Eventually, you will need a roof replacement. Roofs don't last forever. Due to natural wear and tear or significant damage during a storm or hurricane, their quality will decay over time, leading to leaks, pricy energy bills, and possible mold on your property.
Levy County is not only at significant risk of hurricanes, storms, and flooding but also has variable weather conditions, between intense heat and severe rainfalls, which expose the roofs of its residents to damages that may result in a replacement.
When the time to replace your roof comes, it is normal to stress about your finances. The average roof replacement in Florida ranges between $5,000 to $15,000, and financing the replacement with your current income may seem impossible. Luckily, you can choose several state and private roof replacement financing options if your replacement can’t wait until you have saved the money required.
You may ask when looking to replace your roof. The reality is that multiple factors influence the total cost of your replacement, which involves considerable effort and time for the roofers. While a roof replacement may seem like an expense, it can save you money in the long run by preventing further damage to your property’s structure and increasing its market value.
The overall price will consider the following:
There are a lot of factors roofers need to consider when giving you a quote for your roof replacement, and it’s always essential to consult with different contractors before making a decision. However, while the replacement cost may not seem affordable at first sight, many roof replacement financing options in Florida can help you start the project.
There are several ways to finance your roof replacement, from affordable roof replacement loans to multiple state programs for which you may be qualified. Exploring each one of these options can help you understand its pros and cons and choose the best option for your needs and financial status so you can replace your roof without losing your mind over the prices.
Some roofing companies offer financing options to cover part or the total cost of your replacement. These options can include credit card accounts or installment loans, depending on the company.
When you choose this option, your lender will work directly with your roofing company and handle all the payment management. Since the lender is affiliated with the roofing contractor, you may also avoid credit card transaction fees.
It’s worth a shot to ask your potential contractor if they offer any financing options you may apply to help you cover the roof replacement costs.
These lending options give you the money you need upfront, but the monthly fixed installments leave no room for flexibility, which may be bothersome. However, fixed loans can encourage you to map out your budget and payment plans before applying for one.
Staying inside your budget when replacing your roof can help you avoid overspending and make paying back your loan more convenient, as you only need to focus on covering the installments and the interest.
Inside roofing loans, you can find two main options: home equity loans and personal loans.
These lending options give you the money you need upfront, but the monthly fixed installments leave no room for flexibility, which may be bothersome. However, fixed loans can encourage you to map out your budget and payment plans before applying for one.
Staying inside your budget when replacing your roof can help you avoid overspending and make paying back your loan more convenient, as you only need to focus on covering the installments and the interest.
Inside roofing loans, you can find two main options: home equity loans and personal loans.
These loans use your home equity as a backup in case you cannot pay back the loan. Your home equity refers to your property’s current value, excluding any mortgage it may have.
A home equity loan has several advantages, such as lower interest rates than a personal one, lenders letting you borrow up to 85% of your home equity, and receiving the funds within a few weeks after approval.
However, these loans can risk losing your home if you don’t make the agreed-upon payments. It can also limit the funding received, as the amount of money you can borrow depends directly on how much your house is worth, and lenders may offer you less money than is needed for your roof replacement.
If you want a home equity loan, consider that lenders may require a certain amount of home equity, a debt-income ratio meeting a certain threshold, and a particular credit range score to approve you for a loan. It’s always best to consult a professional financial advisor if a home equity loan is your best-suited option according to your current finances.
Like a home equity loan, a personal loan is money you borrow from a lender and repay in regular installments with an interest rate. However, unlike the previous one, these loans don’t require home equity as collateral but can require any other asset. Thus, it doesn’t put you at risk of foreclosure if you cannot repay the loan.
While home equity loans can take 4 - 6 weeks to get approved, a personal loan provider may approve you and transfer the funds within 24 hours, which makes it a good option to consider if your roof replacement is urgent. Also, personal loans won't penalize you for making payments ahead of schedule, which may help you repay your loan faster than initially planned.
