You have been considering replacing your roof with a new one for a while. However, it becomes absolutely necessary and urgent after you discover a leak in your roof. Before the situation gets worse and the foundation of your house weakens, install a new roof in your home. On average, installing a new roof can cost around $7000. Certainly not most of us have the luxury of having that much of amount lying in spare and the leaking roof needs to be repaired fast! What roof financing options do you have at your disposal? Here are some of the best ways of both commercial roof financing and house roof financing.
This is probably the best and safest method to finance your roof. If you suspect you need to change your roof in coming few years, better start saving for it from today. You will have to forgo some of your luxuries or desires but it will pay you well in the long run when you need to finance your roof. However, you must inspect your roof regularly to identify ahead of time when you will have to replace your roof.
Commercial roof financing can be done through government grants as well. Governments reward organizations that bring good to society through grants for their capital expenditure. These firms include small businesses, non-profit organizations or those companies that are striving towards environmental friendly practices. Hence, by improving your work methods to become more energy-efficient and eco-friendly you can qualify for receiving grants from the government for your commercial roof financing.
Government grants are available for house roof financing as well. It is to help low-income people live under a safe and healthy roof by decreasing their cooling and heating costs. Depending on the applicant’s income status and the condition of roof, part or all of the roof financing is done through the grant.
3. Cooperative purchasing
Another means of commercial roof financing, cooperative purchasing allows firms to obtain the lowest price goods and supplies for your roof replacement. Cooperative purchasing firms build a network of suppliers and members in a particular industry which leverage contractor bids from all over to comply with your agency bid requirement. It saves your company from all the administrative work required and lets those who are proficient at it do that. It is a good way to select a contractor that fulfills your requires to the best with regard to price, quality of materials and service.
4. Financing options
In case that you do not have spare cash at all and your leaking roof poses a great risk to you and your family’s safety, you can opt for external financing options such as obtaining loan from bank or any lending institution.
- Personal loans
U can obtain a personal loan easily from a bank. The application process is very simple and fast for personal loan. There are many lending institutions as well that give customized loans for home improvement. You can do your house roof financing through any of these financial institutions. Lending companies scrutinize your credit history and FICO credit score. Therefore make sure you maintain a healthy score so that you get loan on reasonable terms that are in your favor.
- Commercial loans
For commercial roof financing, businesses can get loan from banks or other financial institutions. Like for any other type of loan, the applicant must submit collateral, do a down payment and pay the interest against the loan. In case of commercial roof financing, the interest paid is considered as a business expense. Hence it is deducted before the taxable income which is a plus point for the business owner.
5. Home equity line of credit (HELOC)
Home equity line of credit is similar to obtaining personal loan. However, as the name suggests, the lending institution calculates the total amount of equity in the home. Based on this equity level line of credit is calculated. Against this line of credit you can borrow money depending on your need. This gives the convenience to control your credit amount. This flexibility of controlling your credit amount is a huge advantage of HELOC way of house roof financing.