When you need a roof, then you need to reach out to roofing contractors in Santa Clara, CA to get quotes. But what happens if you simply don’t have enough cash in your account to fund the purchase outright? The good news is that you don’t have to put a roofing project on the backburner simply because you may not have the financial liquidity to pay for it in cash.
What follows is a look at 4 different options at your disposal if you want a roof but are short on cash. The good news is that you don’t have to choose a single option. You might find it to your advantage to go with multiple or with another option of your choosing altogether.
1. Payment Plan with Roofing Company
Most reputable roofing companies will offer payment plans. This will allow you to pay a certain amount every month until your amount owed is paid off entirely. You’ll find this option to be more to your liking if you’d rather be able to pay off your debt over a period of months or years.
2. Insurance Coverage
Do you have homeowner insurance coverage? Check with your broker to find out if your policy covers the expense associated with getting a new roof. Many coverage options actually cover the replacement or repair of roofs that were damaged because of fires or natural disasters. It won’t take much of your time to ask your insurer, so pick up the phone and give them a call.
3. Personal Loan
Might it make sense for you to approach your bank and apply for a personal loan? Talk to a banking associate to learn about your options. Should you be approved for a loan, you’ll usually have up to a handful of years to pay it off. Look around since some banks will offer better interest rates than others, and even a slight difference in rates can either cost you or save you a bundle.
4. Home Equity Loan
If you’ve owned your home for a while and have built up a considerable amount of equity in it, you can consider getting a home equity loan. You can calculate the value of your home equity by figuring out the value of your home and subtracting the amount you owe from that amount. So if your home is worth $200,000 and you still have to pay back $150,000, then you have $50,000 worth of home equity. You can typically borrow as much as 85% of the equity you have in your home. This means you can borrow $42,500 if you have home equity worth $50,000.
As you can see, you don’t have to put a roofing project on the backburner just because you may not have all the money needed to pay for it upfront. When you’re looking for a Santa Clara, CA roofing contractor you can depend on, look no further than Cal-Pac Roofing. We specialize in stone-coated steel roofing solutions. In fact, we’re the pioneers who more than 30 years ago first introduced this category of roofing solution to the U.S. You can reach us by phone at (408) 370-3332 or in person at 1350 Dell Avenue #101 Campbell, CA 95008.