Roof repair for a first time home buyer

[Carlos Martinez]

Hello,

Recently bough a property and finished most of the renovation on December 2024 and I was able to rent the second unit on January 2025. But I ran out money with renovations and still need to replace the roof as a part of the renovations. I'm considering a city program that offers low interest rates, but unsure if someone have any experience with them, the company is Sustainable Neighborhoods. 

[Carlos Martinez]

Quote from @Christine Mulkins:

Hi. I don't have experience with such programs. I'm sorry I can't be helpful with that. Just a few questions about your roof... is replacing the roof at this time an absolute must and an immediate need? Are you holding this property for the long term?  Maybe get a few opinions from roofing contractors on how much more life your current roof has and if there is a relatively inexpensive patch job that can be done to take care of any areas of concern while you save up. 

Hi Christine, well the roof is not leaking lol (Thank God) but I do see a couple of patches on it, so that means the previous owner already covered up some leaks. Can it wait, probably yes. How long? Last time I checked with a contractor, he mentioned that it would probably last one more year and that was 5 months ago. I'll probably wait a few more months to save up and see what options I have. 

Regarding your second question, my plan is to eventually purchase a second property and keep this one for the long term, so I really want take care of this property.

Thank you