5 Creative Ways to Lower Your New Roof Cost in Florida

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Whether your roof has suffered damage from a natural disaster or is worn down from old age, you should never delay replacing it. But, covering the cost of a new roof is a significant investment. Not many homeowners have the money to pay for it out of pocket. Fortunately, there are many financing options available that will lower new roof costs in Florida. Avoid paying with your credit card or taking out unfavorable loans. Here are the top 5 most creative ways to pay for your new Florida roof.

1.     Roofing Company Financing

It’s a common practice for roofing companies to offer roof financing options through their business. These businesses provide you with a financing option that allows you to pay over time. So, you get a budget-friendly payment plan while the contractor gets paid for the full service. 

With this roof payment option, the company will charge interest in the financing plan.

In many cases, financing your roofing project directly through the contractor you’re working with is a convenient and efficient practice that can save you quite a bit of money. 

We must mention that in case you’re working on a budget or have a poor credit history, financing your new roof through a roofing contractor might not be the best course of action.

2.     Government Grants to Lower Roof Costs in Florida

When it comes to creative ways of lowering your roofing costs, getting a government grant is the most effective way of going about it. The main advantage of government grants is that you don’t have to pay anything back. 

Many government grants can help you repair and improve your home. These programs are mostly aimed at those living in vulnerable low-income communities and households that can’t avoid such costly projects. The most popular US government grants for roof replacement include:

  • Weatherization Assistance Program — One of the most significant government grants for these projects, the Weatherization Assistance Program, aims at low-income households. This includes low-income families with children, families with members who have disabilities, and senior citizens.
  • Single-Family Housing Repair Loans and Grants — Eligible to low-income citizens who are 62 years or older and households earning less than 50% of the US’s median income. Also known as the Section 504 Home Repair Program, it can help lower the cost of a new Florida roof.
  • The Housing Preservation Grant — This government program provides roof replacement grants for very-low and low-income housing to help homeowners maintain livability. Suppose you want to apply for this grant. In that case, it’s best to check with your local Florida contractor or go to your local government representative to learn the specific details and requirements.

3.     Take out a Personal Loan

Some homeowners pay for a new roof through personal loans. If you don’t want to finance your project through a roofing company, getting a personal loan is a good alternative for paying for a new roof. 

You can apply to your bank or credit union to get the necessary lump sum upfront. When applying, keep in mind that the amount you’ll get and the loan interest rate can vary significantly depending on your credit score.

It’s essential to carefully review the small print and understand the crucial stipulations, monthly payment plans, and interest rates. 

Taking out a personal loan can be a convenient way of financing your roofing project. This is especially so if you opt for a longer repayment term or find a suitable loan with a low-interest rate.

4.     Home Equity Loan

With fixed interest rates and stable monthly payments, home equity loans are a great way of paying for repairs around the house. You can tailor the payments and stretch out the loan over how many years you want. Plus, the interest on the payments is tax-deductible.

Before you go all in, keep in mind there are almost equally as many cons as there are pros when it comes to borrowing money against your house’s equity. If you’re unsure if you can maintain a steady payment schedule, best avoid taking out a home equity loan. If you default on the loan, the bank can foreclose on your house.

5.     Paying for a New Roof with Cash

If you’re reading this page and do not need a new roof, now is the right time to start saving up cash for a future roofing project. Paying for a new roof directly out of pocket allows you to avoid dealing with banks and intermediaries. To paraphrase the old saying, the best time to start saving money is yesterday. Today is the second-best day to start, so make sure to plan ahead for your next roofing project.

If you have a few years left in your roof, start saving $50 to $100 every month until the time comes to replace your existing roof. Don’t pressure yourself with trying to save up for the full upfront price. Saving up half or even a third of the total cost will help you make a significant difference in the final price and lower the cost of a new roof.

Time to Replace Your Roof? Contact Us Now

Hopefully, this article has helped you find a suitable way to lower your new roof’s cost and get the best value for your investment. Planning and paying for a new roof doesn’t have to be an overwhelming undertaking.

If you need any help choosing the best option for financing your new roof, our experienced staff is here to help. We also offer a free price quote for your new roof, so make sure to contact us today. Fill out our quick online form or call us now at 813-373-9088. 

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