Installing a new roof is expensive no matter how you spin it, and if you can't afford a lump sum up front, you'll typically seek financing. While there are no ways to dramatically decrease the cost of a new roof, however, there are several things you can do to save yourself a noticeable amount of money.
Install During the Off Season
Like many industries, roofing has a season of high demand, and likewise, one of low demand. The "off season" is during winter and into spring, while peak demand happens during summer and fall. This is typically because the weather is more predictable during the later months of the year, but the trade-off is higher wait times and higher prices.
If you have the option to plan ahead and the weather looks forgiving, try to plan for something during the less busy months. On top of saving some money due to low demand, you'll also likely have much shorter wait times, which means no waiting as long as a month just for the process to start. You may be able to use this period of low demand to your advantage when seeking out multiple offers as well.
Install a Second Layer
If you're installing a roof using asphalt shingle, you may be able to install a second layer of shingles over your existing layer rather than tearing up and replacing the old one. The labor required for this is much less since there's no tearing up of an old roof, securing it in the meantime, and then disposing of the materials, so if the building codes in your area allow it and an inspection deems it safe, this is a viable option.
There are some downsides, however. Adding a second layer kicks the cost can down the road; the next time you need a replacement, you'll need to remove two layers rather than one. A second layer can also make leaks and damage to the first layer harder to find.
However, if your current roof is inspected first and your new roof is installed by professionals who take care to also examine, repair, or replace parts of your roof like decking and flashing, this is a reasonable option that can save you some money in the short term so you have more time to prepare for a full replacement down the line.
Use an FHA Title I Loan
There are many financing options available for a home improvement project, such as personal loans or an agreement through an installation company, but one loan you can take advantage of is the Federal Housing Administration Title I loan. This loan is secured if it's over $7,500, and using your house as collateral can help drive down your interest rate. And while the government itself doesn't provide the loan, the security it provides by backing it adds an extra layer of safety, which can also help improve your interest rates.
One of this loan's key points is that it doesn't require home equity in order for you to apply or qualify, which can help if your home's value has depreciated or if you've had to refinance your mortgage. The loan is limited in that you can only use the money for permanent repairs or additions to your house, so you can't use it on whatever you like, but it does mean that it's a solid option for a home improvement project that won't drown you in fees and extra payments.
For more information, you will want to contact a company such as Earl Hayes Roofing & Remodeling.