Your Charleston home needs a new roof. Whether or not you have the money to pay cash for a new roof, you may be wondering whether it may be wisest to simply apply for financing. There are many things to consider before deciding. Here are some financing basics and budgeting ideas to help you with planning a new roof:
Financing is another name for a loan. When you finance a home repair project you are borrowing money from a lender. Over time, you will need to repay the amount of the loan, the principle, as well as the interest on the loan. Banks are the most common lending partners for financing, but there are other types of non-traditional lenders.
Interest is the amount of money you are required to pay a lender in additional to the amount of your loan. The interest rate is stated as a percentage. The total amount of interest you must pay is expressed as: Interest = (loan amount) x (interest rate) x (time). For example, if you need to borrow $10,000 at an interest rate of 3.25% for 3 years, your interest is 10,000 x .0325 x 3, or $975. At the end of three years, you will have to pay your lender a total of $10,975.
Paying $975 for a $10,000 loan is not cheap, but it may still be the right move for you if you need a new roof. Like any home project, it is important to develop a budget.
The first step is to choose a contractor. Do not automatically choose the contractor with the lowest cost. It is important to select a contractor who is experienced with installing the type of roof you want and someone who is highly recommended in the industry.
Once you know the cost of the project, determine how much money you can afford to contribute towards the repair, and the amount of the loan you will need. Shop around for the best deal on financing.
When you know the total cost of your project, including interest, you can make an educated decision if financing a new roof is a good idea for you.
Contact Tri County Roofing & Siding for more information on putting a quality, affordable roof on your home.
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