Finance Roof Replacement: Unfortunately, roof replacements are one of those projects that might cost more than you expect. Why? Because many factors can impact the price, blowing your budget out of the water and resulting in you paying more than you wish.

That’s why it’s important to know what can impact the replacement cost while finding out the best method for you to finance the project. We look at the key cost factors before providing you with information on how you can finance your roof replacement.

What Factors Impact The Cost?

While most replacements are similar in theory, the application of these projects makes them different in each way. Let’s take a look at the factors that affect the process of these projects:

  • Size & Scope of Your Roof
  • The Slope of Your Roof
  • The Choice & Quality of the Roofing Materials
  • The Application of the Roof Replacement Project
  • Removal of Old Roof
  • Roofing Company Rates & Quality of Work
  • Geographical Area
  • Local Building Permits & Requirements
  • Unexpected Situations or Problems

Now that you understand what can impact your roof let’s dive a little deeper into the types of financing options available so you can secure this project.

Four Ways to Finance Your Roof Replacement

Finance Roof Replacement
Finance Roof Replacement

Use Your Savings


If you’ve saved enough money – and have plenty in store to use – then using it for your roof replacement is a wise choice. Remember that you’re investing in a project that will protect your home for years while increasing its value and curb appeal. It’s a worthwhile investment that pays off.

Acquire a Personal Loan

Banks are more than willing to provide you with a personal loan for a house project than anything else. They understand that it’s an investment that will help improve matters in the end. With lower interest rates than credit cards, a personal loan is the best case for acquiring funds for a roof replacement while allowing you to pay it off slowly.

Use Your Personal Line of Credit

A smart way to use your personal line of credit. You will have to pay interest on the amount you’ve used, but compared to personal loans, you can always borrow the money or take more out, if required, and without consulting the bank.

Use Your Mortgage for Financing

You can always use the value of your home as the necessary funds for the project. It will come with lower than usual interest rates because your home’s equity secures it. However, it can pile a little more debt on your shoulders.

Keep an Eye Out for Tax Credits & Rebates!

Depending on where you live and how good your accountant is, you can find ways to mitigate the roof replacement costs while applying for tax credits and rebates.

Many provincial governments offer rebates for home renovations problems, and some might include roofing, or rather particular roofing materials, as part of the deal.

You might also be able to apply for credits come tax season. You’ll be able to get some money back for the roof replacement, which will reduce your overall costs. Speak to an accountant or the local tax authorities for more information.

As you can see, there are plenty of options available to you to finance your roof replacement project. Speak to your bank, private lender or financial broker about how you can access the funds you need to improve your home for decades to come!

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