Replacing your roof is a vital part of maintaining your home. A poorly maintained roof can easily lead to thousands of dollars in damage to other parts of your home. You can take the patch-it-up approach, but this is will only be a temporary fix for a very serious problem.
There’s an old saying, “Save for a rainy day.” Saving money can help anyone be prepared for emergencies. Well, replacing your roof should be considered as an emergency. If you fail to take immediate measures to resolve this issue, you could be looking at further problems that will cost you more money.
For instance, a leaking roof can cause mildew. Besides replacing your roof, you will be on the hook for paying a company to remove the mildew. This can be costly!
The roof replacement project may be covered in your homeowner’s insurance policy. You need to sit down and ready your policy carefully. Contact your insurance agent if you don’t understand some terms or if you need further clarification. If your roof was damaged due to a fire, storm, or other event, your insurance may cover you.
Financing a roof replacement can be done with a personal loan. In many cases, a personal loan means lower monthly fees and interest rates if you were flirting with the idea of paying with your credit card. Banks and credit unions offer personal loans with flexible terms to borrowers that can show steady income and a decent credit score.
You may be eligible for a home equity loan if you have equity in your home, a steady job, and a solid credit score. Homeowners normally use home equity loans for large purchases that will increase the market value of their home. An appraisal may be required to determine the market value of your home. The lender will use the market value of your home to calculate how much financing they are willing to offer you. Checking with several lenders will help you find the best deal.
Keep in touch with the all the latest news and events