cost of buying an uncertified roof

Replacing a worn out roof is a big project for any homeowner. An untimely and unexpected roof replacement can be completely overwhelming. It can cost the homeowner an average of $15-20,000, and not to mention the stress of making sure you’re choosing the right options to fit your needs.

The first step is understanding your options for how to pay for a new roof. The good news is, there are plenty. No matter how much help you need, there is an option for you. 

Factors to Consider when Paying for Your Roof Replacement/Installation 

If you’re proactively attempting to replace your roof, there are a few details to consider before you begin work. Unfortunately, in an emergency situation, you won’t have control of most of these details. However, they’re good to know in case you have the option of making a small repair now and paying for a new roof at a better time. 

Time of Year

Portland homeowners enjoy all 4 seasons. Roof Life is staffed with team members that are ducks and beavers and we know how to replace your roof in all 4 seasons. It’s is what we have been doing since 1983. 

Your Specific Requirements

Obviously, the bigger your roof, the more expensive the entire project will be. Two-story homes as well as bigger ones will likely cost more due to the extra labor and materials required. On that note, the materials you use to install your new roof also affect the price. Generally, an asphalt roof will cost you less than metal or wood. 

Options to Pay for A New Roof

How you decide to pay for your new roof is a personal choice based on your current situation. The most important thing is that you live in a house that is safe and secure. Of course, if you can afford to pay out of pocket, that is likely the easiest answer for you and your family. If that isn’t an option, consider one of these solutions. 

Use Your Home Insurance

Most policies will cover damage caused by storms, fires and other unpreventable factors. However, if your roof needs to be repaired because it’s been neglected, insurance companies will not help you out. 

Secure an FHA Home Improvement Loan

The Federal Housing Administration has a program to help people improve their homes while also reducing the risk that lenders face. For the average single-family home, the FHA allows you to borrow up to $25,000. Plus, they allow up to 20 years to pay it off. The flexibility they offer may be good for your family. This type of loan is secured by your home equity so it’s generally offered at a lower rate of interest. 

Apply for a Home Equity Loan

Home equity is essentially what’s left over from the value of your home after you’ve subtracted the amount you owe on your mortgage. If you’ve owned your home for a while, you likely have built up significant equity. Banks and other lenders will allow you to borrow against that equity if you choose to — usually up to 85%. 

The average home in Portland is worth about $420,000. If you still owe $300,000 of that, your equity is about $120,000. It would take less than 10% of your equity to pay for a roof replacement/installation. 

Take Out a Personal Loan

Personal loans are an option, but they aren’t the best option for paying for a new roof. They come with much higher interest rates than the previous two loan options, plus they usually make you pay back the money you borrowed in a much shorter timeline. The requirement to get approved are also higher depending on where you go. Consider a personal loan your last resort if you’re wondering how to pay for a new roof. 

Try Roof Life of Oregon Financing through GreenSky

Lastly, you can use Roof Life of Oregon financing program. We partnered with GreenSky to help our customers pay for their roof replacement/installation. It easy for you to apply and get approved for the financing you want to get the roof you need. 

Get an Estimate on Your Roof Replacement/Installation Project 

Contact us today to get started on your new roof. We’ll schedule a completely free estimate with one of our expert roofing consultants. We’ll offer our advise on the best options for your house based on what you want it to look like and the needs of your environment. After that, we can walk you step-by-step through financing, replacement/installation and regularly scheduled visits to ensure everything is perfect up to 10 years later. Get started today!


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