Does your home need a new roof? You’re in luck. There are more than 8,000 Canadian roofing businesses that can lend a hand with replacing a roof.
Installing a roof can be expensive, though. It isn’t uncommon for Canadian homeowners to spend more than $10,000 on new roofs.
This can be frustrating if you’re experiencing roof problems. It might put you in a position where you’ll have to try fixing a roof by making short-term roof repairs to it.
But there is also another option. You can learn how to pay for a roof with no money. It’ll allow you to go through with replacing a roof even if you aren’t able to pay for it upfront.
So, want to know how to pay for a roof with no money? Check out several of the ways in which you can do it below.
Borrow Money From a Family Member
Generally speaking, borrowing money from a family member is almost never a good idea. If you aren’t able to repay a family member for whatever reason, it could ruin your relationship with them forever.
But there are many people who feel comfortable asking their family members for loans when it comes to their houses. About 40% of Canadians borrow from family members when they’re first buying their homes. Others will also borrow from family members to pay for home-related emergency expenses.
If you’re trying to find out how to pay for a roof with no money, you might want to start by considering this option. If a family member is willing to extend a loan to you, it’ll allow you to solve your roof problems quickly and then work on repaying them right away.
Use the Equity You Have in Your Home
Have you lived in your home for quite some time now? If so, you’ve probably built up a bunch of equity in it. This equity can come in handy when you need to go through the process of replacing a roof.
You might be able to find a lender that will extend a home equity loan to you so that you can install a new roof in no time. It’s never a bad idea to think about using the equity you might have in your home to your advantage.
Pull Out a Credit Card
If you have a credit card with enough available credit on it to pay for a new roof, this might be another option you’ll want to explore. It’ll be the quickest and easiest way to pay for a roof if you can swing it since you won’t have to worry about waiting for a family member or a lender to provide you with a loan.
At the same time, many credit cards come with high interest rates on them, so you should be careful about using this option when replacing a roof. The last thing you want to do is allow high interest rates to force you to have to pay way more for a new roof than you should have to.
You should only use a credit card to make big purchases when it’s your last option. You should work your way through all your other options first to see if any of them might work.
Apply For a Personal Loan
You certainly aren’t the first Canadian homeowner to find yourself in a spot where you can’t afford to pay for something like a new roof. Costly emergency expenses like this creep up on people all the time and catch them off guard.
It’s why there are lenders out there that can set you up with personal loans, online loans, installment loans, and other types of loans in Canada. 24cash is one of the best lenders for those looking to pay for things like new roofs.
When you visit 24cash.ca, you’ll be able to apply for fast loans and get the money you need to borrow in a hurry. From smaller $500 loans that can be used as a payday loan alternative to larger loans, 24cash can set you up with the loan you need to pay for replacing a roof.
See If a Roofing Company Offers Financing
Since there are so many roofing companies operating all throughout Canada, the roofing industry in the country has become very competitive. One way that some roofing companies have tried to stand out is by offering financing options to homeowners.
If you know you’re going to have to figure out how to pay for a roof with no money, you should search high and low for a roofing company that can deliver the financing options you need. By working with a company like this, you’ll be able to get the new roof you need and then pay for it slowly over time.
Spend Time Saving Up Money
If you have one of the more serious roof problems on your hands, spending time trying to save up money for a new roof might not work out too well for you. While you’re busy saving money, your roof might continue to leak and eventually do even more damage to your home which will call for you to make more expensive repairs.
But if you can breathe a little bit of life back into your old roof by doing some short-term roof repairs, it might give you the time you’ll need to start saving up money for a new roof. It’s one more option that you can consider.
Know How to Pay for a Roof With No Money Just in Case
If you don’t have a lot of money stashed away in your savings account right now and you live in a home that you own, there is a chance you may need to know how to pay for a roof with no money one day. You should keep everything you’ve learned here in mind just in case you’re ever forced to scramble to cover the cost of a new roof.
24cash is here to help those who are facing financial hardships. We can provide you with loans in Canada that can be used to pay for almost anything you want.
Fill out a loan application now to see if you’re able to get approved for online loans.