Reasonable Down Payment On A New Roof

Some may just ask for the full payment at the end of the job.

Reasonable down payment on a new roof.

However a reasonable amount. 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. 5 ways to pay for a new roof. With a minimum of 5k financed we can get you a payment as low as 12 50 month for each 1 000 financed.

Our financing options depend on the size of the job the down payment amount and the homeowner s credit score. 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. Your contractor is making a major investment in you. You can pay a deposit but the full amount shouldn t be paid until the job is completed to your satisfaction.

I don t believe it s reasonable to ask for a large down payment. We offer everything from term loans to lines of credit that the homeowner can use. On an average size roof that just takes a few days most contractors may ask for a small deposit and the balance on completion. Anything less than 1 000 or for past customers i usually require nothing down.

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. But the owner and contractor can waive the one third limit by mutual agreement. In maine the initial payment on home improvement jobs can t exceed one third of the contract price. On a typical roof 50 60 of the cost is materials.

Although replacing a roof can be expensive there are ways to finance the project to make it more affordable. If you have homeowners insurance you might be able to use your policy to cover the cost of a new roof. Some states including california and maryland limit the size of the down payment on a home improvement contract. In theory that s nearly the same thing as 50 down.

More than 50 in my opinion unless it is to fill a special order seems unreasonable. Here are five of the most common options. According to the bbb when you ve selected the roofing company. Depending on the size of the roof a contractor can easily spend a few thousand dollars just getting a roofing project started.

Discuss payment you should never pay for a roofing job upfront.