How Much Does It Cost To Finance A New Roof In Houston
The Effects Different Financing Options Have On The Cost
Of Your Roof Replacement Project
When you’re getting the roof replaced on your Houston home, you need to have a solid plan for how you will pay for this large investment. Most homeowners cannot pay out of pocket and turn to financing instead. Your financing plan will impact the overall price you pay for your roof replacement.
With so many different interest options available, the final price you pay when you’re done with your payments can be drastically different than the price on your invoice. A stand-up roofing company will have reputable financing companies that help you find the best option for your situation. Use this guide to help you make the best financing decision.
Typical Financing Options And Their Costs
Many roofing contractors in Houston, TX, offer various financing options to help you cover the cost of your roof replacement in the most financially comfortable way. Before you choose your plan, you need to consider the effects it will have on the total cost of your project. Factors like interest rates, monthly payments, and payment schedules will all affect this number.
No Interest If Paid In Full Within 12 Months
Many roofing companies will offer interest-free financing if you can pay off your entire roof replacement cost within 12 months, and you will not be required to make minimum monthly payments as long as you finish paying before the end of those 12 months.
This option will keep the total cost of your roof exactly what was listed on your invoice and has the lowest overall cost for financing. As long as you feel comfortable completing payments within the 12 month period, this is a great option. The interest will compound if you do not finish making your payments by the end of the promotional period.
Financing With The Lowest Interest Rates Available
To finance your roof replacement with the lowest interest rates your roofing contractor offers, you will have to choose the shortest payment plan available. Generally, these payment plans are offered for 60 months, and because of the shorter timeframe, monthly payments are higher. Typical interest rates average around 6.99%, which will add a marginal amount to the overall cost.
Financing With The Lowest Monthly Payment
Lowering your monthly payment will make things more financially comfortable in the near future, but bear in mind this plan will come with a higher interest rate and an overall higher project cost. Your financing period will likely be extended to 120 months with an interest rate averaging 10.99%.
What You Need To Know About Financing
When you are initially offered your financing options, make sure you read the fine print. Don’t be wowed by a low introductory rate because these rates can change after the introductory period is over. You need to be clear on how long this rate will be in effect, exactly when it will change, and what the change means for your monthly payment.
If applicable, your roofing contractor should also be willing to work with your insurance company to see if you qualify for any coverage. By assisting you with the claim process, your contractor will ensure that you get the best results possible from an adjuster who may not know the roofing industry as well as they should.
Successfully navigating your insurance company can reduce the amount of financing you require. In the long run, this can help you choose the best financing plan that will allow you to pay the least amount of money.
Factors That Can Affect Your Roof Replacement Cost
In addition to financing fees, you should consider the following factors when deciding on your roof replacement, as they will also affect the total price of your roof replacement:
- If you want the project completed during a busier season, this can result in higher fees.
- The size of your home
- Roofing material choices have a wide range of prices
- All roofing contractors in Houston, TX, charge different labor rates
- How and where the waste from your project is disposed
Are You Ready To Replace Your Decrepit Roof?
Call The Local Houston Roofing Experts
Do you need to replace the roof on your Houston home? Don’t settle for less! Let the truly local experts at Houston Roofing and Construction handle the job.
From our honest assessment to our amazing financing options, we have everything you need in a roof replacement company.