Roof Maintenance: Do I Have Enough Funding Money to Fix My Roof?

As a commercial property owner, the idea of repairing or replacing your roof can feel like a thankless task. Unlike an aesthetic remodeling project with that glamourous ‘wow’ factor, a new roof may seem to go unnoticed by potential stakeholders such as tenants or customers. However, the importance of roof maintenance cannot be overlooked or understated. This is especially true of commercial properties in which clients are trusting you with their safety and wellbeing. But how much funding is required to fix your roof? And do you have enough?

Like any renovation, the more funding you have at your immediate disposal, the better. You just never know when unforeseen expenses may arise. On the other hand, not everyone can afford to amass a hefty reserve fund for major repairs and unexpected issues, particularly in today’s economy. Ready for the good news?

Many different funding options are available to fix your roof. By pausing to evaluate your financial situation beforehand, you can secure the right funding option to move forward with confidence. After all, having a stable roof overhead is well worth the time and investment.

Which Funding Option Is Right for Me?

There are pros and cons to each payment method. The right option for you will depend on several factors, including commercial property, budget, estimated cost of repairs or
replacement, credit history, projected renovation timeline, type of roofing system, and of course, site-specific goals, to name a few. Some funding options for commercial buildings in need of roof repair include:

  • Cash – Paper money is still a viable (and often preferable) method of payment for roof repairs. Making a one-time cash payment easily eliminates the hassles of monthly deposits, interest rates, and the possibility of hidden administrative fees. Cash may also be the best option for those with a bad credit score and/or enough money saved up to lay down a large sum all at once.
  • Credit – A bank loan or qualified lender is another possible funding option for a commercial roofing project. This payment method is credit-based, so interest rates will apply. Successful business owners who can afford to negotiate lending terms and conditions are likely in the best position to access bank financing such as a business loan or line of credit. Additionally, credit is also a good option for new businesses in need of that first financial boost.
  • Government Assistance – Regardless of where your business operates within Canada, government assistance in the forms of business loans, grants, and tax incentives is a wise consideration. While it may require a little digging and extra paperwork on your end, both federal and provincial governments offer many different types of loans and grants to assist business owners. For example, PACE, otherwise known as the Property Assessed Clean Energy program, allows for a property owner to finance the up-front cost of energy or other eligible improvements on a property and then pay the costs back over time through a voluntary assessment. If you’re willing to invest a bit of time in the paperwork and meet the specified criteria for a government assistance program, you could be eligible for (partial or full) financing of a new roof.

What Should I Know Before Fixing My Roof?

Before making a final decision about funding, ask yourself the following questions to help
determine which option is the best fit for your situation:

  • How urgent is the need to repair or replace my roof?
  • What is my credit score?
  • Are there any associated costs or issues to consider, such as lost revenue during the construction phase, temporarily displaced renters, etc.?
  • Do I have a rainy-day fund set aside Enough extra cash or enough credit available for any additional costs can ensure you can fund your roofing project without a hitch.
  • Are there competing funding priorities, such as other necessary repairs or replacements?
  • Have I consulted a financial expert to further explore my options?
  • Have I solicited enough bids from competitive roofing companies to know that I’m getting the best deal?

The answers to these questions will assist in the development of a cohesive plan for your commercial roof moving forward.

Get Ready to Raise the Roof

Whether you are an experienced commercial property owner or just starting out, it is possible to secure the right funding for your roof repair or replacement project. The key is to assess your financial situation and explore both roofing and payment options. Once you have decided upon the best payment method and settled on a course of action, it’s officially time to get your project started.

Looking for a professional opinion about the state of your commercial building and roof? With over 30 years of experience in the industry, AEL Environment is well-equipped with the skills and knowledge necessary to conduct thorough assessments, taking into account factors such as environmental impact, regulatory compliance, site suitability, and any other relevant considerations. Email Daniel Staring, our Building Coordinator at: and let him know your goals for your commercial property. He would be more than happy to help.

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