From time to time we get a client with a question that’s tough to answer, such as, “Should you remortgage your home to repair the roof?” And the answer is, it depends on a number of factors:
- How long do you plan to stay in the home?
- Is the roof repair necessary?
- Is the price of the repair reasonable compared to other quotes from comparable roofing contractors?
- Will repair solve the problem?
Our client Jason asked about this last week and we had a long conversation about it. He lives in Queens, NY, a large borough in New York City. The weather has been improving, but last week there was a bad rain storm. The 70 mph winds cracked a tree limb on large Oak in their front yard, causing the branches to fall on the roof and cave in the front right section of it. The tree fell straight through roof, smashing the shingles, walls, and landing in the attic. Jason went online in search of a roofing company and found Queens Roofing Contractors’ website http://www.queensroofingcontractors.com where he booked a roof inspection and requested an estimate for repairs. Queens Roofing’s estimate was $7,500, which was much lower than the 7 other roofers Jason spoke to previously. Unfortunately, Jason didn’t have the money to fix the roof, so he called to ask if we could remortgage his house to pay for it. Now, while we could remortgage his home, we told him it’s not a great idea to do it for this reason when insurance would cover it. After speaking with his insurance, they worked out a payment plan to help cover the cost of the new roof and we didn’t need to change anything with his loan.