A new roof isn't cheap. It's a significant expense, but the good news is that once installed, a high-quality roof will last you for decades. It'll protect your family and help boost your home's curb appeal. That's why you must prioritize investing in the material and the labor.
But how will you pay for all that? The national average roof replacement cost in Metro Atlanta is $8,000, and most homeowners spend around $6,000 to $15,000, depending on different factors. That's why it is highly advisable to always start with a roof inspection by a professional roofing contractor if you want to know exactly how much your new roof will cost.
Nevertheless, despite the amount, for most people, it's a lot of money. Luckily, there are ways to pay for a new roof.
How Can You Pay for a New Roof?
Below we have compared the pros and cons of the three most common ways you can pay for a new roof.
1. Pay Out-of-Pocket
The quickest way to get a new roof is by paying out-of-pocket. You can pay by cash, check, or debit/credit card. This way, you won't have to worry about monthly payments and interest charges.
Avoid roofers that demand the entire amount upfront. They can be storm chasers who deliver a lousy job or run off with your money. When signing the proposal, a reputable roofing company will only ask for partial payment or a small deposit.
Pros of Paying Out-of-Pocket:
- Hassle-free and the quickest way to get a new roof
- You won't have to pay interest or monthly payments
- The roofer may be able to give you a better deal
Cons of Paying Out-of-Pocket:
- You can get scammed if you don't hire a reputable roofer
- If you're using your rainy day funds, you're putting yourself at risk as a more significant problem can arise in the near future
2. Financing Your New Roof
The next best option if you don't have so much money available is to finance your roof replacement. It'll allow you to borrow the money at a fixed interest rate that you can pay back over time.
2.1 Financing Through a Roofing Company
Some roofing companies, including Pro Roofing & Siding, provide financing options. They'll either provide loans directly or through their partnership with a financing company. Some roofing companies also offer plans where you can spread out your payments for several months.
2.2 Home Equity Loan or HELOC
If you have equity built up in your home, you can take a home equity loan. This equity is the current market value of your home minus the amount you owe on your mortgage. You can work with a financial institution or a bank to use the equity as collateral for the loan.
It's a good financing option as the interest rates on home equity loans are relatively lower than other financing options.
Pros of Financing:
- Homeowners don't have to pay a large sum of money upfront
- A more flexible option as you can pay back in rates
Cons of Financing:
- You might have to pay interest
- It isn't guaranteed that you'll get approved for financing
3. Pay With Your Insurance Claim
If your roof has sustained damage due to storm, hail, or wind, you can file a claim with your insurance provider to get the money for a new roof.
But before filing a claim, get in touch with a professional roofing contractor to better understand the scope of damages and get a cost estimate. You will have to submit this estimate with proof of damage, receipts for temporary repairs (if any), a copy of the insurance policy, and warranty papers while filing your claim.
Then an insurance adjuster will visit your house to inspect the damage. If your claim gets approved, you'll receive a check for the roof replacement cost coverage or the actual cash value (ACV). The former will cover the cost of a new roof, but the latter will cover the replacement cost minus the depreciation.
Bear in mind that the insurance company can deny your claim. It will also affect your premiums in the future. But if you disagree with their decision, you can appeal to overturn the denial.
Pros of Paying With an Insurance Claims:
- You'll only have to pay the deductibles or the difference in case you receive the actual cash value
- A safe option for homeowners
Cons of Paying With an Insurance Claims:
- The process can be time-consuming
- There isn't a guarantee that your claim will get approved
Final Thoughts
Whichever way you choose to pay for a new roof, at Pro Roofing & Siding, we'll help you get your money's worth. Our team of roofing specialists possesses years of experience and will help you find the best option for you. Contact us today to get a free estimate for your roof replacement.
