Financing Can Help If You Can’t Afford the Upfront Cost of a Roof
A failing roof can put you and your family in a difficult financial situation. A roof replacement is a significant investment, and while financial advisors often recommend setting aside a significant sum for home improvements, the reality is most folks don’t have this cash to spare. If you need a new roof but can’t afford to pay for it outright, you’re not out of luck—roof financing may be the best option for you!
As a family-owned company, we understand the difficulty of paying for a roof replacement here at Dolan Roofing & Construction. That’s why we offer residential roof financing options through Sunlight Financial*. Roof financing can help to spread out the cost of a roof replacement or other home upgrade without putting home equity on the line or building up major interest costs. Here’s how financing may help you and your family afford a new roof.
How Does Financing Help?
Roof replacement projects are typically the most expensive out of all roofing services. This is because of the amount of time, labor, and material costs required to complete the replacement. With such a high cost, it’s not uncommon for homeowners to need a new roof but be unable to afford the upfront cost.
Roof financing helps in these situations by making the process of paying for a new roof more flexible. When you finance a roof replacement, you’re typically able to spread payments out over a longer period of time, making the individual payments more manageable. Depending on your budget, those payments may be spread out over a longer or shorter period of time, resulting in more or less overall interest paid on the project.
Financing is also highly flexible—for example, our partner, Sunlight Financial, provides amounts ranging from $1,000 to $100,000 in roof financing.
Why Do I Need Financing for My Roof?
If your roof needs to be replaced, you may be wondering why the cost to replace it isn’t being covered—in whole or in part—by your insurance company. The reason for this, though, is that insurance coverage often applies only to an unexpected roof failure. This means your insurance may not cover a new roof needed for reasons such as:
- Your roof reaching the end of its expected lifespan, often around 20 years
- Your roof being damaged from a source that isn’t covered by your policy
- You’re looking to upgrade your roof, rather than replacing it due to damage
While every roofing situation is different, these are all common situations where insurance may not cover a roof replacement for your home.
Avoid Using Home Equity
Aside from financing, another common method to pay for unexpected home improvement projects is to take out a home equity loan. Home equity loans allow homeowners to borrow against the equity they’ve built by making payments on their home. While this can be a reasonable option for some homeowners, it does put your home at risk and is also limited by how much equity you’ve built in the first place. Financing is a separate line of credit and typically allows for greater flexibility.
Dolan Offers Financing for Those Who Need a New Roof but Can’t Afford It
At Dolan Roofing & Construction, we understand how difficult it can be to pay for a new roof. That’s why we partner with Sunlight Financial, a roof financing company that provides a number of unique benefits for our customers. Some of the reasons we chose to partner with Sunlight include:
- Pre-qualification that doesn’t affect your credit
- Flexible financing amounts and payment options
- No prepayment penalties
If you need a new roof for your home but are struggling to see how you can afford it, roof financing may be a good option. Roof financing can make your San Antonio roof replacement project possible sooner—and it’s better to replace your roof promptly rather than delay the project and put the rest of your home at risk.
Need more details? Contact the Dolan team and we’ll be happy to answer your questions!
*Subject to credit approval. Ask for details.
