The cost of a new roof can reach the tens of thousands of dollars. While it’s dangerous to put off having a new roof installed or your existing roof repaired, the cost alone is enough to keep many homeowners from taking on this critical project. Wondering how do you pay for a new roof? A wise decision is to take out a roof repair loan.

But how do you know you’re getting a good deal? Here are 4 tips to consider.

1. Pay for an Inspection

Though you don’t want to spend any more money for roof services than needed, it pays to hire a contractor to inspect the roof. Unless you know for sure what the problem is, it can be hard to pinpoint the exact issue with your roof. While you may be able to see that a few shingles are missing or the flashing around your chimney is sunken, this may be only a small piece of the bigger problem.

To get the full picture of what’s going on, hire a local roof inspector. Most inspections cost a couple hundred dollars. By having an inspection, you can determine whether or not your roof can be repaired, or if an entire new roof is needed.

2. Check Your Warranty

No matter if you just recently purchased your home or have lived there for 10 years, before taking out a roof repair loan, be sure to look into whether or not your roof is covered under a warranty. When it comes to roofs, there are several different warranties that may be available.

Some roofs are covered by a comprehensive warranty. This offers the most coverage, but some plans may not cover problems that are caused by poor maintenance or due to “acts of God” such as a natural disaster. Another type of warranty is a manufacturer material-only warranty. This type of warranty covers the failure of roofing materials, such as shingle defects.

To get the best deal on your roof repairs, figure out if either of these warranties are applicable. This can save you hundreds if not thousands of dollars. You will also want to read the fine details of each warranty to determine any stipulations.

3. Shop Around for Quotes

Chances are there are dozens of roofing companies in your area. Instead of going with the first contract that you come across, take the time to get quotes from a variety of companies. You may also want to ask your social network for referrals. Getting opinions from the people you trust can give you the peace of mind that your new roof or roof repairs will be high quality. If your network doesn’t have any referrals, look at sites like Angie’s List or Home Advisor to find reputable local roofers.

When getting quotes from roofing companies, don’t let numbers alone drive your decision. If a company offers you a much lower rate, take a step back and figure out why. Is the company new? Does the company have poor online reviews?

4. Know Your Financing Options

Even if you’re able to land a good deal with a local contractor, chances are you don’t have thousands of dollars to spend on roofing costs. The good news is, there are tons of financing options to help you pay for these costs without breaking the bank.

If you’ve lived in your home for years, applying for a home equity loan may be the ideal option. Home equity loans allow you to use the equity in your home to pay for roofing costs. Personal loans and even credit cards are also viable options to pay for roofing services.

You can also look into government-backed financing that is offered by the Federal Housing Administration (FHA). Title I loans and 203(k) loans can be used to pay for home renovations, including roofing services.

Which Financing Option Is Best?

Your financial and credit standing play a huge role in determining which financing option is best for you. For example, if you have plenty of equity in your home, a home equity loan makes the most sense. These loans also tend to have reasonable interest rates, which keeps more money in your pocket.

If you have a solid credit standing, you may be able to qualify for a personal loan or a credit card. With these options, the better your credit score and credit history, the more reasonable terms you’ll receive. Be sure to shop around for lenders with the lowest interest rates, APRs, and loan fees.

For homeowners with less than stellar credit or no equity, a government program or alternative lender are the best options. Government program eligibility isn’t as strict as a loan through a traditional financial institution. Alternative lending options, such as an online lender, is also worth considering if you need access to roofing funds quickly.


Paying for a new roof isn’t cheap. Follow these 4 tips to ensure you’re getting the best deal on roof repair.