How to finance a new roof? Is your roof is in need of major repairs, or even completely replacing? You’re not alone, it’s actually a more common problem than you might think.

The trouble is – it’s an expensive one. Not everyone has the money for such a large capital outlay like a new roof. But if you need one, it’s not something you should put off, either. Delaying a new roof could cause more problems with your home, so you need to get it sorted as soon as possible.

If you’re in a tight fix for cash – then this article might be for you. We’re going to look at a few ways to raise the money for your all-important new roof, along with some ideas to reduce costs or make your own roof last longer.

How to finance a new roof – How to tell if you need a new roof

You should be able to spot any major damage to your roof fairly easy. It’s a good idea to do regular roof checks to make sure you spot any problems when they’re still in their early stages. If you can fix small tears and cracks before they get serious, you might be able to stop the problem before you actually need a completely new roof.

Try doing a couple of maintenance checks every year – but be careful and use all the right safety equipment if you’re going to get up on your own roof (or call in a professional).

You can normally tell when you need major repairs or a completely new roof. If parts of the roof are falling off or you spot them around your property, this could be a problem. Valleying in the middle of the roof could also be a major indicator, as could light coming through the roof (along with water). While some leaks can be fixed without needing a completely new roof, you’ll want to get an expert to check them.

Can your roof be repaired?

Before deciding to buy a completely new roof, you might want to check if yours can be repaired. This will often depend on what type of roof you have and how bad the damage has been.

Shingle roofs can often be overlayed as a life-extending measure. This could give you another twenty years, so it could be well worth doing and should be a lot cheaper. But remember – a roof can only be overlayed once, so if it’s been done before – you’ll need to rip it off and start again. We wrote a great guide on overlaying a roof vs getting a new one. 

For other types of roofs, you might be able to fix individual areas, like if certain tiles are coming unstuck. That means you might be able to prevent roof work being done.

How to make your roof last longer before it needs replacing

There are a few things you can do to make your own roof last a bit longer. As we already looked at – keep checking your roof regularly and deal with any problems immediately before they become too serious. 

A good power wash with detergent every once in a while is another great idea. You’ll want to dislodge and remove any mould or moss as these can cause problems for a lot of different roofs. If you live in an area that has extreme weather, your roof might not last quite as well – so look out for south facing pitches and other places you might have had weather damage.

How to raise money for your new roof

if you’ve exhausted all the other options available to you, you might still need a new roof. This can be expensive, but it’s not something you’ll want to put off for too long. The problem with having roof issues is that they often come out of nowhere. That means you might not have the money lying around to deal with getting a new one – so you might need to look for a few ways to help pay for it. Here are some tips:

1. Re-mortgage your home

This one might seem extreme, but new roofs can be expensive – so it might be necessary. One point to consider is that your new roof could add quite a lot of value to your property, which is worth remembering. 

2. Get a bank loan

If you don’t want to re-mortgage, you could consider a bank loan. This might be slightly more expensive than a mortgage, but you won’t have to put your house up as collateral.

3. Borrow it from someone you know

If you know someone with some money lying around, you might be able to borrow it from them. This option isn’t available for everyone – but if it is for you, it could be a good one.

4. Get a pay-day loan

This one is slightly more risky and should only be used in extreme circumstances (like if there’s rain pouring through your roof right now). Pay-day loans can be extremely expensive if you don’t pay them back quickly, so make sure you’ve checked all the small-print.

5. Discuss different payment plans with your roofer

If you don’t have the money to pay up-front, some roofing firms might consider paying over monthly instalments or some other way to get the job done straight away without putting your into too much financial trouble.

6. Have a yard sale

If you’ve got a lot of junk up in your roof space, now could be the perfect time to clear some of it. Try a yard sale and see how much money you can make – you might get more than you think.

7. Do overtime

Try and take on as many hours at work as possible to earn that extra cash you need. If you’ve got an understanding boss, you might even be able to ask for an advance on payment without resorting to a payday loan company.

Hopefully, these few tips should be enough to get you going in the right direction and teach you how to finance a new roof if you need to. Soon your roof problems should be a thing of the past.