhesive.
The only time we won’t repair a roof is based on temperature. When it’s 85° or more, it can feel like 130° on a roof because shingles attract heat. The shingles get so hot they can’t even be touched without gloves! At that point, shingles are also susceptible to smudging, where the fiberglass comes off during installation.
Roof damage can also be caused by workers standing on the balls of their feet if they’re working on a particularly steep portion of the roof. Such a high temperature poses a safety risk for workers because they can suffer from dehydration or heat exhaustion. We also won’t take a job if it’s under 40°. Shingles get brittle at such a low temperature, and fingers can become too numb to work effectively.
How to Pay For a Roof With no Money
Now that you have an estimate for your roof, know the urgency with which you might act, and can isolate the best possible time to install your new roof, you may be wondering how you’re going to pay for your roof. There are several ways to pay for your roof with no money.
- Home Insurance Policy: Your homeowner’s insurance is only likely to cover a complete roof replacement if the damage is an act of nature. Luckily, the policy is likely to cover the cost no matter how old your roof is. Acts of nature include snow and ice storms, or hurricane-force winds. Some insurance companies will also provide partial coverage. To make sure you can take advantage of any coverage, make sure to follow all the criteria that dictate whether your roof is eligible. This may include periodic roof inspection.
- Credit Card: Sure, paying for your roof with a credit card will put you into debt, but you’ll have your roof. The insurance rates may mean paying more overall, but you’ll be paying less than if you didn’t install a new roof and then experienced more damage–especially if you end up damaging sheetrock, your electrical system, or even your walls. If you have a good credit score, you can get a card with zero interest and hopefully pay off your debt before it becomes due.
- Cash-Out Refinancing: Refinancing is when you negotiate more accommodating payment options for your loan. You can also get a mortgage for more money than you need and use that extra money to pay for your new debt. The downside of this option is the out of pocket closing costs for the loan. However, you can also use that cash to pay off some of your other debts, which may make for a more comfortable budget overall.
- Home Equity Loan: Equity is the percentage of your home that you own. The more of your mortgage that’s paid off, the more equity you have. If you have enough equity and good credit, then you can get a low-interest rate loan. Most lenders want you to have a loan-to-value (LTV) ratio of 80% or less, which means you’ve got to have equity that’s equal to 20% or more.They also want you to have a credit score of at least 620. Lastly, lenders will want you to have a debt to income ratio between 43% and 50%. Your debt to income ratio is what you get when you add up all your monthly debt payments and divide the sum by your gross monthly income.
- Other Options: You can try asking people to help finance your roof, crowdfunding, looking for grants in your county, or reaching out to a charity.
How to Pay For Your Roof With Financing
Financing as a payment option merits its own section because it’s frequently the easiest and fastest way to pay for your roof with no money. The first thing you need to do is simply ask your contractor if they offer financing. Not all contractors do, so don’t assume. To be able to provide the funding, a contractor needs to have:
- Been in business for several years.
- Have a good reputation.
- Have good credit.
- Provide references from companies that provide roofing materials to establish a history of paying off debts.
Once you find a roofer that offers financing, like Proven Contracting, you just need a few minutes and some information to see if you qualify:
- Phone number
- Social Security number
- E-mail address
- Driver’s license number
- Mortgage and income
Within a few minutes, you’ll know if you qualify for a payment plan from one of our two lenders, either Service Finance Company (SFC), LLC or GreenSky®. You may also receive a counteroffer for the specifics of your plan.
Proven Contracting will help put together a payment schedule that suits your needs. We usually suggest a plan that has the lowest interest rate. For those who don’t want to pay any interest, it’s possible to pay an upfront fee to get financing.
Financing can make the difference between getting the roof you need when you need, and getting the best possible roof you can get. After all, given how significant an investment a roof is and how important it is to the integrity of your home, you want nothing but the best contractors using the best roofing materials. With financing, you can make up for the gap between the new roof cost and how much you have available to spend on your roof, and it’ll be worth it! Plus, there’s no penalty for paying off your principal early.
How to Find the Best Contractors
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.
Other steps to finding the best roofers:
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!
References:
Your roofing contractor should be able to provide references of 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 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.
Use 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.
Avoid Sales People:
If your potential contractor sends out a salesperson instead of an actual contractor, they’re showing you their priorities. A salesperson is more concerned with making a sale than getting you the best possible roof. A salesperson may also not be a roofing expert.
Hire Someone Who Will Turn Down Jobs:
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.
Bottom Line
You can afford to get a new roof without money. We’ll help put together a financing plan that works best for you. You’ll be able to get the best roof you deserve because you’ll be working with a company that’s met the criteria to both offer financing and the title of Master Elite Status from GAF.
Put us through the wringer, though, so that you’re as convinced as we are that we’ll give you the best roof you can get.
