Defaulting on a Note After You Get a New Roof

Owning a home is a rather expensive endeavor. Homeowners pay yearly property taxes, monthly mortgage payments, and also finance general upkeep for their property. This is why so many people choose to finance the work they do on their roof. The cost of replacing or repairing a roof costs on average $7,500.

Sometimes loans sneak up on us, however, and it becomes difficult to stay up to date with a payment schedule. Unfortunately, it’s not an uncommon instance that homeowners will finance the work they’re doing to a financer and cannot keep up with the loan costs. Because of this, homeowners end up defaulting on the loan.

So, what happens when a homeowner defaults on a loan they’ve taken out for work on their roof? The short answer is that it depends on what kind of loan you take out.

Unsecured Personal Loans

Home repair loans can take many different forms. You may take out a personal loan to finance your roof. This is an option worth considering because an unsecured personal loan does not put up your house as collateral.

Since this loan is unsecured, homeowners are not guaranteed a lower interested rate. However, if you can’t pay the loan back and end up defaulting, you’re not at risk of losing your new roof or your new home.

Home Equity Loans

Home equity loans are attractive loans for homeowners to consider because they allow you to borrow money against the worth of your home. Most often, homeowners can’t borrow more than 85% of their equity in the home. Home equity loans are secured, which means that homeowners will receive a lower interest rate than with an unsecured loan.

However, home equity loans tend to come with fees, and if you default on a home equity loan, you’re at risk of losing your house.

Home Equity Line of Credit

A home equity line of credit is very similar to a home equity loan in that you need to put up your home as collateral for the loan. It is also a secured loan so interest rates should be reasonable. But instead of receiving a lump sum of cash, you’re given a line of credit, which can make payments easier to keep up with. However, one catch to keep in mind is your budget. If you borrow more than you can pay back, you’ll risk foreclosing your home. Contact Steele Restoration if you need a new roof.

Building New Home Versus Upgrading Your House

The question of whether to build a new home versus renovating your current one is challenging. Both are expensive, and each has benefits and drawbacks. Your primary responsibility is to balance your needs against project costs and what you hope to achieve.

Renovating with metal siding is an alternative to building a brand-new home, and doing these jobs requires investing in the long-term viability of the structure. Metal siding and roofing are excellent in that capacity because they improve the house and bump up the resale value.

At $9 to $12 per square foot, adding a metal roof is viable for most homeowners. Metal roofs add support to the overall dwelling and need replacement much less often than traditional materials.

Costs of building a new home

Buying a new home costs about $31 more per square foot than purchasing an existing one. The question, then, becomes whether that amount saved would be enough to use for investing in upgrades. If it is, and the house has all the amenities you desire, you may want to go that route.

Keep in mind that newly built houses contain a profit for the builder. They are also brand new, so there’s no sort of discount for normal wear and tear. That’s why people spend more on average. They also want to get a house built for their precise needs, and custom building a home is the best way to achieve that goal.

Ultimately, which one is a better deal will not always come down to strictly costs, although that factor should be crucial. If you pay too much for a new build or upgrade, selling at a profit becomes impossible.

Consider the Benefits of Your Current Home

If you love the location of your house or have kids in a school system they enjoy, you may be less likely to build. If your home is annoying to you, and you can’t stand certain aspects, then creating something ideal for you is an option.

Ultimately, your decision to upgrade or build new will come down to what you want most. It’s worth deciding on your budget because that factor will determine what you’re able to accomplish. If you have the funding to achieve either goal, you must decide on your long-term plans for life. Contact Steele Restoration for more information today.

An Introduction to Engineered Wood Siding

Whether you’re building a new home, putting on an addition, or upgrading your home’s exterior, you’ll need to make a choice about siding. Decades ago, many homes used aluminum siding, which is no longer available. You will be left with a choice between vinyl siding, wood, fiber cement, and engineered wood. Here is what you need to know about engineered wood siding so that you can make an informed decision.

 

What Is Engineered Wood Siding?

Engineered wood siding is a composite material. It consists of strands of different types of hardwood mixed with other fibers and adhesive materials. These strands are compressed and formed into sheets, which are then sealed, scored, and cut. The siding planks are available in sheets measuring four by eight feet or in lap panels, which can be connected piece by piece. This type of siding has a lifespan of 20 to 30 years, depending on your home’s location, the amount of sunlight and precipitation, and the temperature range.

 

Cost of Engineered Wood Siding

The installation costs range from $3.58 to $8.58 per square foot. The cost of natural hardwood siding is $8 to $12 per square foot, so you would spend considerably less. The cost of vinyl siding is $2 to $8 per square foot.

 

Benefits for Your Home

There are many benefits to choosing this type of siding for your home. It requires virtually no maintenance. If you notice that it is dusty or dirty, all you need to do is spray it with your garden hose. No detergents, painting, or sealing are required in order to keep it in pristine condition. The color is uniform, so less of the material goes to waste. This siding is available in a range of colors and textures. Choose a style that mimics cedar, yellow pine, or other type of natural wood. It does not split, crack, or warp. The engineered wood siding is resistant to mold, mildew, wood-destroying insects, rot, decay, fading, hail damage, and wind damage. Most engineered wood siding offers a 20- to 30-year guarantee from the manufacturer. Engineered wood siding is environmentally friendly, too. It makes use of sawdust and fiber strands from wood that would otherwise go to waste.

