Whether you're an impulsive buyer or someone who mulls things over for weeks before making a purchase, we can all agree that paying for a roof replacement isn't something that can be taken lightly.
Home improvement projects demand careful consideration, but sometimes the urgency of a roof replacement doesn't allow for an extended decision-making process. If you're in need of a roof replacement, and you're mulling over your payment options — paying upfront or financing — we have some questions to help you determine your course of action.
How long do you plan to stay in your home?
Financing is a great option for homeowners who are planning on living in their homes for at least a few years.
However, if you do happen to be selling a home, you may need to replace the roof before your house is even sellable. For homeowners in this predicament, financing is still a great option. Just make sure you'll make enough money off the sale of your home to pay off the amount you financed. The last thing you want is to find yourself in a new home while still paying off the loan you used to replace the roof on your old home.
How could you benefit from financing?
Many people assume that financing is a last resort. They fail to see the benefits of financing, such as the peace of mind you have knowing you're not draining your savings account and the satisfaction of getting the pricier roof you really want but otherwise could not afford.
What are your other options?
If you need a new roof, and your only other option after financing is to borrow from your retirement fund, then you should without question pursue financing. Any financial adviser you talk to will tell you that taking money from your 401K to pay for home improvement projects is a major mistake. Either get the project financed, or wait until you can afford it.
How is your credit score?
Your credit score will not only determine whether your financing application is approved or denied, but it also impacts the interest rate of your loan.
If you're not pleased with your current credit score, there are a lot of things you can do now to begin improving it.
What lender should you use?
Ideally, you want a lender who's trustworthy (look at their track record) and offers competitive interest rates. If you finance your roof through Joye Roofing, finding a lender is easy because we work directly with Service Finance Company, LLC to provide financing for our customers. When you choose a lender who has experience working with your roofer, you can expect the financing process to run quite smoothly.
How long should your lending period be?
There's a big difference between paying for a roof replacement over a 12-month period versus a 3-year period. Look at your family's 1- to 3-year plan. Whether you're planning to start a family or you're sending a kid off to college next year, you'll need to financially plan for these milestones and map out your financing plan accordingly.
Have you talked to Joye Roofing?
We're glad you're doing your research on financing for a roof replacement, but there's a big difference between reading the facts and talking to someone about them.
The team at Joye Roofing would love to talk to you about financing. Give us a call at (803) 281-6419, or click on the banner below to let us know you're interested.