How to Pay for a New Roof Before April Showers Roll Through

April showers may bring May flowers, but they can also do damage to a roof already in need repair. Even if there’s no visible damage, winter weather can cause unseen deterioration and spring rains can worsen the problem. *

The National Association of Home Builders recommends home owners schedule inspections every three years. However, following an especially harsh winter, an “emergency” inspection may be in order. A professional contractor can inspect for:

• Warped and missing shingles
• Chimney flashing damage
• Broken skylight seals
• Loose gutters
• Leaks into the attics and crawl spaces

It’s not uncommon to delay roof repairs and replacements because they are among the most expensive of all home repairs. According to Homewyse, a vendor-neutral online resource for consumers seeking home and construction information, the average cost of a new asphalt roof on a 1,200 square foot house runs between $4,000 and $6,000 in larger markets.

Since water damage can add to repair costs, it’s important to schedule the inspection and take care of any needed repairs or replacements, before the spring showers begin. It’s also a good idea to understand options on how to pay for a new roof or find financing for a new roof to make a financially-sound choice.

Financing Roof Repairs

Finding a qualified roofing professional requires research. After hitting up family and friends for referrals, check paid referral services such as Angie’s List  for roofers with many satisfied customers.   The Better Business Bureau is also a great source to find roofers with a BBB accreditation. During research:

• Make a list of at least three roofing contractors. 

• Before financing roof repairs, ask roofers for bids and recommendations for the project. Compare the answers before making a decision. 

• Don’t automatically choose the lowest bidder. If a vendor’s bid is 20 percent lower than the competitors, proceed cautiously.  Hidden costs may materialize on the less expensive roofer’s final invoice. 

• Get everything in writing, from agreed upon materials, project timeline and estimated cost. Also ask:

o Are the roofing materials covered by a warranty?

o Will special materials be used such as tiles that are fortified against damage from high winds or extreme weather?

o Ask the roofer if the chimney needs repair. The best time to repair or replace one is before roofing repair or replacement.

Paying for a New Roof

Homeowners needing to replace a roof should take the same actions as those who need only roof repairs with one additional step: They should determine how many layers are on the roof and how many layers actually need replacement.

If the roofer recommends replacing three layers of the roof, make certain that the contractor intends to check the surface of the roof (below the damage). This critical step should be included in the written plan.

Factors that Add to the Project Cost

Pitch

The slope of the roof, or pitch, affects cost. The steeper the slope, the higher the price for repairs because it creates additional work for the contractors as well as the need for specialized equipment.

Materials

Keep the cost of the project down to help finance roof repairs by choosing affordable, yet sturdy materials. Asphalt shingles are the most popular roofing material, according to Consumer Reports. They’re light and easy to install, so it should save on material costs and installation.

Composite slate roofing shingles are also light like asphalt, and they look like actual slate. The composite is cheaper than real slate, but more expensive than asphalt.

Metal is another material, with copper being the most expensive metal. Regardless of the materials the homeowner selects, they may wonder how to pay for a new roof.

LoanMe has Options for Financing a New Roof

Many consumers have turned to LoanMe for unsecured, personal loans to cover the cost of home upgrades, including roofing projects. Qualified borrowers can receive funds quickly – sometimes within hours of completing an application through LoanMe’s easy, online application process.

LoanMe makes the entire application process a breeze by telling borrowers the loan terms up front. Best of all, LoanMe borrowers can enhance their credit scores with each payment because LoanMe shares credit histories with major credit bureaus.