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Roofing Resources

Discussing Cost and Payment Options With Your Roofing Contractor

A new roof can be a valuable asset to a house’s value, but it also increases your home’s curb appeal and functionality. Your roof is an essential piece to the privacy, safety, and comfort of your home. Now, you’ve done the research and have selected a roofing contractor after comparing three to four estimates.

Now that you know who you want, it’s time to figure out how to best pay for the project.

A new roof installment is an investment that can improve a home’s appearance. The projects can range anywhere from $5,500 to $17,500 for a full roof replacement. The average cost for a 1,800 square ft. home installing asphalt shingles would be around $7,500. Our Modernize Cost Calculator can help provide estimated pricing.

Whatever the cost, the reward is that it will, in turn, protect your home and ensure proper insulation against the elements. Below, find a  roundup of the costs you need to anticipate:

Table of Contents

Payment Playbook

Though roof installation jobs vary from a full-on replacement to a repair. A down payment is often required. If your contractor requests one, make sure to compare quotes. Homeowners typically pay about 20 percent of the final quote.

In some cases, contractors will offer discounts for paying in cash, but be wary— if a contractor requests a large cash sum upfront, it could be a scam and risks the homeowner being left unprotected. Discuss possible payment plans with your contractor.

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Roofing Insurance Claim

In some instances, you may need a roof repair or replacement due to damage from severe weather. To quickly, safely, and affordably repair roofing damage, you may need to file a homeowners insurance claim.

It is important to understand your homeowner’s insurance deductible throughout this process. This deductible is the amount you will have to pay before receiving reimbursement from your insurance provider.

Our article “How to File a Roofing Insurance Claim” shares more about this process.

Dollars and Cents

The best way to secure the lowest price for your roofing project is to compare multiple contractor quotes. That’s why Modernize encourages homeowners to get multiple estimates before making a final decision.

If you want to pay through a payment plan, your contractor might offer their own so you don’t have to go through a bank. And if you do need to go through a bank, be sure you first learn about all of the financial incentives available to you both directly and indirectly in the form of loans or tax credits.

Understand Your Equity Options

Homeowners can often use their homes, whether mortgaged or not, as securities for loans to fund home improvement projects.

Two common ways to leverage your home for credit from a bank or other financial institutions include lines of credit and loans. If either of these are applicable in your situation, run it by your roofing contractor. An experienced installer will have both expert and valuable anecdotal advice regarding these methods.

Home Equity Line of Credit (HELOC)

A home equity line of credit, otherwise known as a HELOC, allows homeowners to borrow money against their home’s equity. HELOCs are generally flexible but limited by a home’s value, and they also carry the risk of foreclosure.

Home Equity Loan

If a HELOC doesn’t seem like the right fit, the other option is a home equity loan – which lets a homeowner borrow money against the value of a home over the amount of any or all mortgages levied against the property. It’s sort of like a second mortgage, positioning the home itself as the security for the loan.

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Whatever options you find suits you best, it’s a safe bet to talk it over with your roofing contractor. Their experience with other homeowners in the area and specifically as it pertains to roof installation projects will be valuable when it comes to determining the best path forward for your own financing.

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