Aside from the initial costs to purchase your home, one of the second most expensive repair and maintenance items you need to plan for is replacing your roof. Roofing shingles do not last forever and will eventually reach the end of their usefulness and need to be replaced with new ones. Unlike other types of home repairs and maintenance costs, replacing your roof is one expense you can plan for and be prepared for, when it does come time to replace the roof.
Tip #1 – Open a Savings Account
Open a savings account at your bank specifically for roof repairs and maintenance. Each week set aside a small amount of your earnings and put it into the savings account. For instance, if you set aside as little as $10 a week, in 15 years, not counting interest, $7,800 set aside for a new roof. Of course, if you can afford to set more aside, say, $20 or $25 a week do so. The extra money can be beneficial for roofing-related maintenance and repairs, like having your eaves and gutters cleaned out annually.
Tip # 2 – Look for Rebates/Deals from Shingle Manufacturers
Sometimes, shingle manufacturers will offer rebates or special deals on select products that can help reduce the total costs of getting a new roof installed. These deals are normally available through local roofing contractors that are authorized resellers of various shingle brands.
Tip # 3 – Apply for a Personal Loan
If you find yourself in a situation where you cannot wait until your savings account grows and require a new roof now, you could apply for a personal loan through your bank. The interest rate on home improvement loans can be much less than if you were to use a credit card to pay for the new roof. Most banks offer a variety of options from signature loans to home equity loans, so take your time and explore which loan will get you the lowest interest rate.
Tip # 4 – Check to See If There are Government Incentives
Contact Natural Resources Canada, which is a part of the Canadian Government to find out if there are any incentives, rebates, or tax credits on specific roofing materials. Sometimes there could be one that could help reduce the costs of getting a new roof.
Tip # 5 – Talk to Your Roofing Contractor
Your roofing contractor may know of special programs, deals, or other incentives that could help reduce the cost of your new roof. Some contractors may be able to refer you to lenders that specialize in home repairs where you might get a better rate than through your bank. Some, like us, here at Logik Roofing, even offer financing directly through lending companies we have partnered with to make it faster and easier to get your new roof installed!
If you are not sure how much life is left in your roof or if you know it needs replaced, contact Logik Roofing today at 1.866.840.2914 to arrange a free roofing estimate and find out what we can do to help you.