Harmony Home Improvement

3 Things You Need to Know About Financing a New Roof

A roof replacement is one of the most significant investments you can make for your home. There are many factors to consider, such as materials to use and type of ventilation to install, making it a big financial commitment. For many homeowners, the upfront costs of a new roof can be too much to pay for in one go. Luckily, some home improvement contractors offer financing options to help ease people off the burden.

1. Personal Loan

This option lets you make payments in installments over a three, six, or 12-month period. This is good for people who want to pay for the new roof in a short amount of time so the interest rate is less. This means the roof will not cost as much.

2. Home Equity Loan

Consider a home equity loan if you want to take your time to pay for a new roof. This financing option lets you borrow against your home’s equity. According to a residential roofing services provider, you can pay the loan off as quickly as you like with this loan product, or you can stretch the payments out over the years to keep your monthly payments as minimal as possible. In addition, you’re likely to get a lower interest rate than with a personal loan if you have good credit.

3. Credit Card Financing

A homeowner with high credit lines may use their credit card to pay for the new roof. However, choosing this financing option will take a toll on your credit limit. After all, a new roof can cost thousands of dollars. Keep in mind that taking a long time to pay off your brand new purchase means less money will be available on the card for emergencies and other activities such as vacation trips. One trick is to consider using a card that is designated for home repairs only.

Harmony Home Improvement is a premier source of exterior remodeling solutions in and around South Windsor, CT. We work with residential clients and provide roof replacement, exterior vinyl siding installation, deck building and more. Call us at (860) 645-8899 or fill out this contact form to set up an appointment.


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