With material costs on the rise in all sectors of home improvement, it’s no wonder that homeowners are seeking out roofing companies that offer financing.
Getting a new roof is a considerable investment, and sometimes an urgent one. If you have leaks or see excessive wear on your roof, it makes no sense to put off your project. Delaying a new roof typically leads to additional damage and expense in the long run. Instead, by finding the right financing for you, roofing companies that offer financing can help you find a plan that breaks your investment into manageable monthly payments. That way you can fix the problem today and pay over a number of months.
Perhaps your new roofing project is not urgent, but you are hoping to improve the look of your home for maintenance or sale. The 2019 Remodeling Impact Survey from the National Association of REALTORS® Research Group says you’re making a sound decision. In their survey, which looks at and rates the return on investment for all types of interior and home improvement, they cite a new roof in the number one spot as the most appealing exterior project for buyers as well as the highest value for resale. In fact, on the estimate of a $7,500 new roofing project, the survey estimated a $8,000 cost recovery, meaning homeowners recoup more than 100% of their investment because of its broad appeal to buyers!
Maybe you’re not selling, but your aging roof is a concern. If it’s time for a new one, the availability of financing is also an important reason not to wait. As prices continue to rise, it’s better to lock in your roofing project now rather than later, when contractors are squeezed to raise their rates to cover the rising costs of materials and labor.
How much do I need for a new roof?
The cost of your home’s new roof will depend upon many, many factors including:
- Whether you are getting a replacement or repair
- Square footage or size of your roof
- Types of shingles you want
- Other types of materials used, like type of underlayment used
- Contractor rate
- Types of additional features you may want on your roof, such as vents or skylights
- Slope and difficulty of doing your roof
- Amount of labor needed to complete your job
- Time of year you schedule
To begin determining your finance needs, the best place to start is with an estimate from a reliable roofing company. Pro-Home Services is one Chicago area roofer that offers attractive finance plans that we make known to customers who call us for onsite estimates.
What kind of financing can I get?
The type of loan you qualify for, and the interest rate and payoff specifics will vary between lenders and contractors. Also, you must have an adequate credit score for any lender, including ours, to grant you a loan. At Pro-Home Services, we have financing agreements for our customers with Wells Fargo, including a loan plan with 0% interest! Wells Fargo offers fixed rates and a variety of payment plans. Typically, the shorter the term of your loan (or the amount of time you will take to pay it off), the lower your interest rate.
Currently, the loan programs offered through Pro-Home Services look like this:
7.9% interest on 72-month loans
5.9% interest on 68-month loans
0% interest on 18-month loans
There is typically a minimum down payment expected for the loan as well that will vary depending on the amount you are financing.
According to multiple sources, the average roofing project in the Chicago area comes in at about $8,000. That means with an $8,000 roof at our 0% interest payment plan, monthly payments will be set at about $450 for 18 months. That payment would reduce with a longer loan period.
Financing your roofing project can get you started on our project more quickly and avoid additional damage to your property. It can alleviate the burden of having to pay in full and allow you to budget for other home improvement projects simultaneously.
If you are looking for roofing companies that offer financing, Pro-Home Services would be happy to help you start your search with a free, onsite estimate to begin the process. Call us today to schedule at 630.790.0800.