Need to finance a roof repair project? While it can cost thousands of dollars to repair a leaky roof, it is important that you take care of the problem as quickly as possible. This is because allowing water to seep into your home could cause secondary damage that can also be expensive to fix. Let’s look at a few ways to cover the cost of repairing a leaking roof if your homeowner’s insurance policy won’t pay to have the work done.
Borrow Against the Equity in Your Home
A home equity loan or line of credit allows you to borrow against the equity that has built up in the property since you purchased it to finance a roof repair project. Home equity loans and lines of credit are secured loans, which means that the lender will put a lien on your property. If you fail to make the payments, you could lose your house. However, many lenders offer flexible payment plans to make loans or lines of credit as easy as possible to repay in a timely manner.
Put Repair Expenses on a Credit Card
One of the advantages of using a credit card to pay for roof repairs is that the balance is unsecured. This means that you won’t lose your house or other assets if you fail to repay the loan. Of course, credit card companies charge interest rates as high as 29.99% on outstanding balances. If you do decide to use a credit card to pay to fix your leaking roof, look to open an account with a company that offers 0% financing for 18 months or longer.
Sell Assets to Raise Funds
It may be possible to sell jewelry that you don’t wear anymore or other personal items you aren’t using to raise funds for a roof repair project. You could also choose to sell a portion of your stock portfolio to obtain cash within a matter of hours or days.
Borrow Money From a Retirement Fund
If you are thinking about withdrawing money from a 401(k), it may be better to apply for a loan instead. You can get up to $50,000 in a matter of days without a credit check or complicated paperwork to fill out. Check with your plan administrator to determine if it offers a loan option as well as to learn more about what the repayment terms are.
Finance a Roof Repair Project
Ideally, you will have your leaky roof repaired or replaced as soon as you notice signs of damage and need to finance a roof repair project. Most contractors will offer emergency service, which means that you can have the problem fixed in a matter of hours or days. Contact Steele Restoration for help with this. We are here for you.