What to Do If You Can’t Afford a New Roof

We can all agree there are not many things more stressful than a costly, time-consuming project that you cannot afford. Something like a roof replacement can cause even more trouble if you procrastinate, but many homeowners are finding that they don’t have the money for such an expensive repair. Here are a few solid steps to take if you can’t afford a new roof for your home. 

Professional Inspection – Choose Less Expensive Materials

No matter what, you should always start this process by getting a roofing inspection from a roofing company. This is a critical step to understand the full scope of your roofing needs. You could end up needing a full-on replacement which may be expensive, or you could end up only needing a repair which would save you a lot of money. 

Read our article  to get a better idea of whether you’ll need a roof restoration or full roof replacement.

If you receive a quote from the roofing company, make sure to ask if there is potential to save money through less expensive materials. Using affordable materials versus expensive materials could mean a difference of several thousand dollars. 

File an Insurance Claim

The next step after an inspection is just as vital. The best way to afford the cost of a new roof or roof replacement is to get it covered by homeowners’ insurance. It is recommended that you do this after an inspection by the roofing professional in order for your claim to have the highest chance of success in being approved – your insurance company will want to make sure you are being accurate. 

If your insurance claim is denied, there’s still a lot that can be done to help you afford your roofing project. 

Seek Alternative Aid 

Before attempting to bear the entire financial load, look into various community programs that can help. 

There are a few government-sponsored welfare programs that can provide financial assistance to homeowners that are unable to pay for significant home repairs. Programs and grants are offered at local, state, and federal levels including the Weatherization Assistance Program and U.S Department of Agriculture grants.

Depending on your living situation and financial situation, there are charities and local churches that may also be willing to help with some of your expenses for the roof repair. A charity you should consider contacting is Habitat for Humanity, and some churches have groups that provide charity work if you can provide the building materials. 

Lastly, it may be worth contacting family and friends or utilizing GoFundMe to help. 

Research Finance and Alternative Payment Options 

If you have exhausted all your options above for financial assistance, it might be time to consider getting a loan. If the economy is in good shape and interest rates are low, a great option is to refinance your home with the cost of a roof repair included. If you must take out a loan, the best bet is to consult your bank and discuss taking out a home equity loan or a home improvement line of credit – these will net you the most competitive interest rates. 

Another financial tool to use is a payment plan. Some roofing companies offer different payment options that will decrease the upfront burden of the expense and allow you to spread the payments out and in turn make the repair more affordable. 

Other Options When You Can't Afford a Roof

There are a few options still available to you if you are unable to get a loan or any financial assistance, though they are not ideal. 

Of course, you can begin saving money to start the repair in the future. It’s for this reason, and for other costly repairs, that we recommend making a Home Emergency Fund. 

As a last resort, you can also sell your home as is and leave the headache of the repair to the next owner. You will, however, lose some money on the selling price if there is a damaged roof. 

Looking for Help? 

As nice as it may sound to try to save money and do the roof repair yourself, we highly recommend against this as it could cause even more damage to the roof and result in an even higher price tag.

970 Services is your partner for all things roofing. Our Northern Colorado specialists are consistent and reliable. We work across residential, multi-family, and commercial building projects. To get started on your own roofing projects or get the professional advice you need, contact 970 Services today!