Can financing be a solution to inflation?

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Phil Puccio

The costs are increasing. Inflation is spreading across all industries, including the home improvement sector, making it increasingly difficult for homeowners to afford cash roof improvements, affecting contractors’ ability to close sales.

Homeowners are wary of taking on larger ticket projects due to rising prices, and some may postpone projects altogether. While financing options have always been a good addition to any sales pitch, manageable monthly payments are now a must for many homeowners.

Roof improvements are still a necessity. The need to replace a roof doesn’t just stop because of rising costs. A well-maintained roof is critical to a functioning and safe home. But as project costs increase, it becomes more difficult for customers to afford quality roofs.

Financing options can reduce the sticker shock of project costs by allowing clients to pay monthly installments and take on projects without depleting their savings. This helps homeowners choose sustainable roofing materials that last longer — and helps contractors sell their best products to increase their margins.

Funding differentiates contractors. The majority of roofers do not currently offer financing options to their customers – this is what differentiates the companies that do!

Offering financing options positions the contractor as an expert in the eyes of the homeowner. It makes projects accessible to those who want to manage their budget and allows contractors to sell high-value items without groundbreaking ticket costs. Even when homeowners can afford to pay the cash price, some prefer to keep cash in their pockets and consider borrowing options instead.

Familiarizing yourself with financing options won’t stem the burden of inflation, but it can open up new ways for contractors and homeowners to keep projects going.

The lack of financing options can cost contractors customers. Today, the mindset of consumers is oriented towards monthly payments. Presenting the project in “low monthly payments” avoids a grand total and provides an easy route to “best” solutions or upgrades.

Without financing options, customers may look to other contractors who can help them launch projects that stay within their budget. Developing an upselling strategy that includes financing options can help increase sales during inflation.

Though prices are rising, it’s not time for customers to neglect their roofing.
Roofing malfunctions can lead to serious problems such as water damage, structural damage and even collapse.

Canopy is a non-discretionary issue; Homeowners need to fit the project into their budget.
That doesn’t mean that renovations need to negatively impact their financial well-being. Homeowners turn to roofers to offer the most manageable solutions.

Home improvement loans through the Mosaic platform are originated by WebBank, a member FDIC, Equal Housing Lender

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Category – Roofing

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