How To Properly Finance A Roof Replacement?

How To Properly Finance A Roof Replacement?

Key Takeaways:

  1. Your roof is like the unsung hero of your property and needs regular maintenance and care to stay effective.
  2. Notice any of the following signs. It may be time for a complete replacement of your roof: cracking or curled shingles, leaks, dark streaks, missing shingles, granules in shingles, or depressions forming on the roof.
  3. A standard roof can last 25-30 years with proper maintenance. The age of your roof can easily be determined by how many years the property has been built.
  4. The cost of a new roof is relatively high. There are some ways that you can manage and finance your home renovation, including applying for an FHA Title 1 Loan or home equity loan.
  5. Personal loans, restoration insurance claims, or financing are also available options.

One part of your property that often goes unnoticed is the roof. Your roof is like the unsung hero of your property. It’s always working hard, keeping you protected, and performing its job without recognition. But just like any other part of your property, your roof needs regular maintenance and care to stay effective and efficient.

But sometimes more than maintenance is needed, and your only option is a complete overhaul. Roof replacement can be costly and burn a hole in your pocket if you need more preparation for it. Iron City Construction LLC will explore ways to finance your roofing needs, so you can rest peacefully knowing that your property is well-protected.

Roof Replacement 101

Why Consider It?

Before you start researching financing options, it’s essential to understand when and why replacement should be considered.

Look for the following signs to know the roof state. If you can find more than one sign, it’s a good indicator that your property needs roofing replacement than maintenance.

  • Cracking or curled shingles
  • A leaky roof or water spots on the ceiling
  • Dark streaks on your roof
  • Excessive missing shingles
  • Uneven granules in shingles
  • Depression forming on the roof

These issues can lead to more severe problems like rotting wood and mold growth if not fixed quickly. It is recommended to seek professional help from an experienced contractor to determine the scope and cost of your project.

What’s the Best Time to Consider It?

Although you can consider a replacement is in order if you seek any of the signs mentioned above. But your roof’s age is also a significant indicator of needing replacement. Experts suggest a standard roof can last 25-30 years with proper maintenance.

You can determine your roof age by how many years the property has been built. A professional roofing contractor will help you determine an accurate assessment of your roof, whether you need a replacement or if repairs will suffice. Get a roof inspection to be sure.

Estimating the Roof Replacement Cost

A standard roof can cost around $8000. It’s essential to understand all the factors that determine the cost. To help you prepare, here are some of the most important elements to consider when estimating replacement costs for the roof.

1. Roof Size

The total area of your roof is a major factor in calculating the cost. Calculate the area by multiplying the length and width of each part of your roof, then adding up all the sections to get the total area.

2. Type of Material

Several materials are available for replacement projects – from asphalt shingles to metal panels or tiles. Each material has its benefits, so getting multiple quotes is vital before making final decisions on your order.

3. Roof Pitch

The slope or pitch of your roof can also affect how much you’ll be spending on your project. Steeper roofs require more labor and will cost significantly more than flat roofs with shallow pitches.

4. Labor Cost

Labor costs can quickly add up during a replacement project. Most contractors will include labor in the total cost of the job, so be sure to ask for an itemized list of materials and labor before signing off on any contracts.

5 Ways to Pay For Roofing

Even after considering several factors, the cost of a new roof is still relatively high. However, if you still need to save money to replace your roof, there are some ways that you can manage and finance your home renovation.

1. Apply for FHA Title 1 Loans

One way to go about replacement financing is by applying for an FHA Title 1 Loan. It is a government-backed loan that you can use for home renovation and improvements, including roof replacement.

These loans are designed to help low to moderate-income earners cover the costs of necessary home improvement projects. Your property size determines the amount you can borrow, and you have between 6 months and 20 years to repay the loan.

Please remember that if you want to borrow more than $7,500, you’ll need a mortgage or deed of trust. You also must make regular payments on this loan like any other, or the government will seize your property.

2. Home Equity Loans

A home equity loan or credit line is also an option if you have built up some equity in your property. This loan type allows you to borrow against the value of your house, so as long as you can make timely payments, it won’t affect your credit score too much.


3. Personal Loans

Personal loans are also an option if you don’t want to put any collateral on the line and need fast cash. They tend to have relatively low-interest rates and can be obtained quickly, making them a viable option for many homeowners.

Although personal loans have more flexible terms than other types, they still come with certain challenges. For instance, you usually only have two to five years to repay the loan in full, which often results in higher monthly payments. In addition, personal loans typically come with increased insurance rates.

4. File for a Restoration Insurance Claim

Suppose a storm damaged your roofing. Another great way to finance the project is by filing a restoration insurance claim. Most insurance providers will provide coverage for replacement and restoration costs if you can prove that the storm caused the damage.

Immediately following any storm or other severe weather event that could have damaged your roof, reach out to your insurer. In this way, you can enlist their aid in repairing or replacement.

Additionally, ensure you keep every document related to filing a claim and working with an adjuster; this will help maintain organization while the process continues. If difficulties arise when attempting to file an insurance claim, hire a professional roofing contractor for assistance

5. Financing Plans By Roofers

Some roofers offer financing plans to help you manage roof replacement costs. Pay attention to each plan’s details and ensure that you understand all the terms and conditions of whatever payment option you choose. Find out what interest rates they charge, how long a loan period they offer, and any other fees associated with the loan before signing on the dotted line.

Also Read: A Roof’s Problem Areas And How To Inspect Them


Properly financing your roof maintenance and replacement is essential to keeping your property safe, secure, and up to code. By understanding when it’s time for a roof replacement, how to estimate the cost of one, and all the available financing options, you can make an informed decision.

Iron City Construction LLC Offers the Best Financing Solution in Pinellas County, FL

Here at Iron City Construction LLC, we understand how difficult it can be to find a good roofing contractor and finance the repairs. To help ease this process, we offer convenient financing solutions with some of the lowest rates starting at 1.49% in Pinellas County, FL. Our family-owned business emphasizes helping our community however possible.

Contact us today for your free consultation.



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