An existing aging roof or damage from a major storm may result in a costly investment, and many homeowners don’t have the money to replace a new roof. If you’re in this predicament, you may wonder what you can do. Keep reading to learn your options in affording roof repair and protect your home.
Options to Consider
According to Homeadvisor.com, homeowners spend an average of $877 to repair a roof, with small repair costs anywhere from $150 to $400, but major repairs can run between $350 and $1,420. Here are some options for you to consider if you’re low on money and need a roof repair.
Finance Repair Costs
If you can’t afford repairs on your roof, there are several financing options available to help you. Putting the cost on a credit card (even if it’s temporary) ensures you get the repairs you need and time to pay off the charges. A personal loan is another option you can consider as well that allows you to pay monthly payments.
Apply for a Grant
Many home improvement and renovation grants are available from local, state, and federal governments. One standard grant for a roof repair and replacement includes the Weatherization Assistance Program. There is also the Section 504 Home Repair program for financial assistance. Consider the Very Low-Income Housing Repair program by the U.S. Department of Agriculture. These assistance programs enable homeowners to improve, repair, or upgrade your home. Interest rates for these grants or loans are typically low.
These programs apply to:
- Disabled people
- Elderly people
- Low or moderate-income homeowners
Reach out to Your Network
There are some things you can DIY, but roof work can be a dangerous task. If done improperly, it can result in further damage. Check out social media and see if there are people that can help with small repairs. For major roof repair or replacement, it’s best to contact a licensed roofing contractor.
Refinance Your Home
A home improvement loan that includes refinancing your home involves the FHA 203K Refinance Loan and is a good option. This loan is designed explicitly for needed repairs. Before financing, contact a financial expert to get advice about refinancing since this is a big decision that can impact you in the future. Whatever loan you choose, ensure you get a reasonable interest rate and agreeable loan terms.
Save the Money
If you can wait for some months before repairing your roof, that can give you time to save the funds. Go through your budget and see how you can cut costs. Spending less on entertainment and food can rack up the savings quicker than you realize.
The Roof Doctor is an Affordable Option
Roof repair and replacement can be expensive. With the Roof Doctor, you can get financing options that best fit your budget. We can ensure you get affordable, excellent service with our licensed and experienced roofing contractors. Give us a call or visit us to get a free estimate today.