What happens if you’ve discovered a leak on your old roof, but you’re not in the position to afford a new roof right now? One thing you shouldn’t do is ignore the problem. A leak will create more home damage that you can ill afford. Instead, we suggest that you talk to your roofer about the options you have to reduce your roof’s cost or get it covered otherwise. There are plenty of options that they can discuss with you. We’ll outline them below so that you can see if any will work in your circumstances.
Focus on Repairs
Typically, a roofer recommends you get a complete roof replacement when your current roof has outlived its lifespan and isn’t providing the protection you need. However, sometimes you can repair the worst spots of the roof and let the rest wait for a year or more. If you expect your financial situation to improve in short order, then just doing the repairs can be a wise idea. You may end up replacing these parts you repair when you do end up doing the full replacement, which does mean that you’ll end up spending more. But, it can still be your best option.
You can also get a loan or another kind of financing for your roof replacement. You will end up paying more in interest, but you will at least get the full roof replacement that you need. You may have several financing options available to you, potentially including:
- Roofer financing or payment plans: Many roofers partner with a financing company so that they can offer you a loan to get your roof fixed. Others will offer payment plans that may spread the cost out enough for you to afford one without a loan. You can ask your roofer about your options before you begin.
- Government loans: There are some loans available through the government to help homeowners who cannot afford a new roof. Consider the Section 504 Home Repair program, the Very Low-Income Housing Repair Program, or the Federal Housing Administration (FHA) runs the Title I loan program. All can offer partial or complete costs for your roof.
- Bank line of credit: Your bank can also offer financing for your roof. Personal lines of credit are often a good option because they have lower interest rates than credit cards. Your bank also may be able to help you remortgage your home to access your equity and use that to repair the roof.
There are some ways that you can reduce the cost of your new roof to make it more affordable. Not all of them may be viable in your situation. It really depends on what is going on with your roof. However, they are great things to discuss with your roofer:
- Cheaper materials: You can downgrade materials to a cheaper shingle to get a cheaper roof, although it may mean that you need to replace the new roof earlier.
- Time of year: Is it peak roofing season? Your roofer may offer you a discount if you can wait until their off-season to replace the roof.
- Reusing: Is there any way that your roofer can reuse some of the materials on your roof? For example, reusing flashing can save you a bit of money.
When in doubt about what you can afford, reach out to your roofer.