What to Do if I Cannot Afford a New Roof?

I cannot afford a new roof

Every homeowner dreads it, but sooner or later, you’ll have to face it: your roof is starting to leak to the point where it needs to be replaced. This can be a nightmare for homeowners since replacing roofs can be expensive. There are a lot of different factors that go into determining the cost of a new roof. 

However, the average homeowner can be looking at a hefty bill of anywhere from $15,00-$40,00 depending on a host of different factors. These numbers are enough to make any homeowner lightheaded but before you reach for your checkbook and start writing checks, let’s look at a few ways to finance this project so that it doesn’t blow a hole in your budget. 


Before you begin your journey into purchasing a new roof, do your research beforehand will help to ensure you get the right price and company for the job. After paying out all that money, you want to make sure your roof is in good condition for many years to come. By shopping around and taking note of the prices of the current roofers in your area, you’ll get a good idea of the average cost and better choose which company to work with. Speaking to neighbors and other homeowners in the area can also help you narrow down prices and contractors. 

Look into Payment Plans 

Do you need to pay for a new roof right away? If this is not in your budget, do not despair. There are still some options available to consider. Your contractor should be able to connect you to a financing company. From that point forward you can work with the financial advisor to discuss a payment plan that works for you. There may even be some financing plans if you have to carry the debt over several years. 

FHA Title 1 Loan 

An FHA Title 1 property improvement loan is another excellent option for homeowners looking to replace their roofs, which might not have a way to pay for them. The great thing about these loans is that you do not need equity in your home to qualify. However, there is a maximum you are allowed to receive. In short, an FHA Title 1 loan can help you with any type of home improvement or repairs not just for your roof, such as:

  • new appliances 
  • expanding accessibility for disabled people
  • energy-efficient upgrades 

Personal Loan 

Another loan option is a personal loan. Again, there is typically no collateral involved in this type of loan. As long as your credit is in good condition and you can afford payments over a shorter period, this option might be for you. You can also take out more money to fix your roof and purchase other needs for your home or help to pay for other necessities. 

Equity Loan 

An equity loan is an excellent option for homeowners who have built up equity in their homes. Typically, you will use your home as collateral when applying for this loan at any financial institution. The biggest downfall to these loans is that your home is used as collateral. This means that if you fall behind on your payments, you could potentially lose your home. Although you may be cleared for a significant equity loan, it’s safest to borrow as little as possible to ensure you can cover the roof replacement and not default on your monthly payments after. 


Although many homeowners might state, “I cannot afford a new roof,” there are plenty of options that can help you get the roof that you need without burning a hole in your wallet. By weighing the pros and cons of each, you’ll be able to determine what best fits your needs and budget. At Rosser Roofing Solutions, we understand that roof replacement is stressful enough. We offer our clients competitive pricing, free insurance paperwork assistance, and a 2-year warranty on all roof replacements. If you live in north or central Florida, give us a call today