Are you in dire need of a new roof but are unable to afford it? There are few things more stressful than finding out that you don’t have the funds to pay for a costly, complicated project. There are times when you can save money and budget for a large project. But that is not always true with a new roof.
There are many options available for paying for your roof. Even if you don’t have the money or time. Here are some steps to help you get a new roof if you don’t have the funds.
A professional inspection by a roofing company
A professional roof inspection by a trusted roofing company is a must before you begin the replacement process. Before you can find ways to pay, it is important to understand the extent of your replacement.
Take a look at the materials for your new roof
Your roof’s cost will be directly affected by the material you choose. There are many options available, but some are more expensive than others.
If you haven’t already, file an insurance claim
Your homeowners’ insurance will cover the cost of your new roof. This is the best way to save money. You have probably already done this if you are reading this article. However, if you have not yet filed a claim you might want to do so. You should read our article about how to file an insurance claim.
Get Roof Financing
Private financing is available from some roofing companies. These financing options allow you to spread the cost of your new roof over a period of months or even years. Even a costly roof can be affordable for those with tight budgets.
Apply for a Title 1 Loan for Property Improvement and Home Improvement
Federal Housing Administration (FHA) offers Title 1 loans for property improvements. These loans can be used to finance improvements or repairs to your property and home. FHA loans are essentially insurance for your loan. Lenders are taking on less risk and will work more closely with you.
These programs allow you to borrow up to $25,000 and have 20 years to repay the loan. If you choose to take out a loan of more than $7500, your financial assets will be used as collateral. If you have tried all other avenues but failed, this can be a good option.
Home Equity Loans
You’re likely to have some equity if you own your home for a long time. The lender will assess how much is left on your mortgage. They then compare this to the value of your home. A home equity loan may be available if the ratio is favorable for the lender. Although this loan type is typically low-interest, it can be risky. To repay your loan, you will need to use your assets.
Cash-Out Refinancing
You have many options if you have equity in your home. Another option is cash-out refinancing.
Cash-out refinance is essentially a refinance of your home. The cash-out refinance allows you to borrow more than you actually need to buy the house. Any excess can be used for repairs or the purchase of a roof.
If you have been in your home for a while and don’t plan to move, this can be a great option. This type of refinance plan can offer low-interest rates and a better mortgage interest rate.
Cash-out refinancing has the best advantage of not adding an additional payment, like a second mortgage and home equity loan. This is effectively buying out an existing mortgage and replacing it with a new one.
Request a Grant
There are a variety of grant options that can be used to finance a new roof in Myrtle Beach. These grants are provided by the government to low-income homeowners and retirees. Grants are available for historic properties.
The following resources will provide more information about grants available to you and your home.
- Single Housing Loans and Grants
- Weatherization Assistance Program
- Preservation Directory
A grant is a great option if you are able to get one. They don’t usually have to be repaid. Grants are like free money. This makes them the best financial option if you don’t have the funds to pay for a new roof.
Request a Personal Loan
To pay for a roof replacement, you can apply for a personal loan. This is a loan that you take out from a traditional lender. Once you have been approved, the money is yours to use for the roof. You then pay your lender the money on a monthly basis.
Both short-term and long-term personal loans are available. A shorter-term loan will usually have a higher monthly payment. However, long-term loans have higher interest rates. To ensure that you are fully informed before you commit to a personal loan, do your research.
A final word on working with lenders and banks: bigger is not always better. Reach out to your bank. They are invested in the success of their local community. They might be open to working with you, even if they’ve heard nothing from large-name lenders.
Start a GoFundMe campaign
A GoFundMe Campaign may be an option to raise money for your roof replacement. This is especially true for those who are recovering from an accident or illness. A GoFundMe Campaign can also be successful in fundraising for unexpected emergencies like a fire at home or flood.
We don’t recommend a GoFundMe campaign if you have an older roof that is in dire need of replacement but can’t afford to replace it. You can also try the other options we have listed in this article.
You can sell your home
You may want to sell your home if you have tried everything. This is particularly true if your roof has been damaged or is leaking. There is a high chance of additional property damage. The value of your home will decrease as the extent of the damage increases. If you wait too long, your home will sink further and deeper. Your only option is to sell your home to someone who understands the importance of replacing the roof and has the financial means.
Do not give up if you need a new roof but can’t afford it
If you don’t have the money to pay for a new roof, it can be frightening. There are many ways to get the money that you need. You just need a bit of persistence and maybe some unconventional thinking.
Call Greg Lilly Roofing & Restoration today to arrange a roof inspection. Our team is ready to help you with your roofing problems.
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Greg Lilly Roofing & Restoration
4201 Carolina Exchange Drive Suite 202
Myrtle Beach, SC 29579
843-222-9796
https://www.greglillyroofingandrestoration.com
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