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Roof Replacement Cost: 5 Ways to Pay for It

Roof replacement can be expensive. On average, roof replacement costs $7,300. Due to this high cost, most homeowners never consider roof replacement until the whole roofing structure is damaged beyond repair.

If your roof is in dire need of replacement and you are looking for ways to cover your roofing replacement cost, this article is for you.

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Roof Replacement Cost 5 Ways to Pay for It

Factors Influencing Cost of Roof Replacement

The Roofing Contractor

The roofing contractor you choose to work with also plays a vital role in your roof replacement cost.

Top-rated roofing companies like Nextgen Roofing in Westfield are always looking out for ways to cut the cost of roof replacements. In contrast, unreliable contractors will keep finding ways to cheat and steal from you.

Roof Type

Some roofing materials cost more than others. For instance, asphalt shingles cost more compared to slate shingles. So you must consider the type of roof you want to use during roof replacement.

Size of Roof

Roof size is the most crucial determinant of the cost of your roof repair. Roof materials are sold based on the number of pieces instead of square feet. A big roof will need a large number of pieces.


Generally, the extent of replacement determines if a permit will be needed or not. In most states, permits are always required for roof replacement.

However, prices differ from state to state. You can ask your contractor what the cost of a permit is in your state.

Roof Shape and Slope

Slope and roof shape can influence the cost of replacement. If your roof is sloppy, more attention needs to be paid to it.

Also, extra safety measures need to be considered. The increase in safety measures equals an increase in the number of workers. The more the number of workers, the higher the cost.

Chimney and Skylights

These two features can increase the cost of roof replacement. The chimney and skylights are areas where structures join.

As such, the area needs extra sealing substances. This may increase labor and cost. Improper sealing may cause future leaks.

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Five Ways to Pay for Roof Replacement

Individual Loans

One way to sort your roof replacement bill is by obtaining a personal loan. Personal loans can be obtained from financial institutions like banks and credit unions.

In most cases, collateral is not needed for personal loans. Meaning you don’t need to risk losing your home and other properties.

However, there are some shortcomings in accessing personal loans.

  • High-Interest Rate

Your credit score plays a huge role in how high or lows your interest rate will be. If you have outstanding credit scores, you might get a loan of about 2.5% interest rate per year.

However, if your credit score is low, the interest rate assigned to you might be outrageous. Lenders with low credit scores can end up paying interest rates of up to 198%.

  • Short Loan Cycles

Personal loans have shorter loan cycles compared to other home development loans. For instance, a home equity loan may take 20 years to clear, while personal loans usually have a 4 to 5 years repayment period.

Home Equity Loan

Home equity loans are a good way to lighten the burden of roof replacement costs. When it comes to getting home equity loans, your home’s equity is usually used as collateral.

To avoid being at risk of losing your home, it is best to borrow a small amount of money that can cover your roof replacement alone.

Just because your equity affords you more loan amount doesn’t mean you should go for it.

Insurance Coverage

If your home is insured, there’s a possibility of you using your home’s insurance policy to cater for the cost of your roof’s replacement.

An insurance policy always covers roofs damaged by cyclones, robbery, or fire for replacement. If the damage is due to improper maintenance, the insurance policy may not cover its replacement.

You should contact your insurance company to know if your policy will cover the cost of replacement.

Federal Housing Administration (FHA) Title I Home and Property Improvement Loan

FHA Title I loan is one of the ways to offset the bills of your roof replacement. The FHA runs it. The FHA insures the loan to reduce the risk encountered by lenders.

The payment period is up to 20 years. Singles homeowners can access up to $25,000. Although loans above $7 500 can only be accessed through a mortgage or your property’s deed of trust.

This loan can be accessed from banks and other financial institutions. You should contact a financial institution near you to know your stand.

Roofing Company Financing

If you cannot access any of the above-listed means, you can opt for finance through your roofing company. If your roofing company offers a financing program, then you can opt for it.

Opting for this will lessen the stress of having to pay cash for your roof replacement. Most roofing companies with financing programs are reputable, and the process is always straightforward.

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