Can I get a grant for a new roof? – In a home, there are lots of things that we need to change or repair with time, as they need maintenance to work for a long time. However, in a house, there are lots of things that a person can repair or change, but if some high expenditures come in front suddenly then it will be difficult to handle them. The main problem creates when the main thing is damaged or needs repair or needs the replacement which is too expensive then it is almost impossible to handle that expenditure. Like, if your roof is damaged or needs repair, then it will be difficult for you to handle that expenditure. It is because a repair does not make the roof longer time safe.
When you are low-income and did not able to handle a little unknown expenditure in your house then how you will finance your new roof. You can see that there are some points given that can help you finance your new roof. Even you can also take a grant from the government for financing your new roof.
You can also contact your local roofers in your area, and take them their opinion about your roof. They will tell you some suggestions to restructure your roof and also the payment methods that can help you to finance the new roof.
Highlights of this Post
What is New roof grants
When a person does not have money for financing the new roof and needs financial help then they can apply for grants for the new roof. It is because some people may be eligible for roofing grants for the new roof costs.
People who need money for their new roof and they don’t have enough money, those people are classified as being in a vulnerable position or at serious risk. For this, some criteria are fixed that can tell in which category property falls into and of being below living standards.
The Home Repair Assistance Grant is discretionary and its maximum range is around £5,000. The criteria are given below for eligibility for the home repair assistance grant. The applicant has to meet any of the criteria that are given below, so he or she can be eligible for the grant, let’s look at the eligibility requirements for the home repair assistance grant:
- The applicant must be 18 years old or more than this. Along with this, he or she is claiming for one or more of the defined benefits including jobseekers allowance, working tax credits, income support, housing benefits, or pension credit.
- The applicant must be more than 60 years to be eligible for this grant.
- The applicant must be 18 or more and also have any illness or a disability. That means the claimant receives either, Long Term Incapacity Benefits, Disability Living Allowance, or Attendance Allowance.
If the applicant meets one of these requirements then he or she will be eligible for the home repair assistance grant and get financial help for the new roof.
How much will a new roof cost?
When your roof is in the condition that it does not bear more usage and needs a new roof then you have to first think about its cost. You have to take an idea from your local roofers that how much amount you need for a new roof. However, in the UK the cost of a new roof is around £5,500. But the real cost of a new roof depends on various factors. That’s why first you have to contact your local roofers and take an estimate from them. They will tell you the factors that work to find out the cost for a new roof, including:
- The size of the rood as well as the complexity.
- The materials that you choose for the roof.
- If you want that your roof looks better and more stylish, you want to add features like roof lights and dormer windows Grants.
- The cost of the roof also depends on the other things like if there is any structural work needed because there is evidence of rot. Or if you need to reinforce the roof to support the weight of heavier roofing material.
All these are the factors that decide the cost of the new roof. So, when you contact your local roofer then he will give you an estimate based on these factors that how much amount you need for the new roof.
Home improvement loan or further advance
When you need money for your roof, then you can take a home improvement loan from your mortgage lender as well. You can ask for funds from them under a Home improvement loan or further advance. However, for having extra borrowing amount from them, they need lots of things including the equity in the property to support the amount that you need, a good payment track record, and also an ability to satisfy the lender’s affordability criteria for the higher payments. So that they did not worry about their money and they can give you an extra loan amount for your mortgage’s roof.
However, when the work is for the home improvement then the lender will ask you for evidence for this, that you are going to use the funds for that purpose. So, you have to be prepared with the evidence, so that you will get a loan from the lender for the roof without any hassle.
Re-mortgaging
Re-mortgaging is the best option sometimes and can be advantageous for you. Because with the help of this, you can move lender without moving house. You can bag for a better deal when it comes to interest rates and along with this, you can use the opportunity to raise money against the equity in the property to undertake the home improvement projects. This will help you to get money to finance your new roof and you can also manage your financial situation with this.
Equity Release
For middle-aged and elderly homeowners who have paid off their mortgage, the Equity Release Scheme is the best. This scheme offers them a chance to release capital on the security of the property to carry out home improvements and to spend on other things.
Finance options from your roofing contractor
As you get help to buy a new or used car or for buying a new three-piece suit, same as you will also get help from the roofing contractors to spread your roof cost. Yes, you contact your roofing contractor and ask for help with finance for the new roof. They will surely offer you some payment options that will be helpful for you, as they have the finance partners who are ready to give you money. But they offer financing options according to the roof situation and your needs.
Here are some criteria or conditions are given, when the contractors are ready to offer you finance for a new roof, these are:
- The applicant must be more than 18 years old.
- The credit is given based on status.
- If you deposit 50% of the total cost of the new roof, then you can pay off the balance amount in 24 months with a zero-interest charge.
- Or in any condition, if you deposit the lower amount then you can pay the balance with the internet rate that is usually charged but within 12 months to 5 years.
All these are the offers that one can get from their roofing contractor if they are unable to finance their new roof. So, you can choose any of them that will be better for you or can be helpful for you.
Other sources of roofing finance
IF you are facing problems because of your damaged roof and need a new roof, but you did not meet the government grant criteria then you did not need to worry about financing a new roof, because here are some more ways that can help you with roofing finance or provide you funding.
