Best Kept Secrets for Financing a Roof Replacement

Putting a new roof on your home is a major investment that can take months–or years–of budgeting and planning.

But what do you do if the cost of installation rises or you just can’t pull together the last dollars and cents? Skip the couch cushions–this is where you can look for financing to replace your roof.

First, check your insurance

Your homeowner’s policy is going to become very valuable. Make sure you can access a copy of the most current version and look for clauses about storm damage, fallen trees, or ice dams and related leaking.

If you need to repair or replace your roof due to any of those causes, it may be covered in part or whole by your insurance company.

(Having trouble sorting through the fine print? Call your independent insurance agent and ask them for help with the details. They’ll be happy to walk you through it.)

Second, look at Minnesota housing programs

According to MNHousing.Gov, a “Fix Up” loan program is available for eligible homeowners in our state. Loan amounts can vary from $2K to $75K, with terms as short as one year or as long as twenty.

You will have to work with an approved Minnesota Housing Finance Agency lender, which you can find through their directory. There are also income requirements, a minimum credit score, and an owner-occupancy requirement.

The upshot is that you could finance part or all of your roof replacement at a fixed interest rate with level monthly payments and no down payment necessary.

Third, use Energy Tax Credits

Now’s the time to feel incentivized about improving the energy efficiency of your home.

Adding ventilation or upgrading insulation can qualify for federal tax credits–especially if you’re trying to prevent ice dams in the future. Likewise, the use of energy-efficient roofing materials in your replacement could be eligible for local rebate programs.

Be sure to check with your local utility companies–and your accountant–for possible incentives beforehand, and keep documentation of all your materials or upgrades.

“Is it really that easy?”

If you pay taxes in the State of Minnesota, odds are you can get some of that money back in the form of a new roof. (Not a bad deal, honestly.)

Just make sure you hire a professionally certified, fully licensed and insured roofing contractor like us to make sure the roof removal and installation goes seamlessly.