Replacing or repairing your roof can be an expensive endeavor. Because of the financial burden, top roofing companies often receive clients who have been delaying replacements and repairs for months and even years.
As one of the top roofing companies in Kansas, Missouri and Colorado, Farha Roofing believes it is our responsibility to ensure our clients feel empowered to make the best financial decisions for their unique circumstances.
Today, we are sharing the advice top roofing companies give to their clients with you! Below is Farha Roofing’s guide to roofing financing for the budget conscious homeowner, keep reading to learn more.
Max Out Your Insurance and Warranty Coverages First
When reviewing financing options for a roofing replacement the first thing you should do is evaluate your insurance and warranty coverage. Depending on the reason for replacement, the age of your roof, and the terms of your coverage, the amount available to you will likely vary.
Although coverage will vary, this should always be your first step because it will influence your remaining out of pocket expenses. Depending on the out of pocket expenses you will incur during the project, you will likely consider each of the below options differently.
The majority of top roofing companies will also have experts on staff who can advise you on the insurance process and how to go about filing a claim. You can find Farha Roofing’s insurance claim advice here.
Next Use Cash
Once you have maximized your insurance coverage and any warranties available to you, the next step is to take a look at the cash you have on hand. If you have savings available to you in an emergency fund, a roof replacement is certainly an appropriate time to consider tapping into said fund. By using cash that you have on hand first you will reduce interest payments over time and save money in the long run.
If you only have enough cash to cover part of your roofing costs that is also an option. Any little bit you can take out will help you save money, even if you need to consider other options for the rest.
Then Look at Company Loans
Most top roofing companies will have financing options available to their clients. At Farha Roofing, we have two financing options for our clients to choose between based on their needs, credit scores, budget, and project scope.
Top roofing companies typically have dedicated financing teams on staff. After you receive an estimate for the work, you can request a meeting with the financing team to go over the options available to you. The experts on staff will be able to recommend the best financing plan for you and your individual financial situation.
And Finally Consider Alternate Banks and Lenders
If you have a bank or lender with whom you have an established relationship with and you would prefer to work with them for financing that option is also always available to you. When working directly with banks and lenders, make sure you have a clear idea of the exact loan amount you need, your credit score, and the monthly payment terms you feel comfortable with.
The terms and conditions of your loan will also likely be based on varying factors such as your credit score, other outstanding debt, total repayment time, and amount borrowed. Read through all documents and agreements before signing and if there are any questions or concerns on your end, it never hurts to have a third-party review everything.
At Farha Roofing, we know how personal finances are to each and every one of us. That’s why we always recommend when working with any of the top roofing companies, you seek their finance teams advice on the best options for your situation.
If you have been delaying a roof replacement due to financial concern, give our team a call today. We will come to your property for a free inspection and based on the estimate provided help determine the financing option that makes sense for you.