What To Do If You Can'T Afford To Replace Your Roof

It can cost up to $25,000 to replace a roof, sometimes more depending on the size of the home and the type of materials used. While keeping your roof in tiptop shape is essential to staying safe and protecting your home's market value, it can be tough coming up with the money to pay for a replacement. Here are a couple of options available to you if you can't afford to replace your roof.

Check Your Insurance

Sometimes your homeowner's insurance will pay for some or all the cost of a replacement roof, depending on why you need one in the first place. If your reason for needing a new roof is covered by the policy, then your best option is to submit a claim to your provider. For instance, homeowner's insurance will typically pay for a replacement if your current roof was damaged in a storm.

It's important to note that your provider will only pay up to your policy limits. If your roof ends up costing more than the policy covers, you'll need to come up with the difference. However, that may still be more affordable than trying to come up with the entire amount.

Ask About Financing

Another option is to ask the roofing company about any financing options that may be available. Many contractors work with third-party banks and finance companies who will loan you the money to purchase a new roof for your home. The terms of the loan and the interest your charged will vary depending on your credit score and income, but spreading the cost of the roof over time may better fit your budget.

Even if the roof contractor doesn't work with any finance companies, still ask about whether he or she is willing to take payments. The contractor may be amendable to the idea. Be aware, though, that you may not get as much time as you expect. For instance, the contractor may let you break up the cost into four payments to be paid out within six months. Still, this may provide you with more time to come up with the money.

Check Government and Non-Profit Organizations

A third option is to check around for government and non-profit organizations for roof replacement programs where they will pay some or all the cost of replacing your roof. For instance, the government has a Housing Preservation Grant that will pay for repairs to a home to ensure it remains livable.

These programs typically have rules stating who qualifies for them (e.g. low income). If you can get approved, though, this is an excellent way to get a new roof for your house.

For help with this issue or to get a new roof for your home, contact a roofing contractor or a company, like Darnell Construction.