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Roof repair in Denver can cost thousands of dollars, with an entire replacement potentially reaching ten thousand dollars or more. But how can you afford a new roof when your emergency fund is low, or when inclement weather or a fallen tree catch you off guard?
We’re here to help! The Denver roofing company at Platinum Roofing is here to offer all the roofing services you need and our best tips and strategies for paying for your roof repairs without stress or overwhelm.
Depending on why you need your roof repaired, your homeowners insurance policy may cover either part of the costs or the entire bill. Many policies will cover the costs in full if there is an act of nature or an accidental event. All it takes is a free, no-obligation inspection; 90% of homes that we inspect due to damage receive some kind of coverage from their insurance!
However, homeowners insurance typically doesn’t cover a roof repair or replacement because you want to renovate or because it’s deteriorating due to general wear and tear and neglect. The team at Platinum Contractors can also work closely with you and your insurance provider to outline the necessary steps to start your Denver roof replacement.
You may also be wondering, “are roof repairs tax deductible?” The IRS states that if you use HELOC loans and home equity loans to purchase, construct, or enhance your home, you can deduct the interest. You must also use the loan for your primary residence or a qualifying second residence, according to specific requirements. Make sure you talk to a CPA with expertise in deducting roof repairs and replacements.
A Home Equity Line of Credit, or HELOC, is a popular option to pay for roof repairs or complete replacements. The lender approves a specific spending limit, and you can borrow as much or as little as you need from that amount for a set number of years, which is usually 10. If you decide to do a home renovation years after your roof repair, you can tap into your existing HELOC again, keep borrowing, and pay it back as long as the loan is open.
Lenders typically view your new roof’s impact on your home’s equity favorably, leading to lower financing rates. Talk to your lender about your HELOC’s terms and interest rates. You’ll need to know the credit limit, its variable interest rate, and how long you can draw from the funds.
A home equity loan may be a good option for your Denver roof replacement or repair. It does mean that your house acts as collateral to secure the loan. On the upside, they usually come with a lower interest rate. Once approved, you receive these loans directly and have the option to repay them in monthly installments.
If you’re trying to figure out how to pay for a new roof and are struggling to find an answer, a personal loan may be the best choice. Usually, they are easier to secure, allowing you to immediately begin your roof repair. You also don’t have to ask friends and family for a loan. Instead, you can look for financial lenders and creditors who specifically offer personal loans. The rates may be higher than HELOC and home equity line of credit options, so make sure you thoroughly read the terms and interest rates.
If you’ve owned your home for a while and have a high interest rate on your mortgage, it may make more financial sense to refinance it and use the cash to pay for your roof repair. You could end up with a lower monthly mortgage payment and a lower interest rate. Keep in mind that it will extend your loan’s overall lifespan and restart your mortgage for a new 15- or 30-year term, depending on what you choose.
If you’re trying to figure out how to pay for a new roof with no money and don’t have an emergency fund, you could look into 0% APR credit card offers. Many credit card companies will extend offers where there is no APR for 12 to 18 months before a higher APR rate kicks in. You may even qualify for a cashback bonus that can help knock down your credit card. Of course, you’ll need to diligently pay down your card as much as possible each month or have a plan for how you’ll pay it off when the 0% APR expires.
If you’re still not sure how to finance your roof repair or replacement and which makes the most sense for you, give us a call! We provide Denver roof inspections, will give you a quote, and guide you to options that are most successful with our happy customers. Our roofing experts will get to work as soon as possible and keep you up to date on the progress and next steps. Call the team at Platinum Contractors today for a premier roofing and customer experience!