Reasonable Down Payment On A New Roof

According to the bbb when you ve selected the roofing company.

Reasonable down payment on a new roof.

But the owner and contractor can waive the one third limit by mutual agreement. Here are five of the most common options. Our financing options depend on the size of the job the down payment amount and the homeowner s credit score. Discuss payment you should never pay for a roofing job upfront.

Some states including california and maryland limit the size of the down payment on a home improvement contract. Anything less than 1 000 or for past customers i usually require nothing down. 5 ways to pay for a new roof. On an average size roof that just takes a few days most contractors may ask for a small deposit and the balance on completion.

With a minimum of 5k financed we can get you a payment as low as 12 50 month for each 1 000 financed. Although replacing a roof can be expensive there are ways to finance the project to make it more affordable. Some may just ask for the full payment at the end of the job. In maine the initial payment on home improvement jobs can t exceed one third of the contract price.

Your contractor is making a major investment in you. When it comes to the cost of replacing your roof neither your neighbor nor the average homeowner is a reliable guide. I don t believe it s reasonable to ask for a large down payment. If you have homeowners insurance you might be able to use your policy to cover the cost of a new roof.

More than 50 in my opinion unless it is to fill a special order seems unreasonable. Depending on the size of the roof a contractor can easily spend a few thousand dollars just getting a roofing project started. For example 10 to 15 percent is suffice some states even set a maximum amount to which a contractor may ask for a down payment. Maryland allows up to one third of the contract price while california limits the down payment to 10 of the job cost or 1 000 whichever is less.

You can pay a deposit but the full amount shouldn t be paid until the job is completed to your satisfaction. Massachusetts and pennsylvania limit the down payment to one third of the contract price but make an exception if materials have to be special ordered. The contractor will not have to pay for materials until after his monthly bill comes in and subs know they will not get paid until the general. We offer everything from term loans to lines of credit that the homeowner can use.

On a typical roof 50 60 of the cost is materials.