On the other hand, a personal loan also has risks worth considering before applying for one. Since most of these unsecured loans don’t ask you for home equity as a backup, they can result in higher interest rates than other secured loans.
Personal loans can also damage your credit score. Although they may not put you at risk of losing your home, lenders can still report you to credit bureaus if you fall behind on your payments or fail to repay the loan. In the same way, lenders will also require your credit score, income verification, and current debt before approving your loan.
Depending on your situation, a personal loan may be your best option for financing your new roof. However, it's still recommended that you consult a qualified professional to map out all your options when searching for affordable roof replacement loans.
Lines of credit allow you more flexibility to borrow money as you need since you can spend cash against a set line of credit, unlike loans that give you a fixed amount upfront. If you set up good payment plans and meet the deadlines, you can also avoid paying more than you use in interest.
You have two main options for roofing financing: credit cards and home equity lines of credit.
If your current finances allow you to pay a credit card’s balance quickly, this may be a good option for financing your roof replacement. If your credit score is good, you may qualify for an APR 0% credit card, which gives you an introductory period with zero interest, usually from 6 to 18 months. If you’re confident you can pay off your balance before the introductory period ends, an APR 0% credit card may be the right option.
If your credit score needs some improvement but your replacement is urgently needed, for example, if a windstorm threw away most of your shingles, you may explore credit card options for bad credit. However, you must take care of the interest to prevent it from growing out of your financial possibilities.
As its name suggests, this line of credit uses your home equity as collateral, allowing you to borrow money against a set credit limit. Home equity lines offer you the lowest interest rates in the credit market. However, your lender can seize your home should you fail to pay the credit.
As home equity loans, you may consider this roof financing option if you’re confident you can afford the roof replacement payment plans to minimize the risk of foreclosure.
Florida has several federal and state programs that may help finance your roof replacement. These programs offer more payment flexibility than traditional lenders.
PACE is a lien program focusing on clean energy projects. This program works similarly to home equity loans, as it ties the amount landed to your home’s worth and allows you to borrow no more than 15% of your home equity.
The payments in PACE are made through your property taxes. You can stretch the payments from 5 to 20 years, making them more affordable. Since they are paid in taxes, the debt can be transferred to the next owner if you sell your property.
The Section 504 Home Repair program in this program focuses on low-income homeowners and can be a huge help when financing your new roof. The USDA program loans can reach up to $20,000, allowing you to pay over 20 years with a meager interest rate. Meanwhile, the grants can go up to $7,500 and don’t need to be paid back unless you sell the property within three years.
However, to qualify for this program, your family’s income must be less than half your area median income, and you must not have any other available credit options. If you seek a grant, you must be 62 or older.
There are a handful of roof replacement financing options to get you started when your replacement is urgent or you don’t have all the money required to pay upfront. If your roof is in serious need of replacement or you just want to tune up your house to have it brand-new again, these financing options can help you out when money is tight.
However, remember that it’s always best to consult and plan with your financial advisor before taking any loans.
Atlantic Roofing & Exteriors is your best choice if you are looking for an affordable roof replacement company in Levy County. We’ve been serving North Florida with roof repairs and replacements for over ten years, offering our customers high-quality materials and craftsmanship at reasonable prices. We can also work with you on financing your replacement so money doesn’t stop you from getting the roof your property deserves.
Being six-time certified by six roofing manufacturers allows us to offer you the best warranties in the market, so you’ll never have to worry about unexpected damage after your replacement. Trust our high workmanship standards and see what an experienced roofing professional can do for you!
At Atlantic Roofing, we are honored to provide quality roofing services to the Gainesville, Florida area and its surroundings. We pride ourselves on Quality, Integrity, and Good Old-Fashioned Service, offering free estimates for a variety of services, including roof replacement, roof installation, roof repair, siding, and more.
Let us bring our trusted expertise to your next project!