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Old 04-01-2012, 09:35 PM   #1
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Need New Roof but No Cash

i have a very old roof (20 yr+) that needs replacing. see my original thread:

Leaky Roof...Just How Bad?

a reputable roofer offered to do it for about $7500 with 0% financing for 6 months. in the perfect world, i'd like to have the cash at hand first.

if you were in my shoes, would you take the $7500 with 0% financing offer? or wait until you have the cash, which could be a while.


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Old 04-01-2012, 09:42 PM   #2
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I'd be getting more quotes on getting it done.
Deal with the bottom line first.
It's not likly there going to be financing this some other company is. And that cost money.
If you have no money now how is that going to change in 6 months? What often happens is once the 6 months is up your stuck paying about 20% interest.
Far better to just get a home improvement loan or line of credit from your own bank.


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Old 04-01-2012, 10:18 PM   #3
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Where are you located ?
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Old 04-01-2012, 10:41 PM   #4
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from the pics, this appears to be a simple roof. $7500 is not a bad deal, but definately get other quotes.
you could attempt to DIY, but it would most likely take a DIYer several weekends
and im guessing materials will run about 2G's depending on how many sq, and quality shingle.

another option may be to replace damaged or missing shingles (a patch job)
this depends on several factors tho... how brittle are they, can you do it without making matters worse?
are the trouble spots obvious? things of that nature. "Blackjack" is a cheap temparary fix too. not your best option tho.

the best choice would be to have a pro do it. it'll be done in a day and comes with guarantee
hope this helps
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Old 04-01-2012, 10:48 PM   #5
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Originally Posted by Roofmaster417 View Post
Where are you located ?
WI. i got another quote and it came back roughly the same, $7500. with the warmer, rainy season on its way, i'm just worried with more water seepage. i will talk with my mortgage lender and see about rolling it with my mortgage.
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Old 04-02-2012, 07:27 AM   #6
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Where in WI?

Did the roofer give you the amount of squares that the roof is comprised of?

I can tell you from experience that no financing is free. Somebody (in this case you) is paying for it in some capacity.

You might be better off checking with your local bank on what their home equity lines of credit look like. They are usually better than GE and other 6/12 month same as cash entities.
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Old 04-02-2012, 10:19 AM   #7
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Personally, if I were in this situation, I'd try to find a shorter-term solution while saving up as large a chunk of cash as possible to help pay for this.

Obviously, the more you pay up front, the less you'll have to pay per month. If you can't afford this now, will you be able to withstand your monthly cash flow being stretched X-amount of dollars thinner each and every month until it's paid off? Only you know your financial situation and the answer to that question.

Although it may be best to get this done right now, the goal (for me, and in my opinion) is to always think long-term and keep as much monthly cash flow freed up as possible. On top of your other fixed bills, you have energy/water bills that fluctuate, unforeseen expenses that inevitably come up, etc - things that can really jam you up if you're locked into paying a high monthly payment for something you put little/no cash down on for the sake of having it now.

Before doing anything else, I suggest going over every possible cash down/monthly payment/term scenario and crunching the numbers. Make it a little easier and don't even factor in interest yet - just get a ballpark figure. With nothing down, $7500 over 12 months is $625/mo, over 24 months is $313/mo, etc. Putting $X down? Divide the remainder of the total by the term of the loan. Also, once you know the loan term, you can calculate how much less you'd pay each month per $1000 you put up front - more motivation to put down as much as possible. For example, if your loan term is 2 years, putting $2000 down would lower your monthly payment about $83/mo (excluding interest) which is substantial.

My rule of thumb is to think about how a financial decision today is going to affect you tomorrow.

Best of luck!


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