How to Finance a Roof Replacement

Roofs protect us from sun, rain, wind and snow. But they can also cause problems like leaks, mold and mildew, higher heating and cooling bills, and resale issues.

Roof Replacement

Repairing a roof may work in the short term, but it’s best to replace it when the damage is extensive. In this article, we’ll discuss what goes into a roof replacement and which materials are usually included. Contact Corpus Christi Roofing CO for professional help.

A roof is an integral part of any building and it protects the interior from harsh weather conditions like rain, hail, snow, extreme heat or cold and a variety of pests. Without a roof, the interior of any structure would quickly deteriorate due to leaks and moisture buildup. If left unattended, the condition of a roof can even impact resale value.

There are many factors that influence the costs of a roof replacement, from geographic location to the type of shingles chosen. However, a large portion of the cost is associated with labor. Contractors charge on a per-square basis or what is called a “roofing square,” which is 100 square feet. The bigger your home, the more materials and labor it takes to replace the roof.

Roof repair or roof replacement is a decision that should be made carefully after weighing the costs and benefits of each option. If your roof is relatively new and the damage is limited to a specific area, repairs can be more cost-effective. However, if your roof is aging and the damage is widespread, it may be more practical to opt for a complete replacement.

If you opt for a full roof replacement, it will include removing all the existing shingles and any other protective barriers, then installing brand-new shingles with an underlayment that acts as a moisture barrier. Additional services like soffit or fascia repair and installation of drip edge, which directs water away from the fascia and into the gutters, add to the overall cost. Skylights and chimneys require special flashing and can also raise the total price. Finally, hauling and local disposal fees will increase the overall cost as well.


The type of material used to cover a roof impacts its lifespan, cost and energy efficiency. A variety of roofing materials exist, including asphalt shingles, wood, clay and concrete tiles. Each offers a unique aesthetic and benefits to homeowners. Wood shingles, for example, are a popular choice for homeowners seeking a natural and rustic look. They are available in cedar, redwood and pine and can be stained in any color. However, a wood roof requires regular maintenance to prevent rot and mold growth. Additionally, a wood roof can be more expensive than other types of roofing materials.

Other roofing materials include metal, which is durable and often reflects heat to help reduce heating costs. It can be a good option for homeowners in cold climates, but it is also more costly than other types of roofing. Additionally, a metal roof may be susceptible to rusting over time.

Tile roofs are another great roofing option for homeowners looking to add an elegant and classic look to their homes. They can be made of a variety of materials, including porcelain, ceramic, clay and concrete. However, a tile roof can be extremely heavy and require special framing.

When choosing a new roof, it is important to consider the desired lifespan of the roof and how much maintenance is required to extend its longevity. A long-lasting roof can save money on repair expenses and protect a home from moss, mildew, pests and water damage. In addition, a durable roof can increase the overall value of a home.


Depending on the size and complexity of your roof, the installation process may take anywhere from a few days to a week. The roofer will set up tarps to protect your lawn and driveway from falling debris, including nails and shingles. Then, they will begin to tear off the old roof, working in sections. This helps prevent them from getting stuck in the middle of your roof, which is a major safety concern. They will also clean up the mess as they go, and will prepare your new roof for installation.

The first step in the installation is to remove any existing shingles, and lay down a layer of felt or a synthetic underlayment to protect the sheathing and prevent leaks. It is a good idea to replace any gutters at this time as well. This can help prevent water damage, rot and mold growth. In addition, replacing damaged gutters can increase the value of your home.

Next, a layer of asphalt roofing paper is laid over the sheathing to create an inner barrier against rain and snow. This layer is normally tacked or stapled in place. Metal flashing is then placed around chimneys and projections, along skylights and stack vents, and in valleys. It is also a good time to install ridge vents, which can significantly reduce attic temperatures and help prevent winter ice dams.

If the existing shingles are in good condition, you can opt to just replace the cracked or missing ones with new shingle strips. This is a more economical option that will still improve the appearance and functionality of your roof. However, a full replacement is recommended if you have significant gaps or severe damage to the decking underneath. This will require more materials and painstaking labor, so it is more expensive.


Homeowners insurance typically covers the cost of roof repair or replacement if it is the result of damage from a covered peril. However, it is important to check your policy’s wording and whether it has “named peril” or “open peril” coverage. Named peril policies only cover specific events listed on the policy, so it is essential to ensure your roof damage is a part of this list.

When you file a claim for a new roof, the insurer will provide you with a check that is equal to the actual cash value (ACV) of your roof or the replacement cost value (RCV) of your roof, whichever is higher. Then, the insurance company will hold back a recoverable depreciation amount that they will subtract from your final roof repair or replacement costs.

In addition to the damage caused by storms, home insurance companies may deny a roof replacement or repair claim if they find that your roof has been damaged because of general wear and tear or poor maintenance. For example, if your roof has been damaged by squirrels, homeowner insurance providers may not cover the repairs because of the pest’s tendency to chew through roofing materials.

Homeowners who want to make sure they are adequately protected should consider extended replacement cost insurance. This type of coverage pays 10%-50% more than the normal cost of a replacement to cover unexpected labor, high-cost materials or construction complications. It is available from many homeowners insurance companies and can be a good investment if you live in an area prone to severe weather. Some insurance providers even offer loss of use coverage to reimburse for lodging expenses while you wait for your home to be repaired.


There are several ways to finance a new roof. Some of the most common are home equity loans and lines of credit, personal loans and mortgage refinances. Some home improvement stores also offer financing through their branded credit cards. It is important to review your options with an impartial financial advisor and choose the best one for your unique circumstances.

For homeowners with sufficient home equity, a home equity line of credit (HELOC) is typically the most cost-effective way to finance a new roof. Similar to a credit card, this type of loan gives you a borrowing limit and you can borrow against it as needed for a set number of years. Home equity loans typically come with lower interest rates than credit cards and are more flexible in terms of repayment periods, but they require a larger down payment.

A home improvement loan or mortgage refinance is another good option for financing a roof, but you will need to meet certain requirements. For example, you will need to have a minimum credit score of 580 and a debt-to-income ratio of 43 percent or less. Additionally, it can take weeks to set up a loan this way and you must be able to pay for a home appraisal in advance of beginning the project.

Lastly, some government-insured loan programs are available for financing roofing projects. The FHA 203(k) loan, for example, is a good option for replacing or making repairs to an existing roof. However, this loan requires a larger down payment than other home improvement loans and you must wait 90 days before making any additional renovations to your house. Lastly, it is important to know that your lender can take possession of your property if you fail to make payments on time.