Running a roofing company is a challenging and rewarding occupation. With the active housing market in many areas of the U.S., a large number of business owners in the construction industry are making record profits.
Many homeowners need to complete a home improvement project, but the estimated project cost is a significant hindrance to completing the project.
Luckily, there are numerous ways contractors can help homeowners with this process. There are multiple financing options that business owners can offer to customers who need to repair or replace their roof. Additionally, business owners have no added risk of losing money by offering financing options.
Average Cost of Home Improvement Projects
The average cost of a home improvement project is substantial. In some areas of California, homeowners pay over $30,000 for a significant remodel or home repair.
Replacing a roof is an expensive project to pay for. In most areas, the cost to replace a roof is over $10,000. The cost of a project will vary greatly depending on the size and slope of a roof. There are also geographic factors that influence the price of a roofing project.
Regardless of the circumstances, offering financing for roofing projects can lift a huge burden from homeowners.
Consumers Lack of Cash
The average person in the United States has less than $1,000 saved. As a result, the vast majority of people cannot afford to replace or repair their roof if an issue occurs. When contractors offer residential roofing loans, it is an excellent service for customers who need immediate work completed.
As the economy has improved over the last decade, consumers have still struggled to save money. Owning a home can be expensive, as many homeowners are forced to pay for repairs and maintenance on a regular basis.
Residential roofing business owners should do everything possible to help customers. Frequently, this comes in the form of providing quality service at an affordable price. However, being a great business owner is also about offering multiple payment options for customers.
Benefits for Everyone
When contractors offer loans for roofing projects, everyone involved in the transaction can receive benefits. Contractors can complete more projects because more consumers are willing to pay for the roof repairs or upgrades through financing.
Homeowners do not have to save for several months to pay for a roofing project, like they do with cash. Offering financing for roofing projects allows your customers to make much smaller payments over a period of time. But the contractor still gets paid the full amount of the project upon completion.
Contractors don’t have to take on any credit risk. Medallion Bank assesses each loan application before approval. With this approach, contractors never have to take on additional credit risk for offering financing for roofing projects.
Medallion Bank will pay the contractors the full amount for the roofing project. We then take responsibility and assume all the risk with the monthly payments.