Winterize a home: Insulation, windows, and roof repair cost

As winter sets in and temperatures drop, many homeowners crank up the thermostat to keep warm. However, a few easy home repairs can help protect your home from the cold and wet while lowering your energy bills.

After all, a damaged roof, inadequate insulation, and old windows can let heat escape from your home, putting pressure on your HVAC system. Furthermore, they can let moisture seep into your home, causing mold, mildew, and long-term damage.

To prevent such damage and costs, you may want to invest in roof repairs, new windows, and insulation. Though these can be expensive renovations, you can finance them with a home improvement loan and other financing options. Read on to learn more.

Importance of home insulation, roof repair, and window replacement

Home insulation, roofing, and windows don’t just protect from the outdoors. When installed correctly, they can also improve energy efficiency and boost your home’s value.

Enhanced energy efficiency

Insulation, roofing materials, and windows boost your home’s energy efficiency by trapping heat inside your home, so your HVAC system doesn’t have to work as hard.

Keep in mind that different regions may require more or less insulation, depending on the climate. That’s why it’s smart to check what “R-Value” insulation level is needed in your area, particularly for the attics and walls, which are crucial to sealing in warm air during the winter.

Your roofing materials are equally important. They protect the home by serving as a top layer between you and the elements. Any sign of moss, mold, loose shingles, or leaks should be addressed promptly. In some cases, you may need to replace the roof entirely.

Similarly, old windows with only a single pane or noticeable gaps can let cold air seep into the home, further reducing its energy efficiency until replaced.

Improved home value

Home buyers often perceive newer windows, roofing, and insulation as more desirable, raising your home’s value. For example, some roofing materials, such as slate and metal, offer decades of durability, attracting higher demand from buyers.

Similarly, new windows from high-end brands like Marvin and Andersen are considered upgrades, which may drive up your home’s value. 

Understanding the cost of winterization and repairs

Of course, the cost of new insulation, roof repairs and replacements, and new windows can vary widely by location, labor costs, quality of materials, and size of the home. Learn more about the average cost of each of these projects below.

Average cost of roof repair and replacement

According to This Old House, the average cost of repairing a roof hovers around $1,147. However, the cost to replace a roof varies greatly based on the type of material used, size of the home, and labor costs. Here are some replacement cost estimates by material type:

Average cost of installing insulation

Insulation can come in many different materials that vary in cost and provide different levels of protection. To choose the right insulation for your home, explore different options and assess their cost and effectiveness:

Average cost of new windows

Just as new roofing and insulation have many different types of materials and brands, homeowners shopping for new windows also have many options with different costs:

Financing options for homeowners

Since the cost of replacing windows, repairing or replacing roofing materials, and improving insulation can add up fast, consider financing options.

Home improvement personal loan

Home improvement personal loans are unsecured, fixed-rate loans for funding renovation projects. This means you don’t have to put up any collateral and always pay the same amount each month. For example, Rocket Loans offers personal loans of $2,000 – $45,000.

To qualify for a personal loan, you must complete an application and submit the necessary documentation, which often includes ID, proof of income, bank statements, tax documents, etc. Most lenders also assess your debt-to-income (DTI) ratio to ensure you can afford the monthly payments and your credit history to determine your creditworthiness. If you have a very good credit score (740+), you may receive the best rates and terms. 

Home equity loan

A home equity loan uses the equity you have in your home to back the loan. As with personal loans, you’ll need to complete a loan application, submit necessary documents, and agree to let the lender pull your credit report. To ensure you have enough equity to back the loan, you’ll also need to meet specific loan-to-value (LTV) requirements. Once approved, home equity loans are paid in one lump sum, letting you immediately use the funds on renovation costs.

Keep in mind, however, that taking out a home equity loan can also have downsides. For one, you’ll still need to pay closing costs. Furthermore, drawing against your home equity may lead to an upside-down home value (when you owe more on your home than it’s worth), and if you default, the lender could foreclose on your home.

Home equity line of credit (HELOC)

A home equity line of credit (HELOC) also backs the value of the loan with your equity. However, instead of receiving a lump sum, you receive a line of credit. This lets you borrow, repay, and borrow again as much as you need within a specified credit limit and draw period. Once the draw period ends, the loan enters a repayment period, during which you can no longer draw against the loan and must pay off the loan balance.

As with home equity loans, you’ll need to complete a loan application, submit necessary documents, and agree to let the lender pull your credit report. Meanwhile, the potential downsides are the same: you need to pay closing costs, drawing against equity may lead to an upside-down home value, and defaulting can lead to foreclosure.

FHA Title 1 Property Improvement Loans

Federal Housing Administration (FHA) Title 1 Property Improvement Loans are designed specifically for home renovations. These are fixed-rate home improvement loans that can be used to finance new windows (even energy-efficient upgrades), roofing, and insulation. All of these updates add to the livability of your home, which is the purpose of the FHA Title 1 loan.

To qualify, you must meet certain credit and income criteria, and the home must adhere to the standards outlined by the U.S. Department of Housing and Urban Development (HUD).

Credit cards

Credit cards, which are another type of revolving credit line, can also be used to finance roof repairs, new windows, and insulation updates. However, be mindful of your credit limit and the amount of interest you’ll accrue as you charge it for renovations.

For example, you might consider using a 0% APR credit card, which charges no interest during a promotional period. As long as you pay down the credit card balance before the promotion expires, you may enjoy an affordable monthly payment. However, it’s essential to make a financial plan to pay down the balance to avoid getting stuck with a lot of high-interest debt.

The bottom line: Prepare for winter by updating windows, roofing, and insulation

Winterizing your home by updating windows, roofing, and insulation is an investment that can pay off through lower energy bills, improved comfort, and an increased home value. While the upfront cost can be significant, a home improvement personal loan can make these upgrades more affordable by spreading the cost over predictable monthly payments.

Don’t let winter weather catch you unprepared. Explore your financing options and start an application with Rocket Loans today to protect your home and save on energy costs this year.

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