Of the many home improvement loans applied for by property owners annually, roof repair loans are some of the most popular. After all, the roof is what protects your property from the elements. It retains heat, prevents cold from entering the interior space and withstands Mother Nature’s elements, not to mention provides adequate drainage when the correct guttering is installed.
Although the average lifespan of asphalt shingles roof is 20-40 years, this is not always guaranteed. Numerous factors play a role in how durable the roof on your residential or commercial property is, such as how and when it was installed, what material(s) it is constructed from, how old the property is, where you live, etc. For example, if your roof is in full view of the sun, it might deteriorate faster. Taking a beating from the blazing sun on a daily basis (as well as wind and rain) can leave the roof looking unsightly and weak.
But, how do you update the roof on your property without dipping into your savings? Rather than leaving yourself in a financial predicament, think about applying for roof repair loans. With low interest options and a plethora of loans lengths for your needs, a little financial aid could be the answer to your home renovation woes. If you’re one of the lucky few who has more than enough saved for your project, get started!
Improving Safety and Longevity with Roof Repair
Depending on the type of material your roof is constructed from, it’s lifespan will vary from 10-30 years, with asphalt being one of the least enduring materials (albeit the cheapest). Old properties must be inspected for potential roof problems, some of which may be triggered by general wear and tear, and others that may be caused by rainfall and leakages.
Here are some common signs (and causes) of roof problems that require repair:
- Wet and discolored shingles caused by trapped moisture
- Increased energy bills due to roof ventilation issues
- Outside light penetrating openings in the roof structure
- Damages and/or erosion near the chimneys and vents
- Peeling paint on the property exterior caused by poor ventilation.
A professional roof repair specialist will be able to examine the structure and get to the root of the problem. Once the handyman determines whether the job requires a repair or replacement, you can begin budgeting for materials and labor.
Enhancing Property’s Aesthetic Appeal with Roof Repair
Look closely at the roof that decorates the top of your commercial or residential property. Do you notice any specific details that really stand out? There are more details in/on roofs than you might realize. Roofs, when built quality craftsmanship, can influence architecture worldwide.
A fine example is Berlin’s Fichtebunker, which was a steel dome structure built between 2008-2009 by Verde Gartengestaltung Sheathing crafted from plywood, ridge (usually seen on sloped roofs), fascia boards, and eaves (the joints fixed to overhanging roofs) are just a few examples of the design(s) you could integrate into your roof project.
Builder labor rates, materials, project timeframe and local building codes will typically influence the cost of roof repair loans. With so many things to factor into the overall cost, you would benefit from communicating directly with a lender, who can organize a reasonable payment plan that matches your income.
The General Requirements for Roof Repair Loans
You will need to prove you are eligible to receive a roof repair loan before the money is released to your account. Aside from providing a form of identification and proof of residency, the lender will probably ask for pay stubs, bank statements or both. Reviewing this information is essential and will help the lender to separate trustworthy borrowers from the untrustworthy.
If you tick the boxes for the following loan applicant requirements, you’re good to go:
- You Possess all Personal Financial Details – This information will include credit card account, investment accounts, any outstanding debts, previous loans, etc.
- You Can Prove Personal Credit – Try not to stress out if your credit score is ugly, because you can redeem your financial status by presenting any existing records of debt repayment.
- You Have a Clear Plan – If a lender can get a clear understanding of what you plan to spend the money on, such as to increase the safety of your roof, the chances of a personal loan being approved will increase.
Durable and Weather-Proof Roofing Materials
The flexibility of obtaining a roof repair loan is that you can decide what type of roof you wish to spend the money on. Be wise and opt for something that will stand the test of time. Asphalt has a lifespan of approximately 5-10 years, while composite shingle has been known to last as long as 50 years! Expect wood shingle to last for around 25 years, or increase the durability of your roof further with a metal roof. The best roofing materials of them all are tile and slate, with an impressive lifespan of 100+ years!
Aside from choosing the materials your roof repair, consider how much of the financing will be allocated towards labor and design. A well-designed roof can reflect architectural brilliance at its finest, with styles like single slope, double slope and roofs with drainage valleys being chosen to increase property resale value. On that note, allocate funds from your roof repair loan to the correct areas of the project, e.g. buying the materials and paying the builders for their labor.