In 2022, the average cost of a new roof is $7,211. While this represents a standard roof on an average 2,000 square foot American home, it’s just a drop in the bucket when it comes to how much a roof can actually cost.

More premium roofs or larger homes can cost exponentially more—leading homeowners to wonder how they are going to pay for their new roof.

Luckily, there are many resources to help fund your new roof, whether it was planned or not. From loans to low-interest credit cards, you won’t be left up the creek without a paddle.

How Much Does a Roof Usually Cost?

While the average cost of a roof in the United States is around $7,000, this number can vary based on the size and type of roof and where you live. In fact, the low-end cost of a roof is around $4,000, with the high end being $10,000 or more.

Premium roofing materials like slate or cedar shake can cost anywhere from $15,000 to $30,000. Of course, the size of the roof and the labor cost significantly impact the total amount, but you can see that homeowners who are replacing those roofs or want to upgrade, need to plan ahead when making such a large investment.

The average cost of roof installation, by material, is as follows:

  • Asphalt shingles: $4,000 – $10,000
  • Vinyl: $5,000 – $12,000
  • Rubber: $6,000 – $18,000
  • Wood shakes: $8,000 – $25,000
  • Metal: $8,000 – $25,000
  • Slate: $15,000 – $35,000
  • Concrete tiles: $16,000 – $36,000
  • Clay tiles: $16,000 – $36,000

It’s important to note that labor probably makes up to half of the total cost of the roof, depending on the situation. Also, the size of the roof is the greatest determining factor for how much it will cost and how long it will take.

Choosing the right contractor to install your new roof can make or break your investment. And when you’re investing in your home, you want to protect it by choosing a reputable contractor who will install your roof correctly and on budget.

7 Methods for Paying for a New Roof Installation

There are two primary reasons homeowners get a new roof: their roof was damaged, and they need to replace it, or their roof is old, and they need a new one.

Some homeowners may also want to simply upgrade their existing roof because they want to get ahead of it and are in their forever home or want to boost the value of their home before they sell.

All of these options are incredibly valid reasons to get a new roof—now how are you going to pay for it? You have some options.

1) Paying in Full With Cash or Check

By far, the easiest and least complicated way to pay for a new roof is via cash or check. Homeowners might have saved up for a long time to get their new roof, and when the time comes, they can pay everything upfront and wash their hands of it.

Ideally, this would mean either a homeowner has the money to pay out of pocket or has saved up for this. And for the average homeowner, if you know the age of your roof and know it might need to be replaced in the next five years, you could plan ahead to take care of it right away.

2) Homeowner’s Insurance Coverage

Your homeowner’s insurance will often cover roof repairs or replacement due to storm damage, but not regular wear and tear. So if a storm strikes and damages your home enough to require replacement, you should be in a good spot to get a large portion of it covered.

If your roof is older than 20 years, it may get more limited covered. It’s vital to read your homeowner’s insurance policy thoroughly, so you know what limitations there are for when or if the time comes when you need it most. Insurance will also not cover anything that was a failed repair or neglected repairs that got worse.

So the best thing you can do is act fast if your roof is ever damaged. Get an inspection as soon as possible and file an insurance claim. Then hire a reputable contractor to help you through the process and get the coverage you need to pay for your new roof.

3) Financing Through the Roofing Company

Many roofing companies will partner with local banks or lenders to offer financing options for their customers. Impact Roofing, for example, offers simple financing options for qualifying homeowners. 

This can be an excellent option for homeowners who don’t have the immediate cash to pay for a new roof but need time to spread out the payments. The terms of these financing options vary, so you must read all of the fine print and understand what you’re getting into before signing anything.

4) Taking Out a Personal Loan

If your contractor doesn’t offer finance options or if you prefer to just take out a loan through your bank, a low-interest personal loan could be another good option! You can work with the lender you want, with the amount you want, and maybe even use the rest of the loan for other house repairs or upgrades that you’ve wanted to get done as well.

5) Home Equity Loans or Lines of Credit

This is a great option for homeowners who have equity in their homes. A home equity loan or line of credit lets you borrow money against the value of your home, which can be used to pay for a new roof or other repairs on your property.

The interest rates are usually lower than taking out a personal loan, and the terms are usually longer, which can be helpful for homeowners who need more time to pay off the loan.

Just like with personal loans, it’s essential to read all of the fine print and understand what you’re getting into before signing anything. Make sure you know how much your roof will cost, what the payments will be like, and how long you’ll have to pay it off.

6) Putting it on a Credit Card

Although taking on more debt is not everyone’s idea of a good time, putting your roof on a credit card could be the last resort option if you don’t have any other funds or need to pay for it right now.

Homeowners will sometimes even take out a new, low-interest credit card to put their roof payment on. New credit cards often have introductory deals where they can have a little more time to pay or get a cashback reward for opening an account. That credit card could then become the one you use for all home improvements and come in handy again in the future.

7) Home Improvement Loan (Government Funded)

The Department of Housing and Urban Development offers FHA property improvement loans to single-family homeowners. There are some stipulations to qualifying for such a loan. The Dept. of HUD states that this loan can be used for  repairs, alterations, and improvements for

  1. A home that’s been occupied for a minimum of 90 days
  2. Other non-residential purposes
  3. Financing construction of a new exclusively non­residential structure

A few other rules with the government-funded loans include that they must be used with a 203(k) Rehabilitation Mortgage. It must be used to substantially improve the utility and basic livability of the property. It’s best used for people flipping houses. It’s also important to note that conditions and terms can change and be negotiated between the borrowers and lenders.

Tips for Prolonging the Life of Your Roof

Maintaining your roof can make it last longer and remain durable against storms and other accidents that can require replacement. So if you aren’t ready to replace it, or want to put it off as long as you can, here are a few tips to maintain it and uphold its integrity.

Make Timely Repairs

When damage occurs on your roof or gutters, you need to act fast. You are dead wrong if you put off repairs or think something is minor and doesn’t need to be repaired. 

Even the most minor damages can end up causing extensive damage from leaks over time. If you don’t get repairs done when they happen, you could be looking at significant out-of-pocket expenses down the road.

Get Regular Inspections

Just like you go to the doctor for check-ups, your home needs regular inspections as well. Have a professional come out and inspect your roof at least once a year. This will help you catch any potential problems before they become bigger, more expensive ones.

Clean Your Gutters

This might seem common sense, but it’s often overlooked. If your gutters are clogged with leaves, twigs, and other debris, the water will not flow properly off of your roof. So, where does that trapped water go? Up under your shingles and into the attic.

It’s vital to keep up with gutter maintenance, and you can also notice if you have granule loss in your downspouts which is a sign your roof may have damage.

Ensure Proper Insulation

And lastly, you need to make sure your attic and roof are properly insulated. Poor insulation is the cause of many issues, such as mold and mildew growth from trapped moisture in the attic. Ice dams during the winter can also be caused by poor insulation and the same for high heating bills.

Next Steps for Getting Your Roof Replaced

If the time has come to replace your roof, or if you’re unsure you need a roof replacement vs. repair—contact a professional contractor like Impact Roofing. We can inspect your roof, offer a thorough (and FREE) estimate, and walk you through the steps of paying for your roof. We offer financing for qualified customers so you can get the roof you need without hesitation. We look forward to getting you the roof you deserve!