 

Drawbacks of

Before you decide on this type of siding for your home, there are a few drawbacks to consider. When you look at it closely, you can tell that it is not genuine hardwood. Its planks are too perfect and lack some of the natural variation and faults of hardwood, such as notches and discolored areas. Modern engineered wood siding is a relatively young product. Some early versions, which are no longer made, had issues with moisture intrusion. There is not a lot of information about its durability, but you can rely on the manufacturer’s warranty for peace of mind. Contact us, here at Steele Restoration for more information.

3 Common Roof Problems and DIY Ways to Fix Them

Keeping your roof in excellent shape is important in avoiding costly repairs in the future. However, your roof may eventually have a few problems, so it is a good idea to understand how to fix these problems yourself before they turn into more significant issues. Here are a few tips for how to repair common roof problems yourself.

 

1. Leaky Roof Problems

 

A leaky roof is an all-too-common problem for many homeowners and businesses. Getting the leak fixed as soon as possible is essential in limiting damage inside your home or building. A roof can be leaking due to a variety of reasons, whether it is due to damaged shingles, flashing issues, or curled shingles. You can re-secure a curled back shingle by coating it with asphalt roofing cement, and you can replace a damaged shingle. You can easily repair the metal flashing around your chimney by using a caulk gun to reseal the joints to prevent additional leaks.

 

2. Missing Shingles

 

Severe weather conditions can cause your shingle to blow off your roof. These missing shingles can cause significant damage to the structure of your roof if you do not replace it in a timely manner. All you need to do to replace a shingle is to purchase a new one and put it in the place of the missing shingle by using roofing nails. Applying a small amount of roof cement is also important to help you seal the shingle to the roof.

 

3. Roof Punctures

Fallen tree limbs during a storm can create significant punctures in your roof. Getting a tarp to cover these holes is critical in limiting further damages to your home. You can nail several pieces of lumber to secure the tarp on the roof to keep your home temporarily protected. Typically, it is a good idea to reach out to a professional roofing contractor to handle significant damages to your roof unless you have experience working in the roofing industry.

 

Understanding how to handle these common roofing problems is important for extending the lifespan of your roof and avoiding costly repairs. The average lifespan of an asphalt shingle roof is around 20 years, a wood roof can last up to 30 years, and a metal roof can last nearly five decades. While it is a cost-effective investment to fix minor roofing issues yourself, it is always a good idea to reach out to a professional roofing contractor for more complex repair work. Contact Steele Restoration for more information.

How Your Roof Affects Your Homeowner’s Insurance Premiums

Homeowner’s insurance premiums are a real concern. Your home’s roof is an essential part of the structure. It protects the exterior walls, foundation and everything inside. When you’re shopping for quotes for a homeowner’s insurance policy, the insurance company will want to know about the roof. There are many aspects of a roof that go into the calculation of your premium.

Why the Roof Matters to Insurance Premiums

A rooftop is a considerable amount of the exterior surface area of a house. If it is old, worn out or damaged, an insurance company will assume that you will need to make a claim on it soon and increase your insurance premiums. A roof that is at the end of its lifespan has missing parts or is damaged will likely need to be replaced. A weak or damaged roof is also at risk of even more damage, especially if high winds or a heavy rainstorm come through the area. Because a bad roof increases your chances of making an insurance claim, the agents will quote you a higher premium than you would pay if your home had a brand-new roof or a young roof free of defects.

Type of Roofing Material

Many insurance companies will send an assessor or inspector to your home in order to give you a quote for a premium. Some will simply ask you questions. In either case, the type of roofing material will be an important consideration. Asphalt shingle roofs are the standard material in many places across the United States. They have a lifespan of 15 to 25 years. They’re also prone to problems, such as shingles blowing off, hail damage, and popped nails. Tile roofs last longer, typically around 25 to 50 years. They’re a great choice for withstanding fire, heat, hail and high winds, but they’re a poor choice for cold environments. Metal roofs last for at least 50 years, and they can handle any conditions. Slate is similar to tile, but it usually lasts longer and costs more to install or replace. Wood shakes are the riskiest roofing material and will increase your premiums. They are prone to rot, mold and mildew, fire damage, wind damage and pest damage.

 

Roof Condition and Insurance Premiums

Once your roof is at two-thirds of its life expectancy, your chances of a claim denial increase, so your homeowner’s insurance premiums could increase. For example, if you file a storm damage claim on a 10-year-old asphalt shingle roof, your insurance company might deny it. If they accept it, you may only get a pro-rated amount after your deductible and the 10 years of wear and tear are considered. The insurance agent could argue that your leak was caused by the roof’s age rather than the storm’s wind gusts and hail. Your homeowner’s premium will also consider the way your roof was installed. Improper installation, including lack of adequate ventilation, missing flashing, no gutters or downspouts in a rainy area or too many layers of asphalt shingles, could increase the premium you pay for homeowner’s insurance. Contact Steele Restoration for more information.