However, for some people, it is difficult to collect the amount for financing the roof, most probably when they need £4,000 to £8,000 and in that amount, they can look for other home refurbishment projects as well. Even replacing your roof is a good time to consider schemes as the new roof can be tailored and altered for your interior plans. You can contact the roofing contractor and ask them about these schemes so that you will get help for modifying your home as well. You should have to try you can contact the contractors in the offseason or the end of the summer, so you will get better offers from them and in less amount.
Lowering the cost of replacing your roof
If you want a new roof and for this, your budget is too high that you did not afford and want to lower this, then you can do it. OR if you borrow money for financing a new roof and don’t want to give the charges that you pay on that money, then you can look for some interesting ways that can help you to lower the cost of replacing your roof. These are given below to help you, let’s look at once on them:
- You have to choose the roof material that is cheap or affordable for you. Along with this, you can also try or find the one that is on sale or some special offers. As you will look for slate roof costs, for example, this type of material is too costly, so it is much better for you that you look for some cheaper material for your roof. So that your roof cost will not exceed the budget.
- You can also try to book your roof work in the spring or at the end of the summer because it is the time of the closed season so contractors will help you to lower the cost of roofing. Even this is the time when it may be risky but if you are lucky and the weather is with you, then you can get help with a lower-cost roof and it will be worth it for you.
- When you need to lower the amount for your roof, and also want a new roof, then make sure that your contractor knows about this, and that you are looking for some other things and ways to lower the amount. If they want to enhance their business and work in the quiet season then they will offer you some better options theirself and provide you with work within the budget.
- For lowering the roofing cost, you have to make sure that you will be honest with your contractor and also tell them what is your budget and on which figure you want to work. When you do this, then you will be surprised by knowing the fact that there are lots of companies who are ready to help you and provide you with their services under your budget.
If you use all these ways then you will surely get help to lower the cost of roof financing. But you have to make sure that all these ways are helpful for you if you are appropriately using them.
Overall, if you have a new roof then it will be helpful for you and also increase the value of your house. You will get the return on your 60% of the roof cost and find that the market value of your house is increased. Apart from this, the new roof will increase the beauty of your house and also you will get rid of the damage and repair issues of the roof. The most important thing is that you did not need to worry about water leakage or weather-related problems. You will be free from all of them and you can save lots of money that you spend on unpleasant expenses such as roof leak repair costs. Thus, if you finance a new roof then it will be profitable for you in all ways and you will lots of relief from various problems. But if it is not in your budget then you should have to try that you use the above-mentioned ways and get the new roof.
Value for money
A roof is helpful for a house in lots of ways or can say that without a roof there is no house. That’s why when your roof is damaged or needs replacement or repair then you have to think about this. Even if you think about the repair or replacement of the woods of the roof then it will be costly for you, because it can damage again and with the fast speed. That means after some months or years, you need repair of your roof again, that means full wastage of money.
However, a roof gives you years of worry-free weatherproofing and can also really improve the aesthetics of your house which is known as “kerb appeal.” Not only this, but it can also help you to save money on your heating bills as well as helps you with better insulation and temperature control. But if you are still paying out for patch roof repairs that mean you are throwing your money. Because the roof has no more capacity for handling the repairs it just needs the replacement which means a new roof. It is because you see that the cost of the roof leak repairs is expensive and if you, again and again, invest money in that, this means you are doing a waste of money. That’s why don’t waste your money on repairing the roof damages or leaks, you have to replace the roof with the new roof, so you don’t face more problems and can be worry-free from any type of problems of the damaged roof. That’s why you have to understand the value of money and try to save your money just by changing the roof or financing a new roof.
Frequently Asked Questions
Here are some questions are given along with their answers that are related to financing a new roof. Because many people who are facing problems related to their roof damages and leaks and have no money have lots of questions in their minds. Some common questions are picked and answered here. So, continue and look at once those questions and get their answers.
What are the ways to get finance for a new roof?
If you need finance for a new roof but you don’t have enough money you can finance the new roof then you need to worry about this. It is because there are lots of ways that can help you to make money fast or have funding for a new roof, these are:
- You can use a credit card to get finance for a new roof.
- You can take a personal loan so that you can get instant money and start the new roof work.
- Also, you can think about the Home Equity Loan and get help from them without any issues.
- You can contact various roofing companies and know about their offers.
- However, one can get help from a government-funded home improvement loan. With this, you can get help and with the money that helps you to finance the new roof.
Are government grants available for a new roof?
Yes, one can get help from government grants. For this, one can apply for government-funded home improvement loans. One needs to check for the criteria to apply for the grant and if someone meets the criteria then they can get help from the loan for the home improvement.
In which ways one can get help to save money on financing a new roof?
Various ways can help a person save money on financing a new roof. You can look for the various financing ways including contact with roofing contractors at the end of summer or spring, can look for the government grants, getting help by looking for cheap roof material, and lots more ways.
The Bottom line
Now, you see that if you need help with the new roof but don’t have enough money then you can get help in various ways. You can get help from the government grants, from the roofing contractors by getting various offers from them, by choosing the cheap cost roofing materials, and can use various other ways. When your roof is not in the condition to handle more repairs then you don’t need to invest more money. Because you can get help from the ways that are mentioned above. You can get financial help from them to finance a new roof. It is because investing money in the damaged roof is not a good idea and it is just wasting money. The new roof gives aesthetics to your house and you will be worry-free with weatherproofing and other leaking problems.
