Roof replacement or repair projects can be costly, reaching up to thousands of dollars in one go. Thankfully, there are a variety of financing options for homeowners to take advantage of.
That said, if you have the cash to cover the cost of the project, that is generally the most prudent approach. Here are some advantages of paying for your roof repair or replacement project in cash:
Your credit score doesn’t matter.
To secure a loan, you generally need to have good credit. When paying in cash, your credit score doesn’t matter, so you won’t have to spend time building up your credit before beginning the project.
There’s no interest.
Since you’re paying in cash, you won’t have to pay interest or any related loan fees. This means you’ll end up paying less for the project in the long run.
Conversely, there are some downsides to paying in cash. Here are some of them:
It only works for those who have enough savings.
Because roofing and gutter repair projects are costly, you’ll need to have enough savings to cover the cost of the project in cash. Don’t use your entire emergency fund for a roofing project; you need to have enough left over for other potential emergencies.
You might end up abetting tax evaders.
Law-abiding contractors do not avoid showing their income on their taxes. Some shady contractors, however, avoid paying taxes. Paying the latter to do the job encourages them to do the illegal thing that they’re doing.
While it’s not your responsibility to make sure your contractor pays takes, you wouldn’t want to encourage tax-evaders to keep doing what they are doing. Make sure to hire trustworthy contractors.
If you’re looking for a trustworthy roofing company, look no further than Tango & Gatti. We offer top-quality roofing services each time, ensuring best results for you. Call us at (330) 303-4222 or fill out our online contact form to get started! We serve Canton, OH, and the surrounding communities.