Getting the funds together for a roof repair or an outright replacement can be a bit stressful. Goodrich Roofing, New Mexico’s top roofer, discusses the best way to fund the project to help you get started.
Is Cash Still the Best?
When you’ve got the money on hand, obviously, this is your best option. Cold hard cash may not only be the easiest way to finance your roof, but it may also be the simplest way because it isn’t a loan. Loans require that you have good-enough credit to get approved. They also come with interest.
Paying cash for the project, however, only works if you have the cash, of course. You’ll need enough that you don’t have to sacrifice any of your bills. You should also make sure your contractor and your suppliers provide the receipt immediately after every payment for materials or any part of the project.
Talk to your contractor before starting the project as there are businesses that don’t accept cash payments that exceed a certain amount.
Other Financing Options
A personal roof loan may be the right choice if you’re on a tight timeframe and don’t have enough equity in your home. The key advantage here is that you get the money you need upfront.
Lines of credit are options that give you more flexibility to borrow as needed unlike personal roofing loans. You have two options in this category: credit cards and home equity lines of credit. Under the right circumstances, a credit card can be a good option for a roofing project. But if the card’s credit limit is too low, you might want to take time to boost your credit score before considering a new roof project.
Lastly, you can try for home equity loans. Like a credit card, you can borrow from a home equity line of credit as needed, up to a predefined limit. However, unlike a credit card, your bank uses your home equity as collateral, and your bank can seize your home if you default on the loan.
It’s important to consider all of your options for the best way to finance your roofing needs. It’s also essential to review your financial and credit profiles before making a decision.
Once you’ve made a decision, it’s time to turn to choose an expert in roofing. For your roofing needs, trust the leader in roofing, Goodrich Roofing. We offer new roof installations and maintenance. Give us a call at (505) 219-4450 for a free quote. We serve homeowners in New Mexico.