Most homeowners that we meet with have no idea they need to replace their roof. This is very understandable to us, because there is a lot going on between the top of your roof and your ceiling and walls. There are many signs that you can’t see or don’t know what to look for. In this quick article, we are going to give you some tips on what to look for so you can decide if you need to replace your roof or not.
Typically, a standard asphalt shingled roof needs to be replaced every 20-30 years. If it’s the original contractor-grade roof, then it will need to be replaced sooner than that. Of course, there are many factors that affect this timeline including poor installation, low quality materials, and the local climate.
Signs that you need a new roof
Leaks in your ceiling or walls
Cracks in the shingle
Shingles that are curling or cupping
Granule loss and roof streaking
Excessive moss or algae growth
Neighbors in your community are replacing their roof
The roof is over 20 years old and looks worn
Should I repair my roof or replace it?
If you have any of the issues shown above then it’s time you need to consider investing in fixing those issues before it gets worse. The last thing you want is to do nothing. That just lets more water and weather get under the roof and inside your home causing more damage. More damage means more money out of your pocket, so it’s obviously logical that you fix it now and spend less money.
When to repair your roof
There are only two instances where I would recommend repairing a roof versus replacing it.
- You don’t have the necessary funds to replace the entire roof
- You investigate the roof (including the attic) to see any signs of major damage or leaking and there are none
These are the only situations I would ever recommend to do a roof repair versus roof replacement. If you don’t have a big enough problem or you don’t have the money right now to take on a complete roof replacement, then we don’t see any reason to influence a homeowner into buying a new roof, unless they want to.
When to replace your roof
Plain and simple, if you have one or more of the signs above that you need a new roof, then you need to take this serious and come up with a plan to replace it. We meet with homeowners all over Maryland and Northern Virginia everyday who are in the exact same position as you are. They know they need a new roof. They know it’s past the point of repairing. And, even if they could repair it to make it last a few more years, the sight of a roof repair can be quite hideous to look at. And who wants that?
How to pay for a new roof
Like most homeowners, you have read through the article and realize that you need to replace your roof. You know that a repair just won’t cut it, whether that be because the problem is too large or you agree a roof repair would look horrible on your home. Now the question everybody asks themselves, “How am I going to pay for this?”. Here are the most popular ways that our customers pay for their roof replacement project.
Financing or payment plans with our banks
The absolute most popular way to pay for a new roof is to use financing or payment plans. Most of our customers choose between two financing plans that we offer from our banking partners.
- Liberty Plan: this plan is a low monthly payment plan that includes a fixed monthly payment every month and a fixed rate. This plan is an unsecured personal loan just like a credit card that has no early payment penalty. The average credit card rate currently in Maryland and Northern Virginia is around 17.99 percent. Our Liberty Plan is a fixed rate of only 9.99 percent, which is almost half of what the average in the area is. And, it comes with only a 1.25 percent payment factor! That means if you have a new roof that costs $10,000 and you are financing the entire job without a deposit, then your fixed monthly payment is only $125 per month. The best part is, just like a credit card, you can pay more than $125 a month and pay the balance of the loan off at any point in time!
- 12 months SAC (same as cash): this plan is exactly what it sounds like. When your project is complete and you are satisfied, you have 12 months to pay off the remaining balance of the loan before you acquire any interest that has been deferred. So, if you are typically a “cash” customer but you don’t want to have all of your funds tied up in this one project, then this plan is perfect for you. After your deposit, you can finance the balance of the project for up to 12 months without any interest charge.
Using plans from your own personal banks
If you have a good relationship with your banks and you feel you can get a better rate than the plans we offer, then by all means use your banks to finance the project. Typically, most banks will offer you either a personal loan, credit card, or a home equity line of credit (if you have enough equity in your home, of course).
What we tell our customers to keep in mind is to look for any extra deductibles or closing costs when using these types of loans from your bank. For example, a home equity line of credit aka HELOC is almost always going to have some type of closing cost associated with processing the loan. So, as a tip, just be diligent in figuring out all costs associated with whatever loan you are looking at from your banks. Our plans have no closing cost and may still offer a very competitive rate compared to your HELOC or other bank loans.
Cash is King
According to GoBankingRates.com the average American has less than $1,000 in their savings, so most customers we meet with don’t have the available cash on hand to pay for a project that may cost between $10,000 and $30,000. However, if you are one of the few and you don’t want or need to utilize financing for your project, then keep it simple and pay with a check or cash and be done with it. Another option that cash customers have is to use one of their credit cards. It’s a great way to get rewards points if you are confident you can pay off the balance before accruing interest.
Still have questions?
If you are a homeowner who is reading this article, then you know you need to do something about the issues you are having with your roof, big or small. We gave you a lot of important information to get you started, but maybe you need more guidance or have more questions. If so, please feel free to contact us and we are happy to help guide you on your specific situation. We currently serve all of Maryland and Northern Virginia with a home base in Montgomery County, so if you are local to us we would love to show you how we